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Daily Report: Aussie Steady as RBA on Hold, Trade Deficit NarrowedAustralian dollar is steady in Asian session after RBA left interest rate unchanged at 2.50% as widely expected. Most importantly, the central bank maintained the neutral stance and noted "the most prudent course is likely to be a period of stability in interest rates." Other parts of the statement were basically unchanged from the prior one. Growth is expected to be "a little below trend" over the year ahead. It would take "some time" before unemployment declines consistently. And, exchange rate "remains high by historical standards". Inflation is expected to stay in target range of 2-3% for the next two years based on current accommodative monetary stance. Also released from Australia, trade deficit narrowed to AUD -1.68b in June with 0.9% yoy growth in exports and 4.8% yoy growth in imports. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9314; (P) 0.9324; (R1) 0.9344; More... The recovery from 0.9275 temporary low continues and intraday bias remains neutral. With 0.9355 minor resistance intact, deeper decline is still expected. Correction from 0.9504 could extend lower and below 0.9275 will target 0.9211 support and below. In that case, downside should be contained by 38.2% retracement of 0.8659 to 0.9504 at 0.9181 and bring rebound. On the upside, above 0.9355 minor resistance will turn bias back to the upside for 0.9475 resistance. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly and further sideways trading is in store, mixture of offers and stops remains at 1.3445-50, more stops are placed above 1.3460, but sell orders are still seen at 1.3470-80, followed by combination of offers and stops at 1.3490-10 area, selling interest is tipped at 1.3520-30. On the downside, bids remain at 1.3400, 1.3385-90 and in good size at 1.3365-75, stops are building up below 1.3350 barrier, fresh demand should emerge around 1.3325 and further out at 1.3300-10 with stops placed below another barrier at figure. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Buy at 0.7945Friday's rally suggests a temporary low has been formed at 0.7874 earlier last month and consolidation with upside bias remains and a firm breach above 0.7985 would add credence to this view, bring correction to 0.8000, above there would signal wave v has possibly ended at 0.7874 and bring test of resistance at 0.8034 (previous 4th of a lesser degree) but 0.8050 is likely to hold on first testing. Trade Idea: USD/CAD - Buy at 1.0835As the greenback has maintained a firm undertone after last week's rally to 1.0944, bullishness remains for recent upmove from 1.0621 to bring at least a retracement of recent decline towards 1.0990-00, however, overbought condition should limit upside and reckon 1.1050-60 would hold from here. If said resistance continues to hold, then further consolidation would be seen and pullback to 1.0850-60 cannot be ruled out Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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