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Daily Report: Kiwi Tumbles as RBNZ on Hold, Aussie Recovered on Suspicious Job NumbersNew Zealand dollar extends recent down trend after RBNZ kept the OCR unchanged at 3.50% as widely expected. Governor Graeme Wheeler indicated that 'it is prudent to undertake a period of monitoring and assessment before considering further policy adjustment'. The RBNZ appeared deliberatively vague in communicate the timing of the next rate hike, noting that it expects 'some further policy tightening will be necessary to keep future average inflation near the 2% target mid-point and ensure that the economic expansion can be sustained'. Overall, the policy statement appears more dovish than expected on reduced inflationary pressure. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9106; (P) 0.9162; (R1) 0.9211; More... AUD/USD formed a temporary low at 0.9112 and intraday bias is turned neutral first. Some consolidation would be seen but near term outlook will stay bearish as long as 0.9401 resistance holds. As noted before, the pair could have completed a head and shoulder top pattern (ls: 0.9460, h: 0.9504, rs: 0.9401). Below 0.9112 will target 61.8% retracement of 0.8659 to 0.9504 at 0.8982 and below. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency retreated after meeting resistance at 1.2963, bids at 1.2900-20 were filled but more buy orders are noted at 1.2885, 1.2840-60 area and 1.2800 (stops below), buying interest is tipped at 1.2785, 1.2750 and 1.2725, mixture of bids and stops is located at 1.2700. On the upside, offers at 1.2950 were filled, however, more sell orders are expected at 1.2970-80 and 1.3000 (stops above), selling interest is likely to emerge around 1.3035 and 1.3050-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Stopped profit and buy again at 1.0930Despite yesterday's rise to 1.1032, lack of follow through buying and the subsequent retreat suggest consolidation would be seen and pullback to 1.0930 cannot be ruled out, however, reckon 1.0900-10 would limit downside and bring another rise later, above said resistance would add credence to our bullish view that low has been formed at 1.0732 (wave c trough) and extend the erratic rise from there for at least a correction of early decline to 1.1050-60 Trade Idea Wrap-up: GBP/USD - Sell at 1.6230Cable's rebound after intra-day marginal fall to 1.6052 suggests consolidation above this level would be seen and recovery to 1.6187 and possibly the upper Kumo (now at 1.6202) cannot be ruled out, however, reckon resistance at 1.6233 would limit upside and bring another decline later. A break of said support would signal recent decline is still in progress and extend further weakness to 1.6040-45 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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