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Daily Report: Aussie Consolidates after RBA MinutesAussie is trading in tight range above 0.9 against dollar after earlier dive this week. The RBA minutes for September meeting reiterated the central bank's neutral stance to keep interest rate at current level of 2.50% for a period of time. Also, it also maintained the message that exchange rate of the currency remains above its fundamental value. Meanwhile, RBA showed concern over speculations in the housing markets. It highlighted the risk that over speculation could set up for steep fall in property prices later. And the main risks would be on the "stability of the macro economy rather than the financial system" if households cut back their spending in response to declines in wealth. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8992; (P) 0.9020; (R1) 0.9057; More... A temporary low is in place at 0.8983, just ahead of 61.8% retracement of 0.8659 to 0.9504 at 0.8982. Intraday bias is turned neutral for some consolidations. Upside of recovery should be limited below 0.9236 resistance and bring another decline. Sustained break of 0.8982 will set up retest of 0.8659 low. |
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US Session: Orders and Options WatchJPY: Dollar kept a firm undertone but sell orders are still noted at 107.40-50 with stops building up above barrier there, more selling interest is tipped at 107.75-80 and ahead of next barrier at 108.00 with more stops placed above, offers are expected further out at 108.25 and 108.50. On the downside, bids are raised to 107.00-10, 106.80-85 and 106.65, more buy orders are sitting at 106.40-50, 106.25 and 106.00, fresh demand should emerge around 105.85-90, 105.65 and 105.50. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Buy at 1.0970As the greenback has eased after intra-day marginal rise to 1.1099, suggesting minor consolidation would be seen and correction to 1.1000-10 cannot be ruled out, however, reckon downside would be limited to 1.0960-70 and bring another rise later, above said resistance would extend recent rise from 1.0621 low to 1.1150 but near term overbought condition should limit upside to 1.1200 and price should falter well below resistance at 1.1279 Trade Idea Wrap-up: USD/JPY - Buy at 106.50Although current firmness suggests recent upmove is still in progress and may extend further gain to 107.50-55, weakening of near term upward momentum should prevent sharp move beyond 107.70-75 and reckon 108.00-10 would hold from here, risk from there is seen for a retreat to take place later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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