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Daily Report: Aussie Soft after RBA on Hold, Dollar Rally ExtendsAussie weakened in Asia session today following broad based rally in the greenback. And Aussie stays weak after RBA left rates unchanged at 2.50% as widely expected. The central bank maintained the neutral stance that "the most prudent course is likely to be a period of stability in interest rates." In the accompanying statement, RBA maintained the forecast that growth will be "a little below trend" over the year ahead. But it also noted improving business conditions and recovery in household sentiment. It also noted that the labor market has "a degree of spare capacity" and it will take some time for unemployment to decline consistently. And, it maintained that inflation would be consistent with target even in case of depreciation in exchange rates. Overall, the statement offered nothing new to the markets. Also released from Australia, current account deficit widened to AUD -13..7b in Q2, building approvals rose 2.5% mom in July. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9319; (P) 0.9335; (R1) 0.9347; More... AUD/USD drops to as low as 0.9284 so far today. The break of 0.9300 minor support argues that recovery from 0.9236 has completed at 0.9373 already. And the corrective structure in turn argues that decline from 0.9504 is still in progress. Intraday bias is back on the downside for 0.9236 and below. At this point, such decline from 0.9504 is still viewed as a correction. Thus, we'd expect strong support from 38.2% retracement of 0.8659 to 0.9504 at 0.9181 to bring near term reversal. On the upside, above 0.9373 will turn bias back to the upside for 0.9475/9504 resistance zone. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly today, defensive buy orders are still noted above barrier at 1.3150 with stops building up below there, more buying interest is located at 1.3135, 1.3120 and 1.3100-05 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. On the upside, offers remain at 1.3200 and from 1.3220 up to 1.3250 (stops above), more sell orders are tipped at 1.3280-85, 1.3300 and 1.3320 with stops placed above there, selling interest is expected at 1.3350 and 1.3370. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Hold long entered at 0.7925The single currency has remained under pressure after dropping again on Friday and marginal fall from here cannot be ruled out, reckon 0.7885-90 would limit downside and bring rebound later, above 0.7965-70 would suggest low is possibly formed, bring test of 0.8000, break there would add credence to this view, bring test of resistance at 0.8036, above there would extend the rebound from 0.7874 (tentatively wave v trough) for retracement of early decline to 0.8050 Trade Idea: USD/CAD - Buy at 1.0845Despite Friday's brief fall to 1.0811, the subsequent rebound suggest consolidation would be seen and consolidation with mild upside bias is seen but break of 1.0950 is needed to signal the retreat from last week's high of 1.0998 has ended and bring retest of this level, once this resistance is penetrated, this would confirm early upmove from 1.0621 low (tentatively wave c trough) has resumed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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