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Daily Report: Aussie Extends Decline on Weak Stocks, Consumer ConfidenceThe Aussie extends its slump against dollar today on expectation that Fed is going to hike rates next year. Additional pressure was seen in the Aussie as Westpac consumer confidence dropped steeply by -4.6% in September. While dollar remains generally firm, buying in the greenback has shifted away from the stabilizing European majors to commodity currencies. Among the commodity currencies of Aussie, Kiwi and Loonie, Aussie is so far hardest hit this week. Part of the reasons is the general weakness in Asian equities outside of Japan, following the pull back in US stocks overnight. Major Asian indices are in red at the time of writing, with HK HSI down -1.8%, Shanghai composite down -0.8% and Singapore Strait times down -0.2%. Nikkei also opened lower but reversed earlier loss in Japan afternoon. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9163; (P) 0.9226; (R1) 0.9264; More... AUD/USD drops to as low as 0.9156 so far today and took out 38.2% retracement of 0.8659 to 0.9504 at 0.9181. The pair could have completed a head and shoulder top pattern too (ls: 0.9460, h: 0.9504, rs: 0.9401). Intraday bias remains on the downside and deeper fall should be seen to 61.8% retracement at 0.8982. On the upside, above 0.9217 minor resistance will turn bias neutral and bring recovery. But near term outlook will now stay mildly bearish as long as 0.9401 resistance holds. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency remained under pressure but buy orders are still noted at 1.2840-60 area and 1.2800 (stops below), more 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 are seen at 1.2910, 1.2930 and 1.2950, 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. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea Wrap-up: USD/CHF - Buy at 0.9270 or sell at 0.9400Although the greenback has eased after faltering below resistance at 0.9380 and minor correction to the upper Kumo (now at 0.9316) cannot be ruled out, reckon downside would be limited to 0.9287-88 (previous support and current level of the lower Kumo) and bring another rise later, above said resistance would extend recent upmove to 0.9392 (50% projection of 0.9126-0.9336 measuring from 0.9287), however, loss of upward momentum should limit upside to 0.9402 Trade Idea Wrap-up: EUR/USD - Sell at 1.2985 or buy at 1.2835The single currency has recovered after intra-day fall to 1.2959 and consolidation would be seen, however, near term downside risk remains for recent decline to extend weakness to 1.2835-40 (61.8% projection of 1.3160-1.2920 measuring from 1.2988) but loss of downward momentum would limit downside and reckon 1.2800 would hold, bring rebound later. Above the lower Kumo (now at 1.2950) would bring corrective bounce to resistance at 1.2988 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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