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Daily Report: Aussie Stuck in Range after RBA MinutesAustralian dollar stays in tight range against the greenback after RBA said in the October meeting minutes that rates will stay low. It noted that "given the information available, the board's judgement was that the current stance of monetary policy continued to be appropriate for fostering sustainable growth in demand and inflation outcomes consistent with the target over the period ahead." Meanwhile, RBA said the accommodative monetary policy would support demand and boost growth, and "to date, this had been most apparent in the housing market " and, "continued strength in building approvals and other indicators pointed to further growth in coming quarters". RBA also added that labor market conditions "appeared to have stabilized somewhat over the course of 2014 to date". Regarding the exchange rate, it said Aussie "remained high by historical standards" and "was offering less assistance than would normally be expected in achieving balanced growth." Technically, AUD/USD is still bounded in consolidation from 0.8642 short term bottom and bias stays neutral. An eventual downside breakout is still expected. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8718; (P) 0.8765; (R1) 0.8796; More... Intraday bias in AUD/USD remains neutral as consolidation from 0.8642 continues. In case of another recovery, we'd expect upside to be limited by 38.2% retracement of 0.9401 to 0.8642 at 0.8932. Break of 0.8642 will extend the larger decline to next long term fibonacci level at 0.8544. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to trade in familiar range and further consolidation is in store, offers are noted at 1.2800-05 and 1.2820-25, more sell orders are reported at 1.2850 and 1.2880-90, mixture of offers and stops is located at 1.2900. On the downside, bids are seen at 1.2725-35, 1.2700 and 1.2675-80, more buy orders are tipped at 1.2650 and 1.2620-25 (stops below), fresh demand should emerge around 1.2600-10with more stops building up below figure. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Sell at 0.7980Although the single currency rallied to 0.8047 last week, the subsequent retreat after faltering below resistance at 0.8066 suggests the a leg of the correction from 0.7766 low has ended there and consolidation with mild downside bias is seen for retracement of the rise from 0.7766 in wave b, hence bearishness is seen for weakness to 0.7880 and possibly towards support at 0.7850, having said that, reckon 0.7820-25 would limit downside Trade Idea: USD/CAD - Buy at 1.1100Despite last week's rise to 1.1386, the subsequent retreat suggests consolidation would be seen and pullback to 1.1190-00 cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above said resistance would extend recent rise from 1.0660 low to 1.1440-50 but overbought condition should limit upside to 1.1500, bring retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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