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Daily Report: Aussie and Yen in Range after Central Banks Stood PatAussie recovered overnight following broad based pull back in dollar. And the currency holds gain after RBA left rate unchanged at 2.50% as widely expected. The central bank maintained its neutral stance and noted in the statement that "the most prudent course is likely to be a period of stability in interest rates." Regarding exchange rate, it said that Aussie's recent depreciation was "in large part reflecting the strengthening US dollar" and it "remains high by historical standards". And, such depreciation is "offering less assistance than would normally be expected in achieving balanced growth in the economy. Regarding the economy, RBA said data are consistent with "moderate growth" and it expected growth to be "a little below trend" for the next several quarters. It would take "some time" before unemployment declines consistently. Technically, with 0.8826 resistance intact, there is no confirmation of trend reversal in AUD/USD yet and outlook stays bearish for the moment. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8682; (P) 0.8732; (R1) 0.8813; More... AUD/USD failed to sustain below 0.8659 key support level and recovered. Intraday bias is turned neutral first. With 0.8826 resistance intact, near term outlook stays bearish. Larger down trend is still in progress for next long term fibonacci level at 0.8544. However, break of 0.8826 will confirm short term bottoming and will bring stronger rebound back towards 55 days EMA (now at 0.9094). |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to edge higher after rebounding from Friday's low of 1.2501, offers at 1.2550 and 1.2565 were filled but sell orders are still noted at 1.2570 and 1.2580-85, mixture of offers and stops is located at 1.2600, sell orders are expected at 1.2615-25 and 1.2675-85, selling interest is tipped further out at 1.2675-85 and 1.2700-10 (stops above). On the downside, bids are raised to 1.2525-30, 1.2500-10 and 1.2485, mixture of bids and stops is located at 1.2450, more buy orders are located at 1.2420-25 and 1.2400. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy at 0.7805As the single currency has staged a rebound after falling to 0.7766 last week, suggesting consolidation above this level would be seen for 1-2 weeks and reckon 0.7800-05 would limit downside, bring another bounce to 0.7889 resistance, above there would suggest a temporary low is possibly formed, bring retracement of recent decline to 0.7915, break there would add credence to this view Trade Idea: USD/CAD - Hold long entered at 1.1095Despite Friday's rally to 1.1270 (just missed our upside target at 1.1275), as the greenback has retreated after failing to test indicated previous resistance at 1.1279, suggesting caution on our bullishness and 1.1170 needs to hold to retain prospect of another rise later, above said resistance at 1.1270-79 would confirm upmove has resumed and encourage for headway to 1.1300-10 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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