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Daily Report: Dollar Pullback Continues after Dovish FOMC MinutesDollar extended this week's pull back as markets perceived the FOMC minutes of the September 16-17 meeting as a bit more dovish than expected. Policy members were concerned that the growth in US could be "slower than they expected if foreign economic growth came in weaker than anticipated." That included that "slower economic growth in China or Japan or unanticipated events in the Middle East or Ukraine might pose a similar risk." Also, some members expressed concern over appreciation of dollar due to "persistent shortfall of economic growth and inflation in the euro area" and that could "have adverse effects on the U.S. external sector." Regarding the dropping of "considerable time" in the statement, some policymakers were worried that could give false signals to the markets and trigger a rise in borrowing costs. The minutes noted that such change would "likely present communication challenges" and "caution will be needed to avoid sending unintended signals about the Committee's policy outlook." |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8765; (P) 0.8808; (R1) 0.8882; More... The recovery from 0.8642 short term bottom is still in progress and intraday bias remains mildly on the upside. Further rise could be seen but we'd expect upside to be limited by 38.2% retracement of 0.9401 to 0.8642 at 0.8932 and bring fall resumption. On the downside, below 0.8733 minor support will turn bias to the downside for 0.8642 support first. Break of 0.8642 will target 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 edge higher , offers at 1.2675-85 were filled but sell orders are still noted at 1.2700-10 (stops above), more selling interest is tipped at 1.2725-30 and 1.2740-50. On the downside, bids are raised to 1.2640, 1.2620-25 and 1.2600, more buy orders are reported at 1.2580-85, 1.2550 and 1.2525-35, mixture of bids and stops is tipped at 1.2500-10. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy at 0.7825As the single currency has continued to move higher after staging a strong rebound from 0.7766, adding credence to our view that further consolidation above this level would be seen and near term bullishness remains for retracement of recent decline to 0.7915, break there would signal a temporary low has been formed at 0.7766, bring a stronger rebound to 0.7950-55 later. Trade Idea: USD/CAD - Stand asideAs the greenback retreated after rising to 1.1270 last week, suggesting consolidation below this level would be seen and pullback to 1.1112 support is likely, break there would bring retracement of recent rise to 1.1072, however, downside should be limited to 1.1050 and reckon 1.0985-90 would contain downside and bring another rise later. 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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