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Daily Report: Aussie Higher on China Trade DataAussie opened the week higher as lifted by positive economic data from China released over the weekend. Trade surplus in China widened to USD 45.5b in October, versus expectation of USD 41b and prior month's USD 31b. Exports grew 11.6% yoy. While that was slower than prior month's 15.3% yoy, it beat expectation of 10%. Imports grew 4.6% yoy, slowed from prior month's 7.0% yoy. Nonetheless, that's two consecutive months of growth that wasn't seen since February. Also released from China, CPI was unchanged at 1.6% yoy in October while PPI dropped to -2.2% yoy. Released from Australia, home loans dropped -0.7% in September versus expectation of -0.4%. AUD/USD dived to as low as 0.8539 last week on broad based dollar strength but recovered from there. Some more consolidations would likely be seen in near term. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8559; (P) 0.8607; (R1) 0.8675; More... The recovery from 0.8539 temporary continues today. Intraday bias remains neutral and further rise cannot be ruled out. But strong resistance should be seen below 0.8910 to limit upside and bring fall resumption. Below 0.8539 will target 61.8% projection of 0.9401 to 0.8642 from 0.8910 at 0.8441. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency went up and down in part due to mixed US job reports, offers at 1.2410-30 area were filled but sell orders are still noted at 1.2450 (some stops above 1.2460), 1.2475-85 and 1.2500, more selling interest is reported at 1.2515, 1.2525-35 (more stops above) and 1.2550-55. On the downside, bids at 1.2365-70 were filled but buy orders are seen at 1.2350-55 with stops building up below barrier at 1.2350, fresh demand should emerge further out at 1.2325-35, 1.2300-10 and 1.2280-85, buyers are lined up at 1.2265 and 1.2250. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Hold long entered at 0.7800Although the single currency fell marginally to 0.7799 yesterday and near term downside risk of another fall from here cannot be ruled out, as long as recent low at 0.7766 holds, prospect of another rebound remains, a firm break above said resistance at 0.7860-65 would bring test of last week's high at 0.7913 but break there is needed to suggest low is possibly formed, bring test of 0.7940-50, break there would signal the retreat from 0.8047 has ended and bring a stronger rebound to 0.8000. Trade Idea: USD/CAD - Buy again at 1.1265As the pair has slipped after faltering below this week's high at 1.1467, retaining our view that consolidation below this level would be seen and initial downside bias remains for retracement to 1.1295-00 (50% Fibonacci retracement of 1.1122-1.1467), however, reckon 1.1254-59 (61.8% Fibonacci retracement and previous minor support) would limit downside and bring another rise later. A break of said resistance at 1.1467 would signal the rise from 1.0660 low is still in progress Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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