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Daily Report: Kiwi Recovered on Job DataNew Zealand dollar recovers today as lifted by better than expected job data. The employment market grew 0.8% qoq in Q3, faster than Q2's 0.5% qoq and beat expectation of 0.6% qoq. Unemployment rate dropped to 5.4% versus expectation of 5.5%, the lowest level since Q1 of 2009. Economists are divided on the timing of RBNZ's next hike, ranging from next June to September. But after all, RBNZ did drop the hawkish bias in last statement and it will take a string of strong data to turn the tide. Despite a breach of 0.7707 to 0.7697, NZD/USD quickly recovered. The development suggested that consolidation from 0.7707 is possibly still in progress. Now the bias is mildly on recovery back to 0.8034 resistance. Overall, a downside breakout is anticipated after the consolidation completes. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8672; (P) 0.8710; (R1) 0.8776; More... Intraday AUD/USD remains neutral for the moment and the sideway consolidation could extend. But 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 traded narrow and further sideways trading is in store. At the moment, sell orders are still noted at 1.254-50 and 1.2585, more sellers are waiting at 1.2600, 1.2620-25 and 1.2650-55, selling interest should emerge around 1.2670, 1.2685 and 1.2700. On the downside, bids are noted at 1.2460-70, 1.2440 (stops below) and 1.2425, more buy orders are tipped at 1.2400-10 (stops below barrier at 1.2400), 1.2385 and 1.2350, fresh demand should emerge around 1.2330-30 and 1.2300. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Hold long entered at 0.7800Although recent fall from 0.8047 has kept euro under pressure and marginal weakness from here cannot be ruled out, as long as recent low at 0.7766 holds, prospect of another rebound remains, above previous support 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 - Hold long entered at 1.1265As the greenback has surged again after finding renewed buying interest at 1.1263 yesterday, retaining our bullishness for recent rise to resume, current breach of previous resistance at 1.1386 confirms our view that wave v is underway for recent upmove from 1.0660 low to extend further gain to 1.1440-50, then 1.1475-80 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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