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Daily Report: Aussie Mildly Higher on RBA Steven's Comment on ChinaAustralian dollar is lifted by comments from RBA Governor Glenn Stevens about China. Stevens said that China will grow "pretty strongly on average for a while". He noted that "some slowing" in Chinese growth is needed to "reduce inflation" and put growth on a "more sustainable path". And even at the new target of 7.5%, Stevens expect China's GDP to "equal that of the United States, in purchasing-power parity terms, in about a decade" and "exceed that of the euro area within the next few years". Regarding Australia, Steve noted that the fiscal healthiness of the country attracted investors and created upward pressure on exchange rate and terms of trade. Meanwhile, domestically, he's concerned with job losses that are indirectly caused by the high exchange rate and Eurozone debt crisis. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0533; (P) 1.0565; (R1) 1.0621; More AUD/USD edges higher today but is still limited below 1.0669 resistance. Hence, fall from 1.0852 remains mildly in favor to continue. Below 1.0510 minor support will flip bias back to the downside for 1.0422 and below. As noted before, break of 1.0377 will affirm the case that another falling leg inside the consolidation pattern from 1.1079 has started and should target 0.9663 support and below. However, sustained break of 1.0669 resistance will indicate completion of the fall from 1.0852. More importantly this will argue that rise from 0.9663 is still in progress for another high above 1.0852, possibly to retest key resistance level at 1.1079. |
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European Session: Orders and Options WatchEUR: The single currency was being dragged around this morning in Asia by EUR/JPY and offers ahead of 1.3192 resistance capped euro's upside so far and further sideways trading is in store. At the moment, mixture of offers and stops remains at 1.3190-00 and more selling interests are likely to emerge further out at 1.3230 and 1.3250 with bigger sell orders tipped further out at 1.3290-00. On the downside, bids are noted at 1.3150 and also 1.3120 with stops building up below latter level and also below 1.3100, followed by combination of bids and stops located at 1.3040-50. | |||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Buy at 1.5780Although cable has retreated after Friday’s rally to 1.5862 and consolidation below this level would be seen with mild downside bias for pullback to 1.5800, renewed buying interest should emerge around the Kijun-Sen (now at 1.5780) and bring another rally later. A breach of said resistance would extend the rise from last week’s low of 1.5603 to previous resistance at 1.5884, however, near term overbought condition should limit upside to 1.5900 Trade Idea: USD/CHF – Buy at 0.9085Although dollar’s selloff after breaking support at 0.9202 suggests the fall from 0.9335 is still in progress and weakness to 0.9141 and possibly 0.9100 is likely, loss of downward momentum should prevent sharp fall below previous support at 0.9072 and bring another rebound later. A breach of 0.9202 (previous support and current level of the Kijun-Sen) would suggest low is possibly formed and bring test of the lower Kumo (now at 0.9245) Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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