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Daily Report: Aussie Dived on China GDP, But Markets Steady ElsewhereChina data was the major focus in Asian session today. China's Q1 GDP rose less than expected by 8.1% yoy versus consensus of 8.3%. However, except Aussie, reactions in financial markets were generally muted since other economic data from China suggests that while growth has slowed, there were signs of stabilization. Asian equities are broadly higher as also boosted by North Korea's failed rocket launch. Dollar pared some of this week's loss against other major currencies but the strength of recovery is so far weak. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0340; (P) 1.0395; (R1) 1.0493; More AUD/USD retreats sharply after hitting 1.0452, but with 1.0331 minor support intact, another rise is mildly in favor. A short term bottom is formed at 1.0225 and rebound from there could extend towards 61.8% retracement of 1.0852 to 1.0225 at 1.0612. Break of 1.0636 will indicate that choppy rebound from 0.9387 is still in progress for another high above 1.0852 before completion. Meanwhile, failure below 1.0636 should extend the decline from 1.0852 towards 0.9663 support. After all, consolidation pattern from 1.1079 is still in progress and another fall is anticipated to below parity as the consolidation extends. |
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European Session: Orders and Options WatchGBP: The British pound also slipped from yesterday’s high of 1.5985 on cross-selling in sterling against Japanese yen, some traders were seen taking profit on longs ahead of today’s UK data. At the moment, bids from Middle East names are still noted at 1.5910-15 with some stops placed below 1.5900 but more buying interests should emerge around 1.5880, stops placed below 1.5870 and 1.5845-50. On the upside, offers are tipped at 1.5970 and 1.5990-00 with bigger sell orders from model funds planted further out at 1.6020. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/JPY – Sell at 81.80Although dollar has retreated after faltering below the Ichimoku cloud top, as long as this week’s low at 80.57 holds, further consolidation would be seen and upside risk of another test of the Ichimoku cloud top (now at 81.22) cannot be ruled out, however, renewed selling interest should emerge around 81.87 (previous resistance), bring another decline later Trade Idea: EUR/USD – Stand asideDespite yesterday’s rise to 1.3213, the subsequent retreat from there suggests consolidation below this level would be seen and test of the Ichimoku cloud top (now at 1.3124) cannot be ruled out, however, break of 1.3090-95 (this would also penetrate the lower Kumo at 1.3105) is needed to confirm top is formed there and bring weakness towards this week’s low at 1.3054 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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