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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Aussie Tumbles after RBA Cut 50bps, UK PMI and US ISM NextAussie tumbles sharply today after RBA unexpectedly cut rates by 50bps and issued a rather dovish statement. Also pressuring the aussie is house price index which showed -1.1% qoq fall in Q1 versus expectation of -0.5% qoq. China Manufacturing PMI rose less than expected to 53.3, is also weighing down sentiments a bit. Nonetheless, AUD/USD is hold above near term low of 1.0225 so far and markets are also generally staying in range elsewhere. Except that, yen maintains this week's gains, riding on the dissatisfaction on BoJ's pace and size of quantitative easing. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0400; (P) 1.0435; (R1) 1.0463; More AUD/USD's sharp fall today and break of 1.0352 suggests that price actions from 1.0225 are merely a three wave consolidation pattern and has finished at 1.0473. Intraday bias is back on the downside for 1.0225 support. Break will extend the whole decline from 1.0852 and should target parity and below. On the upside, though, above 1.0473 will revive the case that AUD/USD has bottomed out at 1.0225 and turn bias back to the upside for 1.0636 resistance instead. |
| Special Report |
RBA Cut Cash Rate To 3.75%The RBA lowered the cash rate by -50bps to 3.75% in April as economic developments since the last meeting has weakened and inflation has moderated. The central acknowledged the growth later in the year would be 'below-trend' but a deep downturn is not likely. The Australian dollar, which slipped ahead of the meeting, declined further after the rate decision. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency rebounded after yesterday's retreat to 1.3208 and offers at 1.3250 were filled, however, mixture of offers and stops remains at 1.3275-85 and more stops are placed above option barrier at 1.3300 (with defensive offers expected below). On the downside, bids are still reported at 1.3205-10 with stops building up below 1.3200 but more buying interests are tipped further out at 1.3180, followed by combination of bids and stops at 1.3150-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.6180As the British pound has retreated after intra-day rise to 1.6304, suggesting a minor top is formed and consolidation is seen with mild downside bias for retracement of recent upmove, however, previous resistance at 1.6208 should limit downside and bring another rally later. A breach of said resistance would extend recent upmove to 1.6330 Trade Idea: EUR/USD – Buy at 1.3170Although the single currency has rebounded after yesterday’s retreat to 1.3208, break of resistance at 1.3270-78 is needed to signal recent upmove has resumed and extend gain to 1.3300, however, near term overbought condition should limit upside to 1.3340-50 and risk from there remains for another strong pullback later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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