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Daily Report: Markets in Consolidations, Aussie Higher after RBA But No Follow ThroughMarkets turned into consolidative mode after initial jump yesterday. S&P 500 attempted 1400 psychological level overnight but retreated to close at 1394 after hitting as high as 1399.63. Asian equities are generally higher but strength is so far limited. In the currency markets, Euro is consolidating below yesterday's low against dollar and yen for the moment. But Sterling has been relatively weak comparing to other European majors due to recently released weak economic data. Indeed, EUR/GBP's persistent rally is starting to raise the odd of reversal in the cross. Meanwhile, Aussie edges higher after RBA left rates unchanged as widely expected. But no follow through buying is seen yet. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0538; (P) 1.0566; (R1) 1.0595; More... AUD/USD continues to edge higher but momentum is still a bit unconvincing. Over all outlook remains unchanged. While further rally could be seen, strong resistance is expected from upper trend line (now at 1.0681) to bring reversal. Hence, we'll continue to stay neutral. Break of 1.0435 minor support will flip bias back to the downside, and further break of 1.0176 will confirm near term reversal. Though, sustain trading above the upper trend line will pave the way to retest 1.1079 high instead. |
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Remark: No update on 6-7 (Mon-Tue) Aug, next Intra-day Trade Ideas update will be made on Wednesday 8 Aug 2012 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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