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Mid-Day Report: Markets Steady in Range, Except With Weakness in AussieMarkets are pretty steady today as European equities pared initial losses and turned positive as the day goes. US futures also point to higher opening. Aussie remains the weakest currency today after unexpected rate cut from RBA. Euro is mildly firm following European stocks. Also, Spanish 10 year yield dropped slightly to 5.744% today and stays comfortably below 6% level and provides some support to the common currency. EUR/AUD continues to press recent resistance of 1.2552. Though, GBP/AUD took lead and broke through equivalent resistance. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 77.81; (P) 77.97; (R1) 78.16; More... USD/JPY edges higher to 78.21 in early US session and intraday bias remains on the upside. As noted before, pull back from 79.22 is likely finished at 77.43 already. Break of 78.36 minor resistance will target a test on 79.22. After all, we're favoring the bullish case that fall from 84.17 is finished at 77.13 already. Hence, in case of another fall, downside should be contained well above 77.13 and bring rebound. Break of 79.22 will target 80.61 resistance (50% retracement of 84.17 to 77.13 at 80.65). |
| Special Reports |
RBA Lowers Policy Rate To 3.25% After Pausing For Three MonthsTo our surprise, the RBA, after 3 months' of pause, lowered the cash rate by -25 bps to 3.25% as the drop in commodity prices, slowdown in Chinese economy and strength in the Australian dollar weighed on the country's economy. The move was welcomed by Treasurer Wayne Swan who said that 'Australians deserve cost of living relief and today that's what they got'. The AUD weakened against the USD after the announcement. |
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Trade Idea Update: GBP/USD – Buy on break of 1.6175Although the British pound has retreated after yesterday’s rebound from 1.6109-1.6175, break of said support is needed to signal the decline from 1.6310 top has resumed for a stronger correction of recent upmove to 1.6100 and then 1.6071 (61.8% Fibonacci retracement of 1.5923-1.6310) but reckon 1.6050 would limit downside. Trade Idea: EUR/JPY – Buy at 100.00Despite yesterday’s initial brief fall to 99.80, the subsequent rebound after holding above previous support at 99.63 suggests further consolidation above this level would take place and consolidation with upside bias remains for a test of 101.05, then 101.25 (38.2% Fibonacci retracement of 103.85-99.65), above latter level would suggest fall from 103.85 has possibly ended and bring a stronger rebound to 101.75 (50% Fibonacci retracement), then 102.00-10. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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