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Daily Report: Aussie Knocked Down by RBA Stevens Australian dollar dipped notably in Asian session as weighed down by comments from RBA governor Glenn Stevens. He noted that the central bank remained "open to the possibility of further policy easing" if it's beneficial for sustainable growth. The growth in economy was seen as "disappointing" over the past two years. Slowdown in China could be quicker than expected. Also, fall in mining investment could accelerate while outside that, investment could also weaken in the year ahead. Released in Australia, Westpac consumer confidence dropped -6.9% in June. At this point, AUD/USD is trading above 0.7597 temporary low and more consolidation could be seen. But with 0.7839 resistance intact, we'd expect further decline ahead for 0.7532 low and below. Meanwhile, EUR/AUD extends recent rebound and edges higher to 1.4767. Further rally is expected in the cross for 1.4893 resistance next. Full Report Here...
Featured Technical Report
EUR/AUD Daily Outlook Daily Pivots: (S1) 1.4587; (P) 1.4669; (R1) 1.4750; More... EUR/AUD's rally is still in progress and reaches 1.4767 so far today. Intraday bias remains on the upside for 1.4893 resistance first. Break will target 1.5331 key resistance next. As noted before, recent development suggests that the medium term trend is possibly reversing. On the downside, break of 1.4494 support will turn bias neutral and bring consolidations first. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

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GMT	Ccy	Events	Actual	Consensus	Previous
23:50	JPY	Machine Orders M/M Apr	3.80%	-1.70%	2.90%
23:50	JPY	Domestic CGPI Y/Y May	-2.10%	-2.20%	-2.10%
0:30	AUD	Westpac Consumer Confidence Jun	-6.90%		6.40%
8:30	GBP	Industrial Production M/M Apr		0.20%	0.50%
8:30	GBP	Industrial Production Y/Y Apr			0.70%
8:30	GBP	Manufacturing Production M/M Apr		0.10%	0.40%
8:30	GBP	Manufacturing Production Y/Y Apr			1.10%
14:00	GBP	NIESR GDP Estimate May			0.40%
14:30	USD	Crude Oil Inventories			-1.9M
18:00	USD	Monthly Budget Statement May		-$100.5B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency retreated after rising to 1.1345 earlier today and bids at 1.1250 and 1.1225-30 were filled but buy orders are still noted at 1.1200 and 1.1175-80, buying interest is tipped at 1.1150, 1.1115-25 and 1.1100, fresh demand should emerge around 1.1080 and 1.1050 (stops below). On the upside, offers are seen at 1.1285-90, 1.1310-15 and 1.1345-50, sell orders are expected at 1.1380 (stops above), mixture of offers and stops is located at 1.1400.

Trade Idea: EUR/GBP - Buy at 0.7270

Despite intra-day breach of last week's high of 0.7386, lack of follow through buying suggests consolidation would be seen and pullback to 0.7300 cannot be ruled out, however, reckon downside would be limited to 0.7265-70 and bring another rise later. A firm break above intra-day resistance at 0.7389 would signal the rebound from 0.7055 is still in progress and extend gain to 0.7420, then towards 0.7450

Trade Idea Wrap-up: GBP/USD - Buy at 1.5290

As the British pound has jumped after finding renewed buying interest at 1.5257, suggesting the rebound from 1.5190 (Friday's low) is still in progress and may extend further gain to 1.5400, then towards 1.5441 resistance (last week's high), however, a sustained breach above latter level is needed to signal another leg of corrective rise from 1.5170 low is underway for gain to 1.5490-00 later.