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Daily Report: Aussie Steady as RBA Stands Pat and Stays NeutralAussie stays steady in tight range against dollar after RBA kept cash rate unchanged at 2.00% as widely expected. The central bank maintained a neutral bias and noted that "further information on economic and financial conditions" are needed to determine the assessment of outlook and monetary policy. Regarding recent turmoils in the financial markets, RBA sounded calm and noted "equity markets have been considerably more volatile of late, associated with developments in China, though other financial markets have been relatively stable." Also released from Australia, building approvals rose 4.2% mom in July, current account deficit widened sharply to AUD -19.0b in Q2. From New Zealand, terms of trade index rose 1.3% qoq in Q2. | |
Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.7075; (P) 0.7118; (R1) 0.7156; More... Intraday bias in AUD/USD remains neutral for consolidations. In case of stronger recovery, upside should be limited below 0.7438 resistance and bring fall resumption. Below 0.7035 should send the pair through 61.8% projection of 0.9504 to 0.7625 from 0.8161 at 0.7000 to 100% projection at 0.6282. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency retreated after meeting resistance at 1.1310 and bids at 1.1265-70 and 1.1250 were filled but buy orders are reported at 1.1225-30 and 1.1200, buying interest should emerge around 1.1185 and 1.1150. On the upside, offers are seen at 1.1275-80, 1.1300-10 and 1.1325, sell orders are expected at 1.1340 and 1.1355-60, more selling interest is tipped at 1.1380, 1.1400 and 1.1425, mixture of offers and stops is located at 1.1450. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy at 0.7230The single currency met resistance at 0.7355 on Friday and has retreated again, retaining our view that further consolidation would be seen with initial downside risk for another corrective fall, however, reckon 0.7220-25 (50% Fibonacci retracement of 0.7026-0.7423) would limit downside and bring another rebound, above 0.7355-64 would bring retest of last week's high at 0.7423. Trade Idea : AUD/USD - Sell at 0.7160As aussie has retreated after meeting renewed selling interest at 0.7206 late last week, consolidation with downside bias is seen for weakness to 0.7070 support but break there is needed to signal correction from 0.7043 has ended, bring retest of this level later. A drop below this support would extend recent downtrend to psychological support at 0.7000 which is likely to hold on first testing, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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