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Daily Report: Aussie Steady as RBA Minutes Sound PositiveAustralian dollar is steady in range in Asian session as RBA meeting minutes suggested that the central bank is no rush to cut interest rate again. The minutes for October 6 meeting noted that the rebalancing in the economy "was being increasingly supported by the depreciation of the Australian dollar, which had led to a noticeable increase in net service exports over the past year." Also, "members noted that reductions in the cash rate earlier in the year continued to provide support to aggregate demand, particularly dwelling investment and household consumption." Regarding the closely watched housing markets, RBA noted that "there were signs that the response of the banks to supervisory measures implemented by APRA were helping to manage risks in the housing market." |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.7221; (P) 0.7264; (R1) 0.7289; More... AUD/USD remains bounded in tight range and intraday bias stays neutral. At this point, we'd continue to expect strong resistance from 38.2% retracement of 0.8161 to 0.6905 at 0.7385 to complete the consolidation from 0.6905. Below 0.7164 minor support will turn bias back to the downside for retesting 0.6905 low. However, sustained break of 0.7385 will put 0.7625 key resistance in focus. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped again and bids at 1.1330-35 were filled, however, buy orders are still noted at 1.1300, 1.1285 and 1.1265, buying interest is tipped at 1.1250, 1.1230 and 1.1200. On the upside, offers are seen at 1.1345-50, 1.1375-80 and 1.1400, sell orders are expected at 1.1425-30 and 1.1455-60, selling interest should emerge around 1.1485 and 1.1500 (stops above). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Buy at 0.7260 or sell at 0.7370Although the single currency rose briefly to 0.7493 last week, the subsequent reversal suggests top has possibly been formed there (as wave v peak), hence mild downside bias remains for this fall to bring retracement of recent upmove to 0.7260-70, however, loss of near term downward momentum should prevent sharp fall below there, bring rebound later Trade Idea: USD/CAD - Buy at 1.2910Although the greenback extended recent decline to 1.2832 late last week, the subsequent rebound suggests consolidation above this level would be seen and above 1.3020-25 would bring test of resistance at 1.3081 but break there is needed to signal at least first leg of decline from 1.3457 top has ended, bring a stronger rebound to 1.3100 and later towards 1.3130-35 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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