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Daily Report: Aussie Mildly Higher on RBA ConfidenceAustralian dollar rises mildly today as RBA kept the cash rate unchanged at 2.00% in October. The accompanying statement contained few changes, suggesting that policymakers' view on the economic outlook stayed largely the same as the previous month. The updates, however, indicated that the central bank has turned more confident over the growth outlook. It also hinted that more regulatory measures have been implemented to contain the housing price surge in Sydney, as well as Melbourne. We retain the view that the RBA would leave the monetary decision unchanged for the rest of the year. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.7047; (P) 0.7078; (R1) 0.7115; More... Intraday bias in AUD/USD is turned to the upside with break of 0.7095 minor resistance. Rise from 0.6937 is viewed as the third leg of the consolidation pattern from 0.6905. Further rebound could be seen to 0.7278 resistance and above. But strong resistance should be seen at 38.2% retracement of 0.8161 to 0.6905 at 0.7385 to complete the consolidation. On the downside, firm break of 0.6905 will bring down trend resumption. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency ran into renewed selling interest at 1.1290 and has dropped again, bids at 1.1220 were filled but buy orders are still noted at 1.1200, 1.1185 and 1.1155-60, buy orders are reported at 1.1135 and 1.1120, mixture of bids and stops is located at 1.1100. On the upside, offers are now seen at 1.1245-50, 1.1280-90 and 1.1315-20 (stops above), sell orders are expected at 1.1350, 1.1380 and 1.1400. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Stand asideEuro's retreat after Friday's brief rise to 0.7443 suggests consolidation below this level would bee seen and pullback to 0.7355 support cannot be ruled out, however, break there is needed to signal top has possibly been formed there, bring weakness to 0.7336 support but only a drop below 0.7303 level would provide confirmation, bring retracement of recent rise to 0.7270-75 first. Trade Idea: USD/CAD - Stand asideThe greenback has remained under pressure after recent selloff from 1.3457 and the pair has continued to head south, suggesting top has possibly been formed there (tentatively wave v top) and downside risk remains for retracement of recent upmove to extend weakness to 1.3050, then towards 1.3013 support, however, reckon psychological level at 1.3000 would hold Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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