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Daily Report: Aussie Rebounds as RBA Stands Pat, Manufacturing Data WatchedAussie rebounds strongly today after RBA left the cash rate unchanged at 2.00% as widely expected. The central bank maintained a mild easing bias with a neutral stance. That is, "outlook for inflation may afford scope for further easing of policy" but the central bank will just "continue to assess the outlook". Meanwhile, RBA did acknowledge "a large decline in capital spending in the mining sector". But it maintained that the economy will have "moderate expansion" and there was "gradual improvement in conditions in non-mining sectors over the past year." Also released from Australia, current account deficit narrowed to AUD -18.1b in Q3, building approvals rose 3.9% mom in October. New Zealand terms of trade index dropped -3.7% qoq in Q3. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.7180; (P) 0.7215; (R1) 0.7260; More... AUD/USD's recovery from 0.7015 resumes and edges higher today and further rise could be seen. But still, price actions from 0.6905 are viewed as a consolidation pattern. Even in case of further rise, strong resistance should be seen at 38.2% retracement of 0.8161 to 0.6905 at 0.7385 to limit upside and bring down trend resumption. Below 0.7169 minor support will turn bias to the downside for 0.7015 support first. Break will target a test on 0.6905 low. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded lower earlier today, however, buy orders are still noted at 1.0550 and 1.0525-30, bids are reported at 1.0500 (stops below), 1.0485 and 1.0465, buying interest is tipped at 1.0450, 1.0425-30 and 1.0400. On the upside, offers are seen at 1.0600, 1.0630-35 and 1.0650, sell orders are expected at 1.0665, 1.0685-90 and 1.0700, selling interest should emerge around 1.0720-25, 1.0745 and 1.0760, sellers are awaiting at 1.0780-85 and 1.0800. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Hold long entered at 0.7040Euro's near term sideways trading is likely to continue and as long as 0.7000 holds, further consolidation above last week's low of 0.6982 would be seen with mild upside bias for another rebound, above resistance at 0.7080 would bring retracement of recent decline and gain to resistance at 0.7110 would follow. having said that, break there is needed to add credence to this view, bring a stronger rebound to 0.7130 Trade Idea : USD/CAD - Sell at 1.3365Current retreat after intra-day rise to 1.3393 suggests further consolidation below resistance at 1.3436 (last week's high) would be seen and mild downside bias is for weakness to 1.3300, however, break of support at 1.3280 is needed to signal top has been formed there and bring test of 1.3245-50, break there would add credence to this view, then retracement of recent upmove to 1.3200, then towards 1.3160-70 would follow. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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