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Daily Report: Dollar Firm as the Week Starts QuietlyDollar remains firm as the financial markets start a new week quietly. The greenback was boosted last week by strong employment that lifted that chance of December rate hike. San Francisco Fed president John Williams said over the weekend that he viewed "the next appropriate step as the start of a process of gradually raising interest rates." Meanwhile, he noted that Fed's decision to stand pat back in October was a "close call". He said that "on one hand, the U.S. economy continues to grow and is closing in on full employment. On the other, in large part due to developments abroad, inflation has remained lower than we'd like." Nonetheless, "an earlier start to raising rates would also allow a smoother, more gradual process of policy normalization, giving us space to fine-tune our responses to any surprise changes in economic conditions." |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.6987; (P) 0.7078; (R1) 0.7134; More... Intraday bias in AUD/USD remains on the downside for the 0.6905 low. The consolidation pattern from 0.6905 could have completed at 0.7381 already and the larger down trend is possibly resuming. Break of 0.6905 will confirm this bearish case and target 61.8% projection of 0.8161 to 0.6905 from 0.7381 at 0.6605 next. On the upside, above 0.7223 resistance will delay this bearish case and bring another recovery. But in that case, we'd continue to expect strong resistance from 38.2% retracement of 0.8161 to 0.6905 at 0.7385 to limit upside. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency tumbled in NY morning as US jobs report came in much better than expected, bids at 1.0830, 1.0800, 1.0785 and 1.0750, mixture of bids and stops at 1.0700 is in focus, however, some buy orders are still noted at 1.0670 and 1.0640-50. On the upside, offers are now seen at 1.0740-50, 1.0770-75 and 1.0800, sell orders are expected at 1.0830-35 and 1.0850-60 with stop building up above 1.0900 and 1.0940-50. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Hold long entered at 0.7080As the single currency rebounded after falling to 0.7042 yesterday, retaining our view that consolidation above this level would be seen with mild upside bias for test of 0.7200, break there would signal a temporary low has possibly been formed there, bring retracement of recent decline towards resistance at 0.7250 but upside should be limited to 0.7270-75 Trade Idea: USD/CAD - Stand asideCurrent stronger-than-expected rebound from 1.3038 suggests the rise from 1.2832 is still in progress and near term upside risk remains for gain to 1.3300-10, then towards 1.3340-50, however, still reckon upside would be limited and price should falter below recent high at 1.3457, bring further choppy trading within recent established range. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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