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Daily Report: Consolidations Continue, Aussie Lower after RBA MinutesMarkets were generally steady overnight as DOW managed to reverse the initial -184 pts loss and closed nearly flat while crude oil also held on to 70 level. Dollar index consolidates below 87.01 high and most major pairs are still staying in range for the moment. EU Economic and Monetary Affairs Commissioner Rehn said EU finance ministers discussed the principles of the financial stability mechanism and technical work could be done quickly. The would be as much as EUR 440b of financial aids in the package based on "loan guarantees". Finance ministers will iron out legal issues surround the package on Friday. On the other hand, EUR 20b of funds are approved for transfer to Greece as the first tranche of the financial assistance. |    |
| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8685; (P) 0.8773; (R1) 0.8860; More AUD/USD drops further to as low as 0.8685 so far and at this point, intraday bias remains on the downside for further decline. Break of 0.8715 support confirms that whole fall from 0.9380 has resumed and AUD/USD should now target 0.8577 key medium term support level. On the upside, above 0.8831 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 0.9077 resistance and bring fall resumption. |
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Trade Idea: USD/JPY – Buy at 92.00Despite overnight retreat to 91.84, as the greenback has then rebounded after holding above support at 91.76, leaving a 'hammer' candlestick bullish pattern on the hourly chart, suggesting further consolidation would be seen and said support at 91.76 should continue to hold, bring another rebound later. Trade Idea: GBP/USD – Took 100 points profit and stand asideAlthough the British pound met renewed selling interest at 1.4509 yesterday as suggested (we sold cable on such rebound at 1.4505) and retreated to indicated downside target at 1.4405, as price has found support at 1.4364 and staged an overnight rebound, suggesting further choppy consolidation is in store within 1.4364-1.4509 range. | ||
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