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Mid-Day Report: Little Inspiration From Data, Markets Still in Consolidative ModeMarkets are still in consolidative mode as dollar extends retreat. Data from US saw housing starts rose more than expected to 672k annualized rate, highest level since October 2008. However building permits dropped to lowest level in six month at 606k annualized rate. PPI unexpectedly dropped -0.1% mom April with yoy rate down to 5.5%. Core PPI rose 0.2% mom, 1.0% yoy. The data provides little inspiration to the financial markets. Major forex pairs are stuck in range. Crude oil recovers mildly to 72 level while gold extends the retreat to 1210. US stocks are set to open mildly higher to extend the strong recovery overnight. |    |
| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 91.80; (P) 92.44; (R1) 93.09; More. As noted before, retreat from 93.62 should have completed at 91.75 already. Intraday bias is neutral for the moment. . Break of 93.62 will indicate that rise from 88.25 has resumed for 94.97 resistance. But we'd expect strong resistance from there to limit upside and bring another short term fall. On the downside, below 91.75 will bring another decline to 90.86 and below as consolidations from 94.97 continues. |
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| Featured Technical Report |
Aussie Heads To A 3-Month Low As RBA Indicates To Pause Rate HikeRBA's decision to raise the cash rate by +25 bps to 4.5% in early May was widely expected. However, as the hike was announced before abrupt deterioration in Eurozone's sovereign crisis, we are interested to see the rationales of the rate hike and forecast on the central bank's next step. |
| Candlesticks and Ichimoku Intraday Trade Ideas |
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Trade Idea Update: GBP/USD – Sell at 1.4570Although cable retreated after intra-day rise to 1.4522, as cable found support right at the Ichimoku cloud bottom and has rebounded from 1.4413, suggesting near term upside risk remains for one more corrective rise, however, the upper Kumo (now at 1.4585) should cap upside and bring another retreat later. Trade Idea Update: USD/CHF – Sell at 1.1370Although dollar has recovered after holding above the Ichimoku cloud bottom (now at 1.1262), early breach of indicated support at 1.1298 (yesterday's low) signals a temporary top has possibly been formed at 1.1446 earlier and downside bias remains for correction of recent rise and break of the lower Kumo would bring test of previous resistance at 1.1245. | ||
| Elliott Wave Daily Trade Ideas | ||
Trade Idea: AUD/USD - Sell at 0.8830Although aussie has recovered, yesterday's breach of 0.8711 support signals the c leg of wave (ii) is still in progress and may extend to 0.8650, however, reckon support at 0.8578 would hold from here and bring rebound later this week. Trade Idea: EUR/JPY - Exit short entered at 114.90As the single currency has continued to edge higher after falling to 112.47 yesterday, suggesting near term upside risk is for retracement to 116.00 and then 116.55/60, however, only break of 117.00/05 would signal the fall from 122.29 has ended, then further consolidation would be seen later. | ||
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Fundamental Highlights
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