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Daily Report: Aussie Strong as Stevens Hints on Tightening BiasAussie is broadly higher today as RBA governor Glenn Stevens hinted on further rate hike. Said in a speech, Stevens expects above trend growth in Australia in 2011. Terms of trade might decline a bit from 60 year highs but remain strong. Resources sector investments are expected to rise further as Australia experiences "largest minerals and energy boom since the late 19th century". Stevens also noted that if downside risks do not materialize, "the task ahead is likely to be one of managing a fairly robust upswing," including monetary policy. While Aussie is strong today, AUD/USD is still limited below last week's high of 0.9467 and would probably continue to consolidate below this level for a while. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 85.65; (P) 85.79; (R1) 85.99; More. USD/JPY continues to consolidate in tight range below 85.92 today. Intraday bias remains neutral and deeper retreat might be seen. But downside is expected to be contained by 84.77 cluster support and bring another rise. Sustained trading above 85.89 will bring stronger rally towards medium term fibo level at 38.2% retracement of 94.97 to 82.86 at 87.46 next. However, break of 84.77 will indicate that rebound from 82.86 might be finished and will flip intraday bias back to the downside for retesting this low instead. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.5600Cable’s retreat from Friday’s high of 1.5730 (reached indicated upside target 61.8% Fibonacci retracement of 1.5999 to 1.5296 and 1.618 times projection of 1.5296 to 1.5534 measuring from 1.5345) to this morning’s low of 1.5610 suggests a temporary top has been formed and although price has recovered after holding above the Ichimoku cloud top, as long as said resistance holds, further consolidation would take place and another corrective fall to the Ichimoku cloud top (now at 1.5608) cannot be ruled out but the lower Kumo (now at 1.5550) should remain intact, bring upmove later. Trade Idea: EUR/USD – Buy at 1.2975Although the single currency rose to 1.3160 last Friday, the subsequent retreat from there suggests a temporary top has been formed there and consolidation with mild downside bias would be seen, below support at 1.3020 would bring retracement of recent rise to 1.2975 (previous minor support and 38.2% Fibonacci retracement of 1.2675 to 1.3160) but reckon 1.2955 would contain pullback and bring another rally later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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