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Daily Report: Yen Mildly Higher after BoJ, Dollar RetreatsDollar's recovery loses some steam today as markets continue to readjust their expectations on Fed's QE II program to be announced next week. Meanwhile, Yen is seen mildly higher after BoJ meeting. BoJ left the policy stance unchanged today and said it will buy BBB rated corporate bonds and a-2 commercial paper to accelerate the impact of its version of quantitative easing, the JPY 5T comprehensive monetary easing program. One important point to note is that BoJ has pushed ahead next meeting to November 4-5, right after FOMC meeting on November 2-3. The move suggests that BoJ is ready to respond to any new announcement from Fed next week. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 128.42; (P) 129.00; (R1) 129.50; More GBP/JPY's recovery was limited at 129.57 and subsequent break of 128.37 suggests that temporary top is formed. Intraday bias is flipped back to the downside for a test on 126.42 low first. Nevertheless, downside would possibly be continued above 126.42 and bring another rise to continue consolidations. In any case, decisive break of 126.42 will confirm resumption of recent decline and should target 120 psychological level first. |
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RBNZ Keeps OCR At 3%. Accompanying Statement Less DovishThe RBNZ left the OCR unchanged at 3% for a third consecutive month. While this was widely anticipated, the accompanying statement was less dovish than previously fears despite disappointing economic data since the September meeting. Policymakers acknowledged that recent data has turned out 'weaker-than-expected' but believed the 'medium-term outlook for the New Zealand economy remains broadly in line with that assumed at the time of the September MPS' and 'overall, continued GDP growth is expected to gradually absorb current surplus capacity over the next few years'. |
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Trade Idea: USD/CHF – Buy at 0.9800The greenback has finally retreated after rising marginally to 0.9930 yesterday, the break of Tenkan-Sen and Kijun-Sen suggests consolidation would be seen and retracement to the Ichimoku cloud top (now at 0.9826) is likely, however, reckon downside would be limited to 0.9794-96 (38.2% Fibonacci retracement of 0.9573 to 0.9930 and 50% Fibonacci retracement of 0.9662 to 0.9930) Trade Idea: EUR/USD –Buy at 1.3795Although the single currency fell to as low as 1.3734 as suggested yesterday, the subsequent rebound has retained our view that further broad consolidation would take place and mild upside bias is seen for retracement of this week's fall to 1.3878 but break there is needed bring stronger rebound to 1.3907 (previous support) but the Ichimoku cloud top (now at 1.3941) should remain intact. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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