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Mid-Day Report: Dollar Firm after Mixed Durable Goods ReportDollar remains firm in early US session as on the one hand, risk appetites recede on mixed earnings. US equities are also set to open mildly lower after mixed durable goods orders data. On the other hand, dollar is supported by speculations that the QE II program to be announced by Fed next week will be on a gradual approach. Aussie remains the weakest currency today after disappointing CPI data cooled expectation of a November hike from RBA. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3795; (P) 1.3889 (R1) 1.3952; More. Intraday bias in EUR/USD remains mildly on the downside for the moment. Further decline should be seen to 1.3697 support and then 38.2% retracement of 1.2587 to 1.4150 at 1.3553 to extend the consolidation from 1.4150. On the upside, decisive break of 1.4150 will confirm resumption of recent rally and should target medium term trend line resistance at 1.4550 next. |
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RBNZ To Leave OCR Unchanged For Rest Of The YearThe RBNZ will likely leave the OCR unchanged at 3% for a second month in October. The market has priced in no chance of a rate at the upcoming meeting as Governor Alan Bollard signaled interest rates will be on hold until 2011. Although CPI for 3Q10 exceeded consensus, it's not significant to change policymakers' cautious stance in economic developments. Data released since the last meeting were disappointing with GDP and retail sales falling short of expectations. We believe the accompanying statement will remain dovish, indicating slower pace of tightening. |
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Trade Idea Update: GBP/USD – Hold long entered at 1.5780Cable's retreat after intra-day rebound from 1.5760 to 1.5866 has deferred our bullishness but as long as 1.5790/95 holds, mild upside bias remains for another rebound towards yesterday's high of 1.5897, however, break there is needed to extend the rise from 1.5650 support for a stronger retracement of recent fall from 1.6108 towards 1.5933 Trade Idea Update: USD/JPY – Buy at 81.25Although dollar has rebounded after intra-day retreat from 81.99 to 81.44, above said resistance is needed to signal the rise from 80.41 low has resumed and bring a stronger retracement of recent decline towards 82.40/45 (50% Fibonacci retracement of 83.99 to 80.84), otherwise, further consolidation would be seen and another retreat to 81.32 minor support cannot be ruled out Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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