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Daily Report: Aussie Reversed after Hitting Record High, Yen WeakensAussie reversed and drops sharply after making a new record high of 1.0254 against dollar yesterday. Profit taking is one of the forces that's driving AUD/USD down. But there are also some other factors. The Australian Industry Group-PricewaterhouseCoopers performance of manufacturing index fell 1.3 points to 46.3 in December, reflecting weakening domestic demand. There are some worries on the flooding in resources-rich state of Queensland. In addition, there are rumors that China will lower lending quota to a level that's below 2010's USD 1.1T. AUD/USD is back having parity in sight while EUR/AUD is also moving further away from 1.3 psychological level. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0139; (P) 1.0182; (R1) 1.0209; More AUD/USD reverses after hitting new record high at 1.0254 and fall from there accelerates further today. A short term top should be in place considering bearish divergence condition in 4 hours MACD. Intraday bias is back on the downside for 38.2% retracement of 0.9536 to 1.0254 at 0.9980 and below. But we'd still favor another rise as long as 0.9830 support holds. Above 1.0254 will target 61.8% projection of 0.8770 to 1.0181 from 0.9536 at 1.0408. |
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| 2011 Currency and Monetary Policy Outlook | 2011 Elliott Wave Forecast |
Fiscal Tightening the Main Theme for UK in 2011Uneven Growth Story Prolongs EZ's Hard Time while Money-Printing Nature in SMP will Send Euro LowerUS - A Shift from Monetary to Fiscal Stimulus |
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| Economic Indicators Update |
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Trade Idea: USD/CHF – Sell at 0.9435 or Buy at 0.9270Despite overnight retreat to 0.9323, as the greenback has rebounded again after holding above yesterday's low at 0.9320, suggesting further consolidation above last week's low at 0.9301 would take place and retracement to 0.9398 cannot be ruled out, however, reckon 0.9435 (previous support) would limit upside and bring another decline later. Trade Idea: GBP/USD – Sell at 1.5555Although the British pound has retreated after faltering below the Ichimoku cloud bottom, break of yesterday's low at 1.5434 is needed to signal the fall from 1.5665 top has resumed and extend weakness to 1.5400 and later towards next support at 1.5367. Looking ahead, a break of support at 1.5367 is needed to confirm the correction from 1.5345 has ended there and bring resumption of decline for a retest of 1.5345 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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