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Daily Report: Aussie Mildly Lower as PPI Missed ExpectationsAustralian dollar is mildly lower in Asian session today and PPI report missed expectations. Producer prices rose 0.1% qoq, 2.7% yoy versus expectation of 0.5% qoq, 3.2% yoy. Economists said that strength in the Aussie was one of the major factors in limiting the gain in PPI. More focus will be on tomorrow's CPI data which is expected to accelerate to 0.8% qoq, 3.0% yoy in Q4. Markets expect that the jump in CPI partially reflects the flooding that put upward pressures on food prices. While tomorrow's CPI might surprise on the upside, the RBA won't be raising rates yet until at least getting full assessment on the economic impact of the Queensland flood. |
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AUD/USD Daily OutlookDaily Pivots: (S1) 0.9851; (P) 0.9885; (R1) 0.9929; More At this point, intraday bias in AUD/USD remains mildly on the downside for 0.9803 support first. Break there will confirm resumption of whole fall from 1.0254 and will also affirm the case of medium term reversal. In such case, deeper decline should be seen to 0.9536 support for confirmation. On the upside, touching of 4 hours 55 EMA (now at 0.9939) will turn intraday bias neutral first. Further break of 1.0075 will flip bias back to the upside for a test on 1.0254 high instead. |
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Trade Idea: EUR/USD – Buy at 1.3505As the single currency has eased after rallying to 1.3648 this morning, suggesting minor consolidation would take place and test of the Kijun-Sen (now at 1.3554) cannot be ruled out, however, renewed buying interest should emerge around 1.3500/05 and bring another upmove later. Above said resistance at 1.3648 would extend recent upmove to 1.3690/95 (100% projection of 1.2860-1.3458 measuring from 1.3243) Trade Idea: USD/JPY – Buy at 82.40Although the greenback retreated after last week's rebound from 81.85 to 83.13, reckon downside would be limited to 82.35/40 and bring another rebound later. Above said resistance at 83.13 would extend the upmove from 81.85 towards 83.50 but break there is needed to confirm correction from 83.70 has ended Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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