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| Calendar | Elliott Wave Trades | Markets Volatility | Pivot Points | Heat Map | Daily Fundamentals |
| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Canadian Dollar Extends Rally on DataThe theme of weaker dollar and yen remains unchanged in the markets today. Commodity currencies are both strong on risk appetite and carry trade flows. In particular Canadian dollar and New Zealand dollar are catching up while Aussie's upside is capped by China's rate hike yesterday. The loonie jumps to new three year high against the greenback on firmness in crude oil prices. Euro, on the other hand, is also, firm ahead of tomorrow's ECB rate decision where a 25bps hike is widely expected. Sterling pares some of this week's gain after weaker than expected production data. Swiss franc recovers on strong inflation data. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9626; (P) 0.9657; (R1) 0.9698; More. USD/CAD drops to as low as 0.9577 so far today and met mentioned target of 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589. Intraday bias remains on the downside for the moment and further fall should now be seen towards 100% projection at 0.9353. On the upside, break of 0.9692 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery. |
| Special Reports |
FOMC Member Divided On Whether To Unwind StimulusFOMC minutes for the March meeting indicated that policymakers were divided on whether to begin exiting monetary stimulus this year. While the economic outlook over the medium-term was largely unchanged from the projections published in January, the staff revised up its projection for consumer price inflation in the near-term, largely driven by the recent increases in the prices of energy and food. Overall, the consensus is that the rise in headline inflation as temporary but policymakers will put much focus on inflation expectations. If elevated price levels prove to be a long-term issue, they will act on it. RBA Leaves Cash Rate at 4.75%As expected, the RBA left the cash rate unchanged at 4.75% for a 4th meeting as policymakers view the current monetary stance is 'mildly restrictive' and 'appropriate'. The accompanying statement is almost the same as the previous one, signaling little has changed since the March meeting. The RBA stated that the floods hit Queensland over the summer 'have reduced output and the resumption of coal production in flooded mines is taking longer than initially expected'. Concerning the situation in Japan, the central bank believed it will have 'a noticeable effect on Japanese production in the near term, although the impact on the broader Asian region is expected to be limited'. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD – Buy at 1.6205Cable's retreat after intra-day rise to 1.6364 suggests further consolidation below this level would take place and retracement to 1.6214 (38.2% Fibonacci retracement of 1.5972 to 1.6364) is likely, however, reckon 1.6171-76 (current level of the Ichimoku cloud top and previous resistance) would hold, bring rebound later. Above said resistance at 1.6364 would extend recent upmove towards previous resistance at 1.6403 Trade Idea: EUR/GBP – Hold long entered at 0.8735Despite yesterday's fall to 0.8715, as the single currency has staged a strong rebound from there, retaining our bullishness and consolidation with upside bias remains for gain to indicated objective but break of last week's high at 0.8853 is needed to confirm the 2nd (c) leg is underway to 0.8870/75 but loss of upward momentum should prevent sharp move beyond 0.8900 and price should falter well below resistance at 0.8941 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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