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Daily Report: Consolidations Continue, Aussie Lower after RBAMarkets are mixed so far this week as a near term consolidation phase continues. Dollar was mildly higher as precious metal spiked lower overnight on news of increasing margin requirement in silver futures. Also, risk appetite stalled as DOW ended yesterday marginally lower. Nevertheless, again, recovery in the greenback is weak and it's still vulnerable to further sell off against other major currencies. EUR/USD and USD/CHF are both staying in tight range for the moment while USD/JPY dips through 81 level. We might see more consolidative trading ahead in the greenback in near term. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9455; (P) 0.9487; (R1) 0.9529; More. USD/CAD continues to trade below a falling 4 hours 55 EMA. Also, with 0.9575 resistance intact, near term outlook remains bearish. Current fall should be part of the larger down trend and is targeting 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353 first. Break there will pave the way to key support level at 0.9056, which is close to 0.9 psychological level. Above 0.9575 will argue that a short term term bottom is formed and would bring stronger rebound towards 0.9720 resistance instead. |
| Special Reports |
RBA Leaves Cash Rate Unchanged But Sees Rising Inflationary PressuresAs expected, the RBA left the cash rate at 4.75% for a 5th meeting in May. While acknowledging continued growth in global economy, policymakers stated floods in Queensland may cause a decline in real GDP in 1Q11. Concerning inflation, the central bank was aware that underlying inflation has run its course recently. In the longer term, price levels will increase further if economic conditions evolve broadly as expected. We expect the central bank will resume tightening in the second half of the year as inflation pressures heighten. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Sell at 0.8730Despite yesterday's fall from 0.8697 to 0.8630, as the greenback has recovered after holding above indicated support at 0.8626 (last week's low), retaining our view that further consolidation would take place and above 0.8692-97 (current level of the Ichimoku cloud top and yesterday's high) would bring retracement to 0.8730 but resistance at 0.8760 should hold, bring another decline later. Trade Idea: USD/JPY – Buy at 80.30Although intra-day breach of yesterday's low at 81.00 signals recent decline from 85.53 top is still in progress and weakness to 80.80 and possibly 80.50/55 is likely, loss of momentum should prevent sharp fall below psychological support at 80.00 and bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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