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Daily Report: NZD Drops after Earthquake, Euro SoftNew Zealand dollar drops sharply today after a series of earthquakes struck Christchurch, the second-largest city in the country. The city was devastated by the historical earthquake in February which killed 180 people. A 5.5 magnitude quake hit around 10km east of the city at 0100 GMT, followed by a 4.4 magnitude quake in less than 10 minutes. Then there was a further 6.0 magnitude aftershock at around 0220 GMT. There is no reports of substantial injuries even though there are renewed "liquefaction, flooding, power lines down, falling debris, and burst sewer and water pipes." Kiwi was the strongest currency last week after RBNZ signaled gradual rate hike over the next two years but today's quakes remind investors that the hike could indeed be very "gradual". |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0488; (P) 1.0571; (R1) 1.0616; More Intraday bias in AUD/USD remains on the downside with 1.0652 minor resistance intact and further decline should be seen to 1.0440 support first. As noted before, current development suggests that correction from 1.1011 is still in progress with fall from 1.0774 as the third leg. Break of 1.044o will target term channel support (now at 1.0220). On the upside, above 1.0650 minor resistance will turn bias neutral. But risk will remain mildly on the downside as long as 1.0773 resistance holds. |
| Special Reports |
SNB To Leave Rates Unchanged On Subdued Inflation And Slower GrowthThe SNB will likely leave interest rates at 0.25% at the June meeting. Economic data released over the past 2 weeks suggested both growth and inflation were mild in the country, indicating there's no need for policymakers to alter monetary policies for now. Moreover, elevated Swiss franc has also helped counter some of the stimulating effects of accommodative policies, further reducing the urgency of a rate hike. |
| Economic Indicators Update |
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Trade Idea: GBP/USD – Hold long entered at 1.6250Despite cable’s intra-day fall to 1.6217, as the British pound has rebounded after holding above last week’s low at 1.6215, suggesting further consolidation would take place and as long as said support at 1.6215 holds, mild upside bias remains for rebound to the Kijun-Sen (now at 1.6280), break there would suggest low is possibly formed and bring retracement of last week’s selloff to 1.6315/20. A break of this level would confirm and bring a stronger rebound to previous support at 1.6358 Trade Idea: EUR/USD – Sell at 1.4415Despite intra-day brief fall to 1.4285, as the single currency has rebounded, suggesting consolidation above this level would take place and retracement to 1.4375/80 is likely, however, renewed selling interest should emerge around the Kijun-Sen (now at 1.4419) and bring another decline later. A break of said support would extend the decline from 1.4696 top for further weakness to 1.4257 (previous support) but reckon 1.4206 (previous resistance) would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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