Kiwi Lifted by Unexpected Trade Surplus, Aussie and Loonie Recovered |
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Kiwi Lifted by Unexpected Trade Surplus, Aussie and Loonie RecoveredCommodity currencies recovered today partly thanks strength in gold and crude oil. Kiwi jumped strongly after trade balance unexpectedly showed NZD 486m surplus in December comparing to expectation of NZD -105m deficit. That was indeed the largest surplus figure since 1991. Imports dropped -19% from a month earlier to NZD 3.58 comparing to a solid 6.2% rise in exports to NZD 4.07b. And the large fall in imports was seen as mainly due to a crop in crude oil imports and thus, was not taken as a sign of domestic demand weakness. RBNZ is going to meet this week and is widely expected to keep rates unchanged at 2.50%. Indeed, markets are generally expecting RBNZ to be on hold for the rest of the year.Full Report Here... |    |
| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0391; (P) 1.0410; (R1) 1.0436; More...AUD/USD made a temporary low at 1.0384 and recovered. Intraday bias is turned neutral first. Nonetheless, with 1.0485 minor resistance intact, deeper decline is still expected. As noted before, corrective rise from 1.0148 should have already finished at 1.0597. Below 1.0384 will target 1.0344 support first. Break will confirm this bearish case and target 1.0148 support and below. Read more... | |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency continued to run into heavy offers just below last week's high of 1.3480 and has retreated again this morning in Asia, however, bids from corporate are reported from 1.3420 down to 1.3400 with stops building up around 1.3390-95, some bids are reported at 1.3365-75 and mixture of bids and stops is located further out at 1.3345-50. On the upside, combination of offers and stops remains at 1.3480-90, more stops are expected above barrier at 1.3500 and buy stop orders are tipped above 1.3510-15, followed by fresh offers located at 1.3540-50.Read more... | |||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Hold long entered at 1.3410Despite yesterday’s rebound to 1.3478, as the single currency has retreated after faltering below Friday’s high of 1.3480, suggesting further consolidation would be seen and yesterday’s low at 1.3425 needs to hold to retain bullish prospect of another rise, above 1.3480-84 (said resistance and 61.8% projection of 1.3038-1.3404 measuring from 1.3258) would encourage for headway to 1.3500-10 (psychological resistance and 61.8% projection of 1.2998-1.3404 measuring from 1.3258)Read more... Trade Idea: USD/JPY – Buy at 90.00Although dollar has rebounded after finding support at 90.41, break of yesterday’s high of 91.32 is needed to signal recent upmove has resumed and extend further gain to 91.50-60 (50% projection of 88.07-90.69 measuring from 90.29) and possibly towards 91.90-95 (61.8% projection), otherwise , further consolidation is in store. Below said support at 90.41 would bring retracement to previous resistance at 90.25 but renewed buying interests should emerge around 90.00, bring another rally later.Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 | |||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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