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Mid-Day Report: Aussie Firm, Euro and Sterling Soft in Quiet MarketsMarkets are relatively quiet today. Some weakness is seen in Euro and Sterling but no follow through selling is noticed yet. Australian dollar is broadly firm but seems to be losing some upside momentum. Dollar is mixed in general even though some support is provided by comments from Fed officials regarding stimulus exits. Gold and crude oil pare some recent gains after failing to clearly take out recent highs. Data from US saw personal income and spending grew 0.3% and 0.7% in February already. PCE core, Fed's preferred gauge of inflation, rose slightly to 0.9% yoy as expected. Headline PCE rose to 1.6% yoy, inline with expectation. The data provides little inspiration to the markets. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 80.98; (P) 81.23; (R1) 81.60; More. USD/JPY recovers further today but is still bounded in tight range below 81.95 and intraday bias remains neutral. Further rise could still be seen. However, with 84.49 key resistance intact, there is no indication of trend reversal and hence, we'd still mildly favor an eventual downside break out. Below 80.50 minor support will flip bias back to the downside and target 78.25 and below. |
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Trade Idea Update: EUR/USD – Sell at 1.4110 or buy at 1.3980Although the single currency has retreated after intra-day rebound to 1.4085, break of support at 1.4021 is needed to signal the decline from 1.4249 top has resumed for a stronger retracement of recent upmove to 1.4000, however, loss of near term downward momentum should prevent sharp fall below 1.3980 and risk from there is seen for a rebound later today. Trade Idea: AUD/USD – Buy at 1.0190The Australian dollar finally broke above resistance at 1.0257 (wave iii of 5) as suggested, confirming our view that wave iv of 5 has ended at 0.9706 as ABC and the medium term uptrend has resumed for further gain towards 1.0340/50 would be seen but reckon 1.0400/10 would hold from here.Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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