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Daily Report: Risk Aversion Recedes, Focus Back on Economic DataThe Japan nuclear crisis triggered risk aversion wave was rather brief yesterday. Asia equities halted the selloff and recovered today even though US DOW was down -117 pts over night. Crude oil and gold also recovered mildly after yesterday's deep pull back. Yen's recovery seems shortlived with yen crosses mildly up in Asian today. Dollar remains under much pressure against Euro and Swiss Franc and commodity currencies are steadily in range for the moment. As sentiments stabilize, we'll likely seen more downside in the greenback against Euro and Swiss Franc. Meanwhile, Australia dollar and Canadian dollar would probably revisit recent high against the greenback if commodities could manage to extend today's rebound. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0459; (P) 1.0520; (R1) 1.0555; More Intraday bias in AUD/USD remains neutral for the moment and more consolidations could be seen below 1.0581 short term top. Nevertheless, consolidations should be relatively brief as long as 1.0287 support holds and we'd expect recent rally to resume sooner rather than later. Above 1.0581 will target 61.8% projection of 0.8315 to 1.0181 from 0.9704 at 1.0857 next. However, break of 1.0287 will bring deeper fall towards 61.8% retracement of 0.9704 to 1.0581 at 1.0039 instead. |
| Special Reports |
BOC Leaves Rates Unchanged. Raises Growth OutlookThe BOC left the overnight rate at 1% but delivered slightly more hawkish accompanying statement as domestic economic growth has been running faster than expected. The central bank revised higher its growth forecast for 2011 but downgraded that for 2012. Concerning inflation, policymakers viewed recent upward price pressures as only 'temporary' as driven 'recent sharp increases in energy prices and the ongoing boost from changes in provincial indirect taxes'. |
| Economic Indicators Update | The Traders Expo provides a chance to take a productive step back from the trading screen and look at the overall markets from a broader perspective. Join your fellow traders at The Traders Expo Dallas and experience it for yourself. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD – Sell at 0.9720Despite intra-day retreat to 0.9560, as the greenback has rebounded after holding above previous low at 0.9526, suggesting further consolidation above this level would take place and test of 0.9638 is likely, break there would bring retracement of recent fall towards resistance at 0.9693, however, renewed selling interest should emerge around 0.9720/30 and bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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