Aussie Soars after RBA Pause, Euro Soft on Greece Aussie jumps sharply today and hit new record high against Euro after RBA unexpected left rates unchanged at 4.25%. The RBA unexpectedly left the cash rate unchanged at 4.25% in February, in contrast with consensus of a rate cut by -25 bps. The decision, in spite of growing uncertainty in the sovereign debt crisis in the Eurozone, indicated policymakers' confidence in China's demand and US' economic recovery. The Australian dollar soared after the announcement. More in RBA Unexpectedly Paused After 2 Successive Rate Cuts. AUD/USD breaches recent high and is pressing 1.08 level while EUR/AUD dived to new record low at 1.2139 and is still in progress for 1.2 psychological level. Full Report Here...
Featured Technical Report
EUR/AUD Daily Outlook Daily Pivots: (S1) 1.2198; (P) 1.2221; (R1) 1.2263; More. EUR/AUD drops further to new record low at 1.2132 so far today. Intraday bias remains on the downside and current fall is expected to target 1.2 psychological level next. On the upside, above 1.2319 minor resistance will turn bias neutral. But break of 1.2476 resistance is needed to signal short term bottoming. Otherwise, we'll stay bearish even in case of recovery. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

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RBA Unexpectedly Paused After 2 Successive Rate Cuts The RBA unexpectedly left the cash rate unchanged at 4.25% in February, in contrast with consensus of a rate cut by -25 bps. The decision, in spite of growing uncertainty in the sovereign debt crisis in the Eurozone, indicated policymakers' confidence in China's demand and US' economic recovery. The Australian dollar soared after the announcement. Read more...

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GMT Ccy Events Actual Consensus Previous Revised 21:45 NZD Labor Cost Private Sector Q/Q Q4 0.70% 0.50% 0.50% 0:01 GBP BRC Sales Like-For-Like Y/Y Jan -0.30% -0.80% 2.20% 3:30 AUD RBA Rate Decision 4.25% 4.00% 4.25% 5:00 JPY Leading Index Dec P 93.8 93.2 11:00 EUR German Industrial Production M/M Dec 0.00% -0.60% 13:30 CAD Building Permits M/M Dec 0.80% -3.60%
Orders and Options Watch
US Session: Orders and Options Watch EUR: The single currency has remained under pressure and stops below 1.3050-60 were triggered, mixture of bids and stops at 1.3020-30 is now in focus, however, more buying interests from Middle East, Asian Cbs and U.S. investment banks are likely to emerge further out at 1.3000 (stops below) and also 1.2950 with bigger stops placed below 1.2930. On the upside, offers from various parties are lined up at 1.3090-00 and also at 1.3130, followed by combination of offers and stops located at 1.3160-70 with bigger stops building up above 1.3210 and 1.3235-40. Read more...
Forex Trade Ideas
Trade Idea: GBP/USD – Hold short entered at 1.5830 Despite yesterday’s brief breach of 1.5750 support, lack of follow through selling and the subsequent rebound from 1.5730 suggest consolidation would be seen, however, as 1.5841 capped cable’s upside and has retreated again, retaining our bearishness for another corrective decline. A drop below said support at 1.5730 would add credence to our view that top has been formed at 1.5884 last week and bring retracement of recent upmove to 1.5701 support Read more... Trade Idea: USD/JPY – Hold long entered at 76.05 As the Ichimoku cloud top has contained dollar’s retreat from 76.81 (yesterday’s high), retaining our bullishness for the rebound from last week’s low of 76.03 to bring retracement of the intermediate decline from 78.29, above 76.87 (previous support) would encourage for further gain towards 77.15-20, however, reckon upside would be limited to 77.75-80 and price should falter well below strong resistance at 78.29. 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
Suggested Readings
Fundamental Highlights AUD Shoots Higher As RBA Leaves Rates Unchanged Asia Session: An Undeniably Close Call By The RBA Daily Financial Market Outlook Greece Talks Extended, Euro Holding above 1.3000, RBA Today Technical Highlights Daily Technical Analysis RBA Maintains Rate At 4.25%, AUD/NZD Finds Support Foreign Exchange Market Commentary Daily Forex Update: EUR/HUF EUR/USD - A Descending Triangle Pattern Emerges