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Mid-Day Report: Dollar Lower on Risk Appetite; BoC on HoldDollar recovery was brief and is back under pressure today. There are lots of news today, including US president Obama's announcement to extend tax breaks, as well as talk of China rate hike around the weekend. But these news have little impact in the markets. Instead, solid risk appetite is driving the greenback down. In particular, gold's up trend resumes today and makes another record high near to 1430 level. Crude oil also manages to break through 90 psychological level. Strongest strength is seen in Aussie which extends this week's rally against dollar and is trading above 0.995. Sterling is also higher, together with Euro, on optimism of austerity budget approval in Ireland. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9855; (P) 0.9890; (R1) 0.9933; More Touching of 0.9850 minor support suggests that a temporary top is formed at 0.9936 and intraday bias is turned neutral. Some consolidations could be seen first but in case of deeper retreat, downside is expected to be contained by 4 hours 55 EMA (now at 0.9778) and bring another rise. Above 0.9936 will target a test on 1.0181 high. Break will confirm up trend resumption for 61.8% projection of 0.8770 to 1.0181 from 0.9536 at 1.0408. |
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RBA Left Policy Rate At 4.75%The RBA left the cash rate unchanged at 4.75%. There were few surprises from the accompanying statement and the central bank sent no signal on when the next rate hike will be. Yet, it continued to warn of the high level of commodity prices and the effect on investment and incomes. The RBA did not show any concerns about the disappointing GDP growth in 3Q10, suggesting it remains confident toward the country's economic outlook. We retain our views the next rate hike will be in 1Q11, probably March. |
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Trade Idea Update: GBP/USD – Buy at 1.5710Despite intra-day resumption of last week's rise from 1.5485, as cable has retreated from 1.5823, suggesting consolidation below there would take place and retracement to the Kijun-Sen (now at 1.5740) cannot be ruled out, however, renewed buying interest should emerge above the Ichimoku cloud top (now a 1.5703) and bring another rise later. Trade Idea: EUR/JPY – Buy at 110.00Despite intra-day marginal fall to 109.58 (yesterday's low was 109.63), as the single currency has staged a rebound from there, suggesting the minor (c) leg of b is underway and break of 111.20 would add credence to this view and bring further gain towards last week's high of 111.90. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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