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Daily Report: Markets Steady ahead of Italian Senate VoteMarkets are generally steady today as Italian Senate's vote on austerity measures is awaited today while the approval by lower house is expected on Saturday. Current prime minister Silvio Berlusconi is expected to promised to resign after the austerity packages are passed by both houses. And at the moment, former European Commissioner Mario Monti appears to be the frontrunner to replace Berlusconi. Another focused country, Greece, will have newly appointed Prime Minister Lucas Papademos, a former ECB Vice President, will name his interim cabinet today, which will run the government before election next February. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0069; (P) 1.0138; (R1) 1.0225; More With 4 hours MACD crossed above signal line, a temporary low is in place and intraday bias is turned neutral. Another fall will remain in favor as long as 1.0444 resistance holds and current pull back could continue to parity and below. But still, we'd expect downside to be contained by 61.8% retracement of 0.9387 to 1.0752 at 0.9908 to finish the correction and resume rally from 0.9387. Break of 1.0444 will turn bias back to the upside for retesting 1.0752. However, sustained trading below 0.9908 fibo level will dampen this week and turn focus back to 0.9387 support instead. |
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China Watch: CPI Eases, Trade Surplus Misses ExpectationsChina's headline CPI eased to +5.5% y/y in October from +6.1% a month ago, thanks to the pullback of food prices. PPI rose +5.0% y/y during the month, moderating sharply from +6.5% in September. The relief in upstream cost pressure suggested that the pass-through effect to the downstream CPI would be greater reduced. The set of data should lead the Chinese government to be less vigilant over prices. However, as Premier Wen stressed that tightening measures on property will be maintained, we do not expect a easing monetary policy, such as rate cuts or decreases in RRR, will be announced in the near future. |
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Trade Idea: USD/CHF – Hold long entered at 0.9030Although the greenback retreated sharply after yesterday’s rise to 0.9153, as 0.9019 has contained downside and dollar has rebounded from there, suggesting as long as this level holds, bullishness remains for recent rise to resume after consolidation, above 0.9100 would suggest the pullback from 0.9153 has ended and bring a retest of this level. Trade Idea: EUR/USD – Hold short entered at 1.3650Despite yesterday’s fall to 1.3484, subsequent rebound to 1.3653 suggests consolidation would be seen, however, as long as yesterday’s high at 1.3653 holds, bearishness remains for another decline later, below the Kijun-Sen (now at 1.3569) would bring test of minor support 1.3550 but break there is needed to signal the rebound from 1.3484 has ended and bring another fall to said support later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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