Monday, October 13, 2014
Currency Trading Signal
http://www.fxpipsignal.com/
Market Brief
In
Australia, home loans fell 0.9% in month to August; the investment lending
contracted 0.1%, while owner-occupier loans (desired ones) dropped 2.0%. The
concerns on overheating mortgage markets, especially on investment side is at
RBA’s focus. Australian policymakers are expected to introduce macro prudential
measures to cool down lending for investment, presumably for speculative
purposes. AUD/USD fell to 0.8747 early in Sydney on news that China increases
coal import tariffs and further fall in commodity prices (crude oil dropped
-2.0% overnight). The pair recovered to 0.8785 later on unsatisfactory home
lending data. Trend and momentum indicators remain marginally bullish.
USD/CAD
paired gains down to 1.1082 yesterday on attempt to adjust USD positioning post
dovish Fed minutes. The MACD flattened, will suggest deeper downside correction
for a week close below 1.1200 (MACD pivot). Canada publishes September labor
data today and the expectations are optimistic. First line of support is seen
at 1.1103+ (21-dma), more bids are touted at 1.1000/28 (optionality / Fib 61.8%
retracement on Mar-July drop), stops are eyed below. On the upside , the key
resistance stands at 1.1279 (Mar 20th high).
As expected,
the BoE maintained the status quo in yesterday’s MPC meeting. The bank rate
remains unchanged at 0.5%, the asset purchases target at GBP 375bn. GBP/USD
remained ranged on lack of further BoE communication, minutes are due on October
22nd. Offers remain solid at 1.6230/40 (region including 21-dma and Fibonacci
23.6% on Jul-Oct sell-off). Option related offers trail down from 1.6050 for
today expiry. The key support remains at 1.5944 (Oct 6th low). EUR/GBP
consolidates gains below 0.79000. Option barriers abound at 0.79500/0.80000
pre-weekend.
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