2012-10-02 04:43 GMT
RBA cuts rate by 25bp; More may come in Nov
In today's RBA decision, the central bank has decided to cut rates by 25bp from 3.5% to 3.25%. The initial market reaction was to aggressively sell the domestic currency, as market participants pricing for -25bp to about 65% being proven right. Only 9 out of 28 replying to a Bloomberg survey agreed to such outcome, so it has been certainly a close call among the investment community.
All rates are expected to remain on hold at this Thursday’s ECB meeting, according to Standard Chartered Economists. With regards to OMT bond-buying, the bank sees Spain making a request relatively soon. Looking at the EUR/USD, "We expect the pair to grind lower as a Q4-2012 rate cut will add to pressure" Analysts at the bank say.
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2012-10-02 07:00 GMT
United Kingdom. Halifax House Prices
2012-10-02 08:30 GMT
United Kingdom. PMI Construction
2012-10-02 09:00 GMT
European Monetary Union. Producer Price Index
2012-10-02 Tentative
United Kingdom. 10-y Bond Auction
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2012-10-02 05:04 GMT
AUD/NZD drops to new 2012 low after RBA
2012-10-02 05:01 GMT
EUR/AUD breaks above 2-week highs 1.25 post-RBA
2012-10-02 04:20 GMT
GBP/USD at risk for deeper correction?
2012-10-02 03:14 GMT
Buoyant AUD/JPY creeps above 81.00
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SUMMARY
Down
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TREND
Downward
penetration
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MA10
Bullish
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MA20
Bullish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
Technical Summary: EURUSD closed at the positive territory yesterday and further strengthening is possible today. Yesterday high is the reference point for the upside penetration, though decrease below the suggested support level would enable bearish forces.
Main scenario: Clearance of next resistance level at 1.2938 (R1) would suggest next targets at 1.2974 (R2) and 1.3010 (R3).
Alternative scenario: Loss of next support at 1.2875 (S1) might take the pair towards to eventual targets, located at 1.2841 (S2) and 1.2806 (S3) in potential.
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SUMMARY
Down
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TREND
Downward
penetration
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MA10
Bullish
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MA20
Bearish
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STOCHASTIC
Overbought
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MARKET ANALYSIS - Intraday Analysis
Technical Summary: Consolidation, provided yesterday might extends its power however currently GBPUSD is gaining momentum on the upside and we expect to see retest of yesterday high. Main scenario: Next resistance level ahead locates at 1.6176 (R1), brake here is required to enable next target at 1.6201 (R2) and any further rise would then be limited to 1.6227 (R3).
Alternative scenario: Instrument depreciation below the next support level at 1.6123 (S1) might expose next targets at 1.6098 (S2) and 1.6070 (S3) in potential.
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SUMMARY
Up
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TREND
Sideway
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MA10
Bullish
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MA20
Bullish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
Technical Summary: Stochastic Oscillator is recently visit overbought territory and now is pointing down. We expect to see consolidation formation ahead prior further market strengthening. However, easing below the expected support level would suggest retracement development.
Main scenario: Currently our next resistance level lie at 78.19 (R1). Rise above it might provide sufficient space for the appreciation towards to next target at 78.29 (R2). Break here is required to enable last target for today at 78.40 (R3).
Alternative scenario: Market decrease below the next support level at 77.97 (S1) would suggest about the retracement formation with next target at 77.89 (S2). Further instrument easing might face final support at 77.79 (S3).
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