Sterling Lifted by House Prices, Euro Soft in Crosses The forex markets are generally in range with dollar giving up some of last week's gain in spite of weakness in Asian stocks and commodities. Nikkei dropped over 200 points earlier today but pared some losses as the day goes. Crude oil also dipped to as low as 77.07 initially but recovered. Gold is trading steadily between 1130/40 level. Sterling is so far the stronger currency today, lifted so solid house price report. According to Rightmove's January survey, sellers raised UK house asking prices by 0.4% mom, 4.1% yoy. Rightmove said the data showed a buoyant start to the year with housing search activity at a record high. But higher interest rates and government spending cutbacks later in the year could sap the market's upward momentum. Full Report Here... |
Trade Idea: EUR/USD - Sell At 1.4500 Although the single currency fell marginally to 1.4335 this morning (Friday's low was 1.4336), as euro has just staged a rebound from there, the 4-hour candlestick chart showed a hammer like pattern, suggesting a minor low is in place and consolidation with mild upside bias is seen for recovery to the Kijun-Sen (now at 1.4457, just above previous support at 1.4453), however, as we are keeping a view that top has been formed at 1.4580, reckon resistance at 1.4520 would hold, bring another decline later. Below said support would extend weakness towards 1.4257-64 support area, however, break there is needed to confirm correction from 1.4218 has ended, then recent decline from 1.5145 top should resume later for retest of 1.4218. Full Report Here... Trade Idea: USD/JPY - Sell At 92.00 Although the greenback fell marginally to 90.60 last Friday, lack of follow through selling and the recovery from 90.60 suggest consolidation would take place and corrective bounce to the Kijun-Sen (now at 91.45) cannot be ruled out, however, renewed selling interest should emerge below resistance at 92.05 and bring another decline later. Break of 90.60 would signal the decline from 93.78 top has resumed for stronger retracement of recent upmove to 90.36-41 (38.2% Fibonacci retracement of 84.82-93.78 and 61.8% Fibonacci retracement of 88.32 to 93.78 respectively). Having said that, reckon 89.81 (previous minor resistance turned support) would hold on first testing and price should stay well above 89.30 (50% Fibonacci retracement of 84.82 to 93.78), bring rebound later. Full Report Here... |
EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8808; (P) 0.8844; (R1) 0.8879; More. EUR/GBP dips further to as low as 0.8812 today and intraday bias remains on the downside for 61.8% projection of 0.9410 to 0.8833 from 0.9153 at 0.8786 next and below. However, note that we'd continue top expect loss of momentum as the fall extends. Focus will then be on reversal signal as EUR/GBP approaches 0.8704 key support. On the upside, above 0.8871 minor r resistance will turn intraday bias neutral and bring consolidations. But risk will remain on the downside as long as 0.9027 resistance holds. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | GBPJPY | 148.22 | 147.58 | +64 | +0.43% | | AUDNZD | 1.2530 | 1.2488 | +42 | +0.34% | | CADJPY | 88.42 | 88.17 | +25 | +0.28% | | AUDJPY | 83.92 | 83.70 | +22 | +0.26% | | GBPCHF | 1.6722 | 1.6682 | +40 | +0.24% | Last Updated: Jan 18, 07:00 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Jan 18, 07:00 GMT |
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