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Daily Report: Dollar and Yen Firmer in Range, Sterling Looks into Data as Political Situation ClearedDollar and Yen are mildly firmer today but after all, forex markets are generally staying in tight range. There are rumors that Morgan Stanley is being investigated over allegations it misled investors about mortgage derivatives. But the impact to markets is mild as Asians stocks stayed in range even though they mildly softer. Euro remains pressured in general and made new low against Canadian dollar at 1.2865. The common currency is also vulnerable to making new low against Sterling and Swissy. |    |
| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8910; (P) 0.8972; (R1) 0.9013; More AUD/USD's break of 0.8917 minor support suggests that rebound from 0.8715 is completed and flips intraday bias back to the downside for retesting 0.8715 low first. Decisive break there will confirm fall resumption and should target key support level at 0.8577. On the upside, in case of another rise, we'd continue to expect strong resistance at 0.9093 cluster resistance (61.8% retracement of 0.9324 to 0.8715 at 0.9091) to limit upside and bring fall resumption. |
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Trade Idea: EUR/USD – Sell at 1.2750The single currency ran into layers of offers yesterday around 1.2750/51 and dropped again on risk aversion and although price slipped to an intra-day low of 1.2605, loss of near term momentum suggests risk is for a minor rebound to the Kijun-Sen (now at 1.2682), break there would bring retracement to 1.2750, however, renewed selling interest would emerge there and bring another decline later. Trade Idea: USD/JPY – Buy at 91.80Failure to extend yesterday's rebound from 92.21 suggests further consolidation would take place and below said support would bring retracement to the Ichimoku cloud bottom (now at 92.06), however, reckon renewed buying interest would emerge around 91.70/80 and 91.40 (38.2% Fibonacci retracement of 87.95 to 93.54) should hold and bring another bounce. | ||
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