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Mid-Day Report: Dollar and Yen Fight Back, Crude Oil LowerDollar and yen are trying to fight back against European majors in early US session. Dollar index jumped above 85 level and is heading to test 85.24 near term resistance. There is some support to the greenback from weakness in crude oil as the commodity drops through recent low of 74.51 to resume the near term down trend. Data from US saw jobless claims dropped slightly to 444k. Import price index rose 0.9% mom in April. |    |
| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2566; (P) 1.2652 (R1) 1.2699; More. EUR/USD drops further to 1.2542 in early US session and intraday bias remains on the downside for 1.2526 low first. Break there will confirm that whole down trend from 1.5143 has resumed and should then target 1.2329 key support level next. On the upside, above 1.2685 minor resistance will suggest that consolidation from 1.2526 is still in progress and bring another recovery. But after all, we'd continue to expect strong resistance at 1.3114 to limit upside and bring down trend resumption eventually. |
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Trade Idea Update: USD/CHF – Hold long entered at 1.1085Although dollar has retreated after intra-day rise to 1.1165 (our profit-taking order at 1.1165 could not get a fill), as long as the Kijun-Sen (now at 1.1112) holds, bullishness remains for gain towards resistance at 1.1184, however, above there is needed to confirm correction from 1.1245 has ended and bring resumption of early upmove for an eventual retest of 1.1245. Trade Idea Update: USD/JPY – Sell at 93.40Despite intra-day rise to 93.65, lack of follow through buying on break of resistance at 93,.54 and the subsequent retreat suggest consolidation would be seen with mild downside bias for retracement to 92.50/60 and possibly towards support at 92.21 which is likely to hold from here. | ||
| Elliott Wave Daily Trade Ideas | ||
Trade Idea: EUR/JPY - Sell at 119.30Despite yesterday's fall to 116.57, as euro has recovered from there, suggesting consolidation would be seen and retracement to 119.00 cannot be ruled out, however, reckon 120.00 would cap upside and bring another decline. Below said support would extend weakness to indicated downside target at 116.39 (50% Fibonacci retracement of 110.49 to 122.29) but break of 115.00 (61.8% Fibonacci retracement) is needed to confirm and bring wave v decline. Trade Idea: AUD/USD - Buy at 0.8955Despite yesterday's fall to 0.8889, as the Australian dollar found renewed buying interest there and staged a rebound, suggesting the retreat from 0.9078 has possibly ended there and test of this level is underway, break there would extend the rise from 0.8711 low for further gain to indicated resistance at 0.9155/65, break there would confirm c leg and wave (ii) has ended at 0.8711 and bring wave (iii) to 0.9250. | ||
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