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Mid-Day Report: Dollar Extends Rally on Weak StocksDollar and yen are generally higher today as European stocks weaken on concern that austerity measures in Europe might slow the continent's economic recovery. US stocks also open lower. Crude oil also drops sharply to as low as 72.72 while gold makes another record high 1249.7 on risk aversion. Meanwhile, dollar index rose to as high as 85.87 and is set to take on 86 level. Canadian dollar is so far the weakest currency today, weigh down by crude oil's fall. Nevertheless, it's still the biggest winner this week on speculation that BoC will hike rates in June. |    |
| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2472; (P) 1.2578 (R1) 1.2639; More. EUR/USD drops further to as low as 1.2433 so far today and intraday bias remains on the downside for 1.2329 key support level. On the upside, above 1.2685 minor resistance will suggest that a temporary low is in place and bring recovery. But upside should be limited below 1.3093 resistance and bring fall resumption. |
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| Candlesticks and Ichimoku Intraday Trade Ideas |
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Trade Idea Update: USD/CHF – Buy at 1.1135Despite intra-day resumption of recent upmove to 1.1265, as the greenback has retreated from there on profit-taking, suggesting a minor top is formed there and correction to the Kijun-Sen (now at 1.1192) would be seen, break would bring retracement to intra-day support at 1.1152, however, renewed buying interest should emerge around 1.1135 (38.2% Fibonacci retracement of 1.0924 to 1.1265 and the Ichimoku cloud bottom (now at 1.1100) should hold, bring another rise. Trade Idea Update: GBP/USD – Sell at 1.4690Although the British pound fell to as low as 1.4496, as cable has rebounded after holding above recent low at 1.4475, suggesting a minor low is formed and consolidation would be seen with mild upside bias for retracement to 1.4655/60 (38.2% Fibonacci retracement of 1.4917 to 1.4496), however, resistance at 1.4720 (previous support turned resistance) should hold and bring another decline later. Break of said support would bring retest of 1.4475, then towards 1.4410/20. | ||
| Elliott Wave Daily Trade Ideas | ||
Trade Idea: EUR/JPY – Sell at 118.70Although the single currency has fallen after meeting renewed selling interest at 118.75, loss of near term downward momentum would prevent sharp fall below 115.00 (61.8% Fibonacci retracement of 110.49-122.29) and risk has increased for a rebound. Trade Idea: AUD/USD - Hold long entered at 0.8955Aussie's retreat after yesterday's rebound to 0.9027 suggests further consolidation would be seen, however, as long as said support at 0.8889 holds, mild upside bias remains for another rise. | ||
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Fundamental Highlights
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