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Daily Report: Dollar Mildly Higher in Mixed Markets, Yen Soft after DPJ DefeatMarkets are generally mixed as the week starts. Asian equities are mildly higher but provide no inspiration to FX so far. Crude oil and gold are mildly softer but stay in tight range. Dollar extends recovery after Euro and Sterling but there isn't much momentum yet. As noted before, the greenback has just touched key medium term trend line support last week. Main focus now will be on whether dollar could draw strong support from the trend line to rebound and resume the up trend, or would there be enough selling to finally through greenback through the trend line. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 87.78; (P) 88.21; (R1) 88.77; More. USD/JPY climbs to as high as 89.14 today so far and further rise might still be seen. But after all, upside of the current rebound from 86.96 is expected to be limited below 90.27 resistance and bring fall resumption. Below 88.36 minor support will flip intraday bias back to the downside for 86.96 support first. Break there will bring down trend resumption for a retest on 84.81 low. |
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Trade Idea: GBP/USD – Sell at 1.5040The British pound tumbled after breaking support at 1.5078-81, suggesting the decline from 1.5241 top is still in progress and further weakness towards 1.4899 (38.2% Fibonacci retracement of 1.4346 to 1.5241), however, near term oversold condition should prevent sharp move below there and reckon support at 1.4873 should remain intact and bring rebound later. Trade Idea: EUR/USD – Sell at 1.2650As the single currency fell again this morning partly due to dollar's rebound elsewhere and as the Tenkan-Sen crossed below the Kijun-Sen and both lines are now pointing lower, suggesting top has been formed at 1.2723 last week and correction of recent rise to 1.2550/53 (previous support) is under way, however, reckon support at 1.2479 would limit downside and 1.2437 (50% Fibonacci retracement of 1.2151 to 1.2723) should remain intact. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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