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Mid-Day Report: Dollar Extends Recovery While Yen ReboundsDollar's recovery extends further in early US session trading above 84 level. As we've pointed before, the greenback has just got some support from an important medium term trend line. Current development indicates that dollar is gathering some momentum for a sizeable rebound at least and we would see the up trend finally resume after more than a monthof correction. Meanwhile, the Japanese yen rebounds stronger today and reversed earlier loss triggered by news of DPJ's defeat in upper house election. Crude oil and gold are mildly down. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2591; (P) 1.2657 (R1) 1.2705; More. The fall from 1.2721 extends further today and intraday bias is cautiously on the downside for the moment. As discussed before, , rebound from 1.1875 is expected to be limited by medium term falling trend line (now at 1.2716) and bring down trend resumption. Below 1.2479 minor support will indicate that such recovery is finished and bring deeper fall to 1.2149 support first. Break will confirm this bearish case and target another low below 1.1875. Nevertheless, note that sustained trading above the trend line (now at 1.2716) will invalidate our view and bring stronger rally towards 1.3266 resistance instead. |
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Trade Idea: EUR/GBP – Buy at 0.8200Despite intra-day rise to 0.8419, current sharp retreat suggest first leg of correction from 0.8067 has possibly formed a top there and consolidation with mild downside bias is seen for retracement to 0.8285 (38.2% Fibonacci retracement of 0.8067 to 0.8419), however, reckon 0.8200/05 (61.8% Fibonacci retracement) would attract renewed buying interest and bring another rise later. Trade Idea: AUD/USD – Sell at 0.8850Although aussie has retreated after intra-day marginal rise to 0.8794 (last week's high as 0.8792), below 0.8620/25 is needed to signal top has possibly been formed and bring weakness to 0.8550/60, break of latter level would confirm the rebound from 0.8315 has ended and bring further fall towards 0.8450. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Hold long entered at 1.0615Despite intra-day rise to 1.0676, dollar's retreat from there suggests caution on our long and 1.0594 (previous resistance turned support) needs to hold to retain bullishness for another rise, above said resistance would bring stronger retracement of recent decline to 1.0692-97 (50% Fibonacci retracement of 1.0903 to 1.0481 and previous resistance) but reckon 1.0742-52 (61.8% Fibonacci retracement of 1.0903 to 1.0481 and previous resistance) would hold from here. Trade Idea Update: GBP/USD – Hold short entered at 1.5050Cable's rebound after intra-day selloff to 1.4949 suggests caution on our short position entered at 1.5050 and the Kijun-Sen (now at 1.5070) must hold to retain our bearish view for the decline from 1.5241 top to resume, break of said support would extend weakness towards 1.4899 (38.2% Fibonacci retracement of 1.4346 to 1.5241), however, near term loss of momentum should prevent sharp fall below there and reckon support at 1.4873 should remain intact and bring rebound later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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