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Mid-Day Report: Dollar Pares Gain as DOW Opens Mildly HigherDollar is back under pressure in early US session on risk appetite as DOW opens mildly higher. The development suggests that consolidation from this week's low from 96.14 is going to extend further with another rebound. The greenback will likely continue to trade with a soft tone. Crude oil is lifted by strength in equities and recovers from intraday low of 71.44 to above 73 level. Gold, on the other hand, remains soft on China's comment and is trading around 1190. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 87.25; (P) 87.61; (R1) 87.89; More. Intraday bias in USD/JPY remains cautiously on the downside for 86.96 support first. Break there will confirm that recent down trend has resumed and should target key support level of 84.81 low next. On the upside, above 88.19 will indicate that consolidation from 86.96 is still in progress and bring another recovery. But after all, upside is expected to be limited well below 90.27 resistance and bring fall resumption. |
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Trade Idea: EUR/GBP – Buy at 0.8180Euro's firmness after last week's anticipated rebound from 0.8067 supports our view that the wave v has possibly ended there and consolidation with upside bias remains for gain to 0.8340/45, then towards 0.8380/85, however, break of latter level is needed to retain bullishness for a stronger correction of recent decline to 0.8450/60 later. Trade Idea: USD/CAD – Buy at 1.0410Yesterday's retreat to 1.0486 suggests a temporary top has been formed at 1.0678 this week and correction to 1.0405/1 (50% Fibonacci retracement of 1.0138-1.0678) is likely, however, the greenback should find decent demand there and bring another rally later. | ||||||||||||||||||||||||||||||||||||||||||
| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Buy at 1.2480Although euro has recovered after holding above the Ichimoku cloud top, as the retreat from yesterday's high of 1.2663 suggests a minor top has been formed, near term downside risk remains for correction to 1.2500/10, however, near term oversold condition should limit downside and renewed buying interest should emerge around 1.2479-83 (previous support and 38.2% Fibonacci retracement of 1.2193 to 1.2663), bring another rally later. Trade Idea Update: USD/JPY – Sell at 87.60Although dollar has recovered from 87.02, early breach of indicated support at 87.33 signals correction from 86.96 has ended at 88.22 and bearishness remains for a retest of this level, however, break there is needed to confirm decline has resumed and extend weakness towards 86.45/50 (61.8% projection of 89.78-86.96 measuring from 88.22) but loss of downward momentum should limit downside to 85.95/00 (50% projection of 91.48 to 86.96 measuring from 88.22). | ||||||||||||||||||||||||||||||||||||||||||
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