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Daily Report: Yen Edged Higher after Poor GDP, But No Follow Through Buying YetYen edged higher on risk aversion as the week starts but quickly pared gains as markets enter into European session. Real GDP in Japan rose merely 0.4% annualized rate in Q2, comparing to consensus of 2.3% and prior quarter's 4.4%. Nominal GDP dropped -0.9% on the quarter to JPY 118T or USD 1.288T, which was below china's nominal GDP of USD 1.337T in the same period. Some analysts said that China's GDP could surpass Japan in 2010. Yen crosses weakened across the board after the release but downside was generally contained above last week's low. Dollar edged higher against Euro, Sterling and Aussie but no follow through buying was seen. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8887; (P) 0.8961; (R1) 0.9000; More AUD/USD dips further to as low as 0.8858 today and at this point, intraday bias remains on the downside for further decline. Current fall from 0.9220 is expected to target lower channel support (now at 0.8668). Further break there will indicate that whole choppy rise from 0.8066 is finished too and deeper decline should be seen to retest this support level next. On the upside, above 0.9033 minor resistance will turn intraday bias neutral first and bring recovery. But risk will remain on the downside as long as 0.9220 resistance holds. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Sell at 1.0500Despite Friday's recovery to 1.0555, as the Ichimoku cloud area has continued to cap dollar's upside, current selloff after breaking support at 1.0461-65 signals the fall from 1.0630 has resumed and further weakness to 1.0390/00 is underway, however, break of minor support at 1.0375 is needed to signal early downtrend has resumed for retest of recent low of 1.0332. Trade Idea: EUR/USD – Sell at 1.2905 or Buy at 1.2670Despite falling marginally lower to 1.2734, euro's recovery after holding above previous support at 1.2732 suggests consolidation would take place and above the Kijun-Sen (now at 1.2820) would bring minor correction to the Ichimoku cloud bottom (now at 1.2851), however, renewed selling interest should emerge around previous resistance at 1.2906 and 1.2925-33 (38.2% Fibonacci retracement of 1.3233 to 1.2734 and previous resistance) should hold, bring another decline. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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