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Mid-Day Report: EUR/USD Breaches 1.28, USD/JPY Consolidates Above 85Dollar's rally against Euro and Sterling extend further today with EUR/USD breaches 1.28 level before recovering mildly. Yen crosses are generally lower and are back pressing yesterday's low. Nevertheless, USD/JPY remains relative firm above 85 level as the greenback also extends rally against European majors. Japan Finance Minister Yoshihiko Noda pledged to "monitor economic conditions carefully and respond appropriately" in an unscheduled press conference today but declined to comment on intervention. Also, Noda said there is no planned conference call with G7 FMs on currency volatility. That's somewhat disappointing to those who are at least looking for Japan to step up the rhetoric on yen's appreciation. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2753; (P) 1.2970 (R1) 1.3078; More. EUR/USD's fall from 1.3330 extends further to as low as 1.2782 so far today. Intraday bias remains on the downside for 1.2731 support. As discussed before, decisive break there will suggest that whole rebound from 1.1875 is completed and will bring deeper decline to 1.2466 support next. On the upside, above 1.2933 minor resistance will turn intraday bias neutral and bring recovery. But risk will remain on the downside as long as 1.3330 resistance holds. |
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Trade Idea: EUR/JPY – Sell at 111.40The single currency extended this week's decline and broke below support at 110.02, adding credence to our view that wave 4 correction has possibly ended at 114.74 and although price has recovered from 109.24, upside should be limited to 111.00/05 (38.2% Fibonacci retracement of 113.95 to 109.24) and renewed selling interest should emerge below 111.60 (50% Fibonacci retracement) and bring another decline to 109.00, then towards 108.50 Trade Idea: AUD/USD – Sell at 0.9050The Australian dollar did extend the fall from 0.9223 top as suggested in our previous update due to risk aversion and although price has recovered after falling to 0.8918 this morning, upside should be limited to 0.9050 and bring another decline later towards 0.8860-71 (previous resistance). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD – Buy at 1.2730Although euro's breach of support at 1.2830 confirms the decline from 1.3334 top has resumed and weakness to 1.2750 cannot be ruled out, los of near term downward momentum would prevent sharp fall below 1.2732 (previous support and 50% projection of 1.3233 to 1.2830 measuring from 1.2933) and reckon 1.2684 (61.8% projection) would hold, bring correction later. Trade Idea Update: USD/JPY – Buy at 85.00Although dollar has rebounded after intra-day retreat from 85.80 to 85.18, a sustained breach of said resistance is needed to signal near term rise from yesterday's low of 84.72 has resumed and bring retracement of recent decline to 86.00/05 (38.2% Fibonacci retracement of 88.12 to 84.72) and then test of resistance at 86.25, however, reckon upside would be limited to 86.40/45 (50% Fibonacci retracement). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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