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Mid-Day Report: Dollar Resumes Down Trend as Gold Breaches 1300, Stocks RallyDollar's selling resumes in early US session following strong open in US stocks following durable goods orders report. Headline orders dropped -1.3% in August but impressive strength was seen in ex-transport orders, which rose 2.0%. DOW surges in initial trading and is up over 1%, or 100 pts. There are additional pressure from gold, which breaches 1300 psychological level today. Dollar index breaks through this week's low of 79.57 and reaches as low as 79.36 so far. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3274; (P) 1.3344 (R1) 1.3383; More. EUR/USD's rally resumes after brief consolidations an reaches as high as 1.3462 in early US session. Intraday bias remains on the upside for 61.8% projection of 1.1875 to 1.3330 from 1.2587 at 1.3486 and break will target 100% projection at 1.4024 next, which is close to 1.4 psychological level. On the downside, below 1.3286 will argue that a short term top is formed and brings consolidations. But downside should be contained by 1.3018/3158 support zone and bring rally resumption. |
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| Special Reports |
EURUSD's Rally As Anti-dollar Trade Appears OverextendedThe euro has outperformed major currencies since last week. Although news from peripheral European economies reignited concerns about sovereign risks in these countries and widened yield spreads, successful bond auctions alleviated the worries. Moreover, intervention on Japanese yen and heated speculations about Fed's expansion of QE measures have helped drive capitals to the single currency. Currently trading around the highest level in 5 months, EURUSD has surpassed 1.3220 (200-day MA) and 1.3330 (August high). The technical backdrop is bullish and will likely trigger further buying. While the single currency may rise further as weakness in US economic data may trigger the Fed to announce more easing policies later this year while the ECB will likely hold monetary stance unchanged, the euro's current rally has somehow overextended and caution is advised on long positions. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 0.9950 or buy at 0.9750Although current break of 0.9805 support confirms medium term downtrend has resumed and weakness to 0.9780/85 (50% projection of 1.0075 to 0.9838 measuring from 0.9901) and possibly 0.9750/55 (61.8% projection) is likely, loss of downward momentum should prevent sharp fall below there and reckon 0.9716 (61.8% projection of 1.0075 to 0.9805 measuring from 0.9883) would hold, bring rebound later Trade Idea Update: USD/JPY – Sell at 85.00Dollar's selloff after meeting renewed selling at 85.40 signals recent fall from 85.94 has resumed and further weakness to 84.00/05 (61.8% Fibonacci retracement of 82.87 to 85.94) would be seen, however, near term oversold condition would limit downside to 83.70/75 (100% projection of 85.94 to 84.26 measuring from 85.40). | Suggested Readings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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