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Daily Report: USD/JPY Dives Post G20, Aussie Jumps on PPIAsian currencies are generally higher against dollar as the weak starts after G20 countries pledged to avoid "competitive devaluation". USD/JPY dropped further to new 15 year low in initial trading. The greenback is also pressured broadly on risk appetite on news that Singapore Exchange will buy Australia's ASX to rival Hong Kong and Tokyo. Australian dollar is additionally boosted by strong PPI data, which spurred speculation of another rate hike from RBA in November. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 81.07; (P) 81.28; (R1) 81.58; More. USD/JPY dives through 80.83 support to resume recent down trend and at this point intraday bias remains on the downside for further decline. Fall from 85.92 is expected to continue to 61.8% projection of 92.87 to 82.86 from 85.92 at 79.73, which is close to 79.75 low. On the upside, though, break of 81.49 will indicate that a short term bottom is formed and bring rebound towards 83.15/83.97 resistance zone instead. |
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| Special Reports |
Multilateral Coordinations Impractical As G-20 Leaders Unlikely To Subordinate Self Interest To Global BalancesG-20 finance ministers and central bank governors agreed to 'move towards more market determined exchange rate systems that reflect underlying economic fundamentals' and 'refrain from competitive devaluation of currencies'. Member countries also pledged to strengthen 'multilateral cooperation to promote external sustainability', reduce 'excessive imbalances' and maintain 'current account imbalances at sustainable levels'. Although the language used in the communiqué was stronger than that in the previous meeting in Toronto, finance leaders failed to agree on a more concrete proposal to resolve currency tensions as it's hard for member countries to alter domestic policies to achieve external balance. Renewed selling interests were seen in USD as the market focus on the upcoming FOMC meeting. While the Fed is widely expected to announce new easing measures, the question now is how much the program will be as a kick start. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.5720Despite falling to 1.5651 last Friday, as the British pound has rebounded after holding above previous support at 1.5650, suggesting further consolidation above this level would take place and mild upside bias is seen for gain to 1.5800 and possibly 1.5825/30, however, reckon resistance at 1.5878 would hold and bring further choppy trading within 1.5650-1.5878 range. Trade Idea: USD/JPY – Sell at 81.05Current breach of previous support at 80.84 confirms recent downtrend has resumed and further weakness to 80.30 is likely, however, near term oversold condition should prevent sharp fall below psychological support at 80.00 and reckon the record low of 79.75 would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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