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Daily Report: Dollar Soft in Directionless Markets, G20 Summit StartsDollar is mildly softer in an otherwise directionless markets today. The two day G20 summit in South Korea is the major focus where global imbalances and currency wars would be main topic of discussion. There is slim chance of anything solid from the meeting. A numerical target for current account balances won't be agreed upon while US will ignore complaints on its money-printing program and continue to devaluate dollar through quantitative easing. Treasury yield would likely remain the main driver in forex markets and judging from yesterday's market actions, yield should have made a temporary top and thus, we'd probably see dollar weakens further today, also as crude oil markets further towards 90 psychological level. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9968; (P) 1.0030; (R1) 1.0068; More. USD/CAD's break of 0.9979 argues that recent decline is resuming after recovery was limited by 4 hours 55 EMA. Intraday bias is cautiously ont he downside for 0.9929 key support level next. On the upside, above 1.0093 will turn intraday bias neutral again. But after all, risk remains on the downside as long as 1.0153 resistance holds and another fall is still mildly in favor. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Hold short entered at 1.3820Despite intra-day bounce to 1.3821, as the single currency has retreated after faltering below previous resistance at 1.3826 and the Ichimoku cloud bottom, retaining our bearishness and consolidation with downside bias is seen for weakness to 1.3715/20, however, break there is needed to signal the rebound from 1.3670 (yesterday's low) has ended and bring retest of this level Trade Idea: USD/JPY – Buy at 81.95Despite yesterday's rally to 82.80, the subsequent retreat suggests a minor top has been formed and consolidation with mild downside bias would be seen for retracement to 81.94-98 (38.2% Fibonacci retracement of 80.54 to 82.80 and previous resistance), however, reckon yesterday's low at 81.55 would hold, bring another rise later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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