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Daily Report: Dollar Mixed as Markets Wait for Concrete Result from Ireland, China Rate HikeDollar is mixed for the moment in rather directionless markets today as traders hold their bet ahead of any new developments in Ireland and China. The greenback's spike against swissy and yen overnight was brief and it's settling back into familiar range. Meanwhile, Euro and sterling manages to recover further today on optimism in Ireland's bailout. Ireland is believed to be close to accepting bailout of "tens of billions" of euros but investors would remain cautious ahead of any concrete announcement. Meanwhile, risk appetite is also some what limited by speculation that China will hike rates, as soon as today, to curb inflation. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 112.92; (P) 113.50; (R1) 114.50; More EUR/JPY's break of 113.77 minor resistance indicates that rebound form 111.03 has resumed. Intraday bias is back to the upside for a test on 115.40/65 resistance zone first. Decisive break there will confirm that consolidations from 115.65 are completed and rebound from 105.42 has resumed. In such case, EUR/JPY should target 38.2% retracement of 139.21 to 105.42 at 118.32. On the downside, below 112.26 minor support will flip intraday bias back to the downside and turn focus back to 111.03 support instead. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.6015 or sell at 1.6120As the British pound has risen again after finding renewed buying interest at 1.6013, suggesting the upmove from 1.5840 is still in progress and may extend to 1.6095/00 (50% projection of 1.5888 to 1.6056 measuring from 1.6013), however, reckon 1.6117-24 (61.8% projection and 61.8% Fibonacci retracement of 1.6300 to 1.5840) would limit upside and bring retreat later. Trade Idea: USD/JPY – Buy at 82.60Despite yesterday's resumption of upmove to 83.79, the subsequent retreat from there suggests minor top is formed and consolidation would be seen, below support at 83.03 would bring retracement of recent upmove to 82.72 (50% Fibonacci retracement of 81.64 to 83.79) but renewed buying interest should emerge above 82.55 (38.2% Fibonacci retracement of 80.54 to 83.79) and bring another rise later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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