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Daily Report: Risk Aversion Back on Escalated Korean Tension, Eurozone Debt WoesDollar jumps on risk aversion as North Korea tensions escalate after Seoul's military and media reported that North Korea fired over 200 artillery shells at a South Korean island and there are exchange of firing. In addition, markets sentiments are still pressured by political uncertainty in Ireland and the worry of contagion effect to other Eurozone countries. Also, it's reported that China is banning hoarding of oil, coal and other key commodities to curb inflation and ensure supply and the news triggers new pressure on commodities. Asian markets are seen broadly lower while dollar index is back trading above 79 level and is likely heading back towards 80 psychological level now. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 83.19; (P) 83.37; (R1) 83.52; More. USD/JPY's break of 83.77 suggests that whole rebound form 80.29 has resumed. Intraday bias is back to the upside for 100% projection of 80.29 to 82.78 from 81.64 at 84.13 next. Break there will put 85.92 key resistance level into focus. On the downside, below 83.22 minor support will turn intraday bias neutral again. Also, note that further break of 81.64 will indicate that rebound from 80.29 is completed and will flip bias back to the downside for retesting this low. |
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Trade Idea: EUR/USD – Sell at 1.3625As the single currency has remained under pressure after yesterday's selloff, suggesting early rise from 1.3446 has ended at 1.3786 and the decline from there should extend further weakness to 1.3500 but break of 1.3460/65 is needed to confirm decline from 1.4283 has resumed and bring retest of 1.3446 later. Trade Idea: GBP/USD – Sell at 1.5975As the British pound has remained under pressure after yesterday's selloff from 1.6085 to 1.5900, adding credence to our view that rebound from 1.5840 has ended at 1.6095 and bearishness remains for recent decline from 1.6300 top to resume and bring subsequent retest of 1.5840, break there would confirm this view and extend weakness towards 1.5800 later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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