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Daily Report: Markets Staying in Range, Near Term Levels in EURUSD, GBPUSD, USDJPY Still HoldingMarkets are staying in established range and lack clear direction for the moment. We'd like to note again that dollar's recovery this week looks corrective and the greenback is vulnerable to another fall. Nevertheless, there isn't enough determination in the markets to push EUR/USD and GBP/USD through near term resistance of 1.3447 and 1.5838 yet and that's holding us from turning totally near term bearish in dollar. Dollar is relatively much stronger against the Japanese yen but again, there isn't any decisive buying to push USD/JPY through 84.39 resistance. And with risk of 10-year and 30-year bond auctions passed, treasury yield might have found a near term top already and that would possibly limit USD/JPY's strength. |
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GBP/JPY Daily OutlookDaily Pivots: (S1) 131.57; (P) 132.23; (R1) 132.74; More GBP/JPY's rebound lost team and formed a temporary top at 132.98. Some sideway trading might be seen first. But we'd still favor another rise with 131.32 intact. Above 132.98 will target a test on 134.19 resistance first and break will confirm that whole rebound from 126.42 has resumed for 135.03 resistance first. On the downside, below 131.32 minor support will flip intraday bias back to the downside and turn focus back to 129.32 support instead. |
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Trade Idea: GBP/USD – Hold short entered at 1.5805Despite yesterday's fall to 1.5711 (just missed our downside target at 1.5705 within 10 points), as the British pound has rebounded from there, suggesting caution on our short position entered at 1.5805 yesterday and price needs to hold below 1.5800 to retain bearishness for another retreat, below intra-day support at 1.5748 would bring test of said support, then towards 1.5668. Trade Idea: EUR/USD – Hold short entered at 1.3260Although the single currency has rebounded after falling to 1.3164 yesterday, as long as the Ichimoku cloud top (now at 1.3290) holds, bearishness remains for the fall from 1.3452 top to resume to 1.3150/54 (61.8% Fibonacci retracement of 1.2969 to 1.3452) and possibly towards 1.3100. Looking ahead, only break of 1.3060 support would confirm the rise from 1.2969 has ended at 1.3452 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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