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Mid-Day Report: Dollar Trying to Rebound in Gold's Selloff, Yen WeakeningDollar is trying to fight back in early US session with the help of selloff in Gold, which breaks through recent low of 1352. The greenback is also supported by initial jobless claims dropped more than expected to 404k. Aussie is particularly weak as hurt by gold's fall as well as concern on China tightening The Japanese yen, is another weak currency today on concern of worsening government finances in Japan. Also, yen would be vulnerable to further decline if longer term US treasury jumps as the US session goes. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3381; (P) 1.3459 (R1) 1.3551; More. EUR/USD continues to struggle around 1.35 level and intraday bias remains neutral. Failure to sustain above 1.3496, followed by break of 1.3245 will indicate that rebound from 1.3245 is finished and will turn focus back to 1.2873 low. Break will confirm that whole fall from 1.4281 is still in progress. On the upside, break of 1.3537 and sustained trading above 1.3496 will confirm that whole decline from 1.4281 has completed at 1.2873 already. Note that the corrective three wave structure of the fall, with 1.2643 support intact, will indicate that rebound from 1.1875 is possibly not over yet. |
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Trade Idea Update: USD/CHF –Sell at 0.9630As the greenback has recovered again after holding above indicated support at 0.9521 (yesterday's low), retaining our near term consolidative view for further sideways trading above this level to take place and above intra-day resistance at 0.9579 would bring another rebound to the Ichimoku cloud area (now at 0.9600-14), however, renewed selling interest should emerge around 0.9630/35 and bring another decline later. Trade Idea: AUD/USD –Sell at 1.0010Despite yesterday's rise to 1.0077 (just missed our short entry at 1.0080 with 3 points), aussie met heavy offers there and has retreated, retaining our bearish view that the rebound from 0.9803 is merely a correction of the decline from 1.0257 and consolidation with downside bias remains for another fall to 0.9856 support but break there is needed to signal the aforesaid decline has resumed, bring retest of 0.9803 later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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