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Daily Report: Dollar Maintains Gain While Euro ResilientDollar was lifted by solid housing and job data overnight and manages to maintain gain in Asian session today. Selloff in longer term treasury bonds also lifted yields and supported the greenback. 30 year yields breached 4.624% overnight to as high as 4.638% before settling at 4.622%. The move took USD/JPY above 83 level briefly. Meanwhile, Euro remains resilient so far against the greenback, thanks to buying in crosses. Commodity currencies remain the weakest ones. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 110.78; (P) 111.34; (R1) 112.38; More EUR/JPY rises further to as high as 112.12 so far today and intraday bias remains on the upside for the moment. Break of 112.18 resistance will bolster the case that choppy fall from 115.65 is finished at 106.81 already and will bring stronger rally to 115.65 and above. On the downside, note that break of 110.30 support will argue that rebound from 106.81 might be finished and will flip bias back to the downside for this support. |
| 2011 Currency and Monetary Policy Outlook | 2011 Elliott Wave Forecast |
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Trade Idea: GBP/USD – Sell at 1.5980Although the British pound has rebounded after falling to 1.5839, as yesterday's selloff signals top has been formed at 1.6060 earlier this week, upside should be limited to the Ichimoku cloud (now at 1.5970-80) and resistance at 1.6010 should hold, bring another decline. A break below said support at 1.5839 would extend the decline from 1.6060 top for a stronger retracement of recent upmove to next support at 1.5810 Trade Idea: USD/JPY – Buy at 82.40Although the greenback has retreated after yesterday's rally to 83.13 and consolidation with initial downside bias would be seen for pullback to the Kijun-Sen (now at 82.59), however, reckon 82.34 (current level of the Ichimoku cloud top and 61.8% Fibonacci retracement of 81.85 to 83.13) would attract renewed buying interest and bring another rise later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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