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Daily Report: Dollar Soft Despite Pullback in Crude Oil and Gold, USD/CAD at 3 Year LowDollar remains soft against other major currencies even though crude oil and gold are both lower on profit taking. Crude oil is back below 100 level after IEA said that production cut in Libya may be lower than feared. Also, Saudi Arabia, the US and the IEA assured that they would release emergency oil stockpiles when needed. Nevertheless, rebound in global equities take turn to pressure the greenback and sends USD/CAD to new three year low. EUR/USD is still heading towards 1.3860 key near term resistance while USD/CHF stays near to record low. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9794; (P) 0.9847; (R1) 0.9879; More. USD/CAD drops to as low as 0.9810 so far today, breaking 0.9815 support to resume recent decline. Further fall should be seen towards 61.8% projection of 1.0671 to 0.9979 from 1.0207 at 0.9779. However, note that USD/CAD has been clearly losing downside momentum recently, with bullish convergence condition in 4 hours and daily MACD. Strong support could be seen between 0.9709 and 0.9779 to contain downside initially and bring rebound. But after all, break of 0.9957 is needed to confirm bottoming. Otherwise, outlook will remain bearish. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Sell at 0.9390Despite intra-day marginal fall to 0.9229 (yesterday's low is 0.9234), as the greenback has recovered, suggesting consolidation would take place and above the Kijun-Sen (now at 0.9273) would bring retracement to the Ichimoku cloud bottom (now at 0.9321) but renewed selling interest should emerge around 0.9391-92 (current level of the Ichimoku cloud top and previous resistance), bring another decline later. Trade Idea: EUR/USD – Buy at 1.3705As the single currency has eased after intra-day rise to 1.3839, suggesting consolidation would take place and retracement to the Kijun-Sen (now at 1.3771) and possibly the Ichimoku cloud top (now at 1.3749) is likely, however, renewed buying interest should emerge around yesterday's low at 1.3704 and bring another upmove later. Above said resistance would extend recent rise to previous resistance at 1.3862 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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