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Daily Report: Dollar Mildly Softer in Asia, Some Consolidations AheadDollar is mildly softer in Asia today as equities manage to hold on to mild gains. Japan stocks are firm on mergers and acquisition activities, including news that Sapporo Holdings plans to buy a controlling stake in soft-drink maker Pokka Corp. Markets are also still trading last week's news of merger talks between Nippon Steel and Sumitomo Metal Industries. Australia equities was down on profit warnings and sluggish retail sales data but managed to reverse after initial dip. But after all, activities in the financial markets are light and we'd expect some more consolidations ahead. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9828; (P) 0.9874; (R1) 0.9917; More. USD/CAD's near term outlook remains mildly bearish with 0.9927 minor resistance intact. Current fall from 1.0057 should continue to extend the larger down trend and should target 61.8% projection of 1.0671 to 0.9979 from 1.0207 at 0.9779 first and possibly further to 0.9709 support. On the upside, though, above 0.9927 will indicate short term bottoming and flip bias back to the upside for 1.0057 resistance instead. |
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Trade Idea: USD/JPY – Buy at 81.80Despite Friday’s brief fall to 81.10, the subsequent rally from there to 82.47 suggests low has been formed there last week and consolidation with upside bias is seen for gain to 82.80 and then 83.00, however, reckon resistance at 83.22 would hold from here and price should stay within recent established range of 80.93 – 83.70. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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