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Mid-Day Report: Dollar Weak on Middle East and Poor Ex-Auto Durables, Sterling Lost SteamDollar extends decline versus swiss franc and yen in early US session as risk aversion continues to dominate the markets. Crude oil also jumped to as high as 103.41 on middle east unrest while gold stays firm above 1410. Mixed data from US provides little support to the greenback. Jobless claims improved more than expected to 391k. However, ex-transport durable goods orders dropped sharply by -3.6% in January. Headline durables also missed expectations and rose 2.7% only. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 82.26; (P) 82.57; (R1) 82.83; More. USD/JPY drops further to as low as 81.65 so far today and intraday bias remains on the downside for 80.93/81.12 support first. Decisive break there will strong suggests that consolidation pattern from 80.29 is completed at 83.96 already and should send USD/JPY through 80.29 low. On the upside, above 82.17 minor resistance will turn bias neutral to extend recent choppy sideway trading. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Sell at 0.9390As the greenback has remained under pressure after resuming medium term downtrend earlier today in Asia, suggesting further weakness towards 0.9200/10 would be seen, however, near term oversold condition should prevent sharp fall below there and reckon 0.9150/60 would hold and risk has increased for a corrective rebound to take place soon. Trade Idea: AUD/USD –Sell at 1.0120Although aussie has retreated after intra-day brief bounce to 1.0084, break of support at 0.9966 is needed to signal the fall from 1.0158 has resumed and extend weakness to 0.9944, otherwise, further choppy trading would take place and another rebound to 1.0100 and possibly 1.0120 cannot be ruled out but last week's high at 1.0158 should hold, bring another retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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