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Mid-Day Report: Dollar Rebounds Against European Majors, Weak Against Commodity CurrenciesDollar recovers mildly against European majors today but remains soft against commodity currencies on risk appetite. US Q4 GDP growth was revised down from 3.2% qoq to 2.8% qoq, notably weaker than expectation of 3.3% qoq. For the whole of 2010, US economy expanded 2.8% qoq, strongest in five years after contracting -2.6% in 2009. GBP price index was revised slightly higher to 0.4% qoq. Dollar should be getting some technical support with dollar index holding above 76.88 while EUR/USD is held below 1.3860 resistance. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3729; (P) 1.3774 (R1) 1.3845; More. With 4 hours MACD crossed below signal line, intraday bias in EUR/USD in turned neutral for the moment. As noted before, we're favoring the case that consolidations from 1.3860 is not over yet. That is, current rise from 1.3427 is possibly the second leg of the consolidation. Hence, even in case of another rise, the pair would face strong resistance at 1.3860 and bring another fall. Below 1.3704 minor support will flip bias back to the downside for 1.3427 and below. But after all, outlook in EUR/USD will remain cautiously bullish with 1.3253 cluster support (61.8% retracement of 1.2873 to 1.3860 at 1.3250) intact. Rise from 1.2873 is still expected to resume sooner or later. Meanwhile, decisive break of 1.3860 will confirm that rise from 1.2873 has resumed and should target 1.4281 high next. |
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Trade Idea Update: USD/JPY – Sell at 82.60Despite intra-day rise to 1.3839, as the single currency has retreated again in European session, retaining our view that further consolidation would take place and retracement to the Ichimoku cloud top (now at 1.3753) 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 Trade Idea Update: EUR/USD – Buy at 1.3705Despite intra-day rise to 1.3839, as the single currency has retreated again in European session, retaining our view that further consolidation would take place and retracement to the Ichimoku cloud top (now at 1.3753) 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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