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Daily Report: Dollar Recovers Mildly ahead of Non-Farm Payroll, Yen Extends WeaknessDollar recovers mildly as markets are awaiting a second month of strong job data from US. It's expected that Non-farm payroll report will show 190k expansion in the US job markets in March. Unemployment rate is expected to be unchanged at 8.9%. February's job growth was at 192k and if both figures meet expectations, that would produce the best two-month stretch since recession began. Solid job data would produce likely trigger some more hawkish comments from Fed officials later which affect market's expectation of timing of Fed's stimulus exits. At this moment, it would be hard for dollar to stage a sustainable rebound against Euro yet as ECB rate expectations are still firm. However, yen would possibly extend its weakness on risk appetite and rate views should today's NFP beat expectations. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 82.71; (P) 82.97; (R1) 83.37; More. USD/JPY's rally resumes after brief retreat and reaches as high as 83.73 so far. Intraday bias is back on the upside for a test on 84.49 key resistance next. Break will target next medium term support turned resistance at 84.81. On the downside, below 82.56 minor support will turn intraday bias neutral and bring consolidations. But break of 80.50 support is needed to signal short term topping. Otherwise, outlook will remains cautiously bullish and we'd continue to favor further rally. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Sell at 0.9245The greenback did rebound as suggested in our previous update, suggesting the first leg of correction from 0.9276 has ended at 0.9127 and consolidation with initial upside bias is seen for stronger rebound to 0.9245/50 but said resistance at 0.9276 should remain intact, bring another decline later. Below 0.9150 would signal the rebound has ended and another fall to 0.9124-27 support would be seen Trade Idea: USD/JPY – Buy at 82.60As dollar has eased after intra-day rally to 83.75, suggesting consolidation below this level would take place and pullback to the Kijun-Sen (now at 83.17) and possibly to the Ichimoku cloud top (now at 82.89) is likely, however, reckon the lower Kumo (now at 82.39) would hold, bring another rise later. Above said resistance would extend recent upmove from record low of 76.25 to previous resistance at 83.98 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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