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Daily Report: Dollar Strengthens on Weaker Stocks and CommoditiesDollar rebounded overnight and remains firm in Asian session today as markets are back in risk averse mode. DOW's -1.02% fall suggests that recent consolidation from 12876 is set to have another fall leg to 12521 support and below. Crude oil is back below 100 and is set to take on recent low of 94.63 again to extend the decline from 114.83. Gold is also back below 1500 and is set to revisit recent low at 1462.5 to extend the correction from 1577.4 record high. Dollar index is above 75 level and is pressing 55 days EMA and will likely extend the current rise towards trend line resistance above 77. The extend of dollar's rebound doesn't warrant a trend reversal yet. But in near term, the rebound would likely go further even as a correction. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.6273; (P) 1.6395; (R1) 1.6469; More. GBP/USD's recovery was brief and was limited at 1.6515 and weakens again. Intraday bias remains neutral for the moment. As noted before, with 1.6573 minor resistance intact, another fall remains in favor. Below 1.6269 will resume the whole decline from 1.6744 to 1.6166 support first. Break will target 1.5935 key near term support next. However, above 1.6573 will indicate that fall from 1.6744 is finished and will bring stronger rally to retest this resistance instead. |
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BOE See Growth Deteriorate, Inflation Remain Elevated In The Near-TermThe BOE unveiled in its quarterly inflation report that economic growth will likely deteriorate in the medium-term. Inflation will likely rise to +5% later this year and will stay above 2% throughout 2012. In the longer-term, the central bank believes inflation will eventually return to its target in 2013. |
| Economic Indicators Update |
The Traders Expo provides a chance to take a productive step back from the trading screen and look at the overall markets from a broader perspective. Join your fellow traders at The Traders Expo Dallas and experience it for yourself. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Hold short entered at 0.8870Although the greenback has continued to move higher on dollar's broad-based strength and marginal gain from here cannot be ruled out, loss of near term upward momentum should prevent sharp move beyond 0.8900 and bring retreat later. A break of the Kijun-Sen (now at 0.8835) would suggest top is possibly formed and bring weakness towards 0.8783-88 (yesterday's low and current level of the Ichimoku cloud top) Trade Idea: USD/JPY – Buy at 80.60Despite intra-day marginal rise to 81.35 (yesterday's high was 81.33), as the greenback has retreated again, suggesting consolidation below this level would take place and pullback to the Ichimoku cloud top (now at 80.81) is likely, however, downside should be limited to 80.62-63 (yesterday's low and current level of the lower Kumo), bring another rise later. A break of said resistance would extend the near term rise from last week's low of 79.57 for at least a stronger retracement of early decline from 85.53 to next resistance at 81.69. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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