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Daily Report: Dollar and Yen Lower on Risk Sentiments, Kiwi Boosted by Projected Budget SurplusRisk appetite recovered overnight after FOMC minutes and positive sentiments carried on in Asian session today, sending dollar and yen mildly lower. Nevertheless, markets lacking clear direction. Aussie and Canadian dollar follow commodities and are firm. Kiwi is relatively stronger on projected budget surplus. But all are limited by near term resistance against the greenback. Euro also struggles to extend recent rebound with EUR/USD still limited below 1.4338 near term minor resistance. Sterling, on the other hand, is soft ahead of retail sales data. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 131.02; (P) 131.76; (R1) 132.76; More GBP/JPY continues to stay in tight range above 130.27 temporary low and intraday bias remains neutral for the moment. on the downside, sustained break of 130.17 support will indicate that whole rebound from 122.40 has completed and further fall should then be seen towards retest of this low. On the upside, however, break of 134.00 will indicate that fall from 139.99 has possibly completed already. This will also reaffirm the case that rise from 122.40 is not completed. In such case, stronger rebound should be seen to 137.01 resistance for confirmation. |
| Economic Indicators Update |
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Trade Idea: EUR/USD – Buy at 1.4175Despite intra-day rise to 1.4308, as the single currency has retreated, suggesting consolidation would take place and below the Kijun-Sen (now at 1.4251) would bring retracement to yesterday’s low at 1.4195 but renewed buying interest should emerge above the Ichimoku cloud bottom (now at 1.4167), bring another rise later. A break of said resistance would extend near term rise from 1.4049 for retracement of recent decline to previous resistance at 1.4340 Trade Idea: USD/JPY – Buy at 81.25Despite yesterday’s retreat to 80.94, as the greenback found renewed buying interest just around the Ichimoku cloud bottom and has risen again, retaining our near term bullishness for the rise from 79.57 to extend further gain to 82.00-10, however, reckon 82.55 (50% Fibonacci retracement of 85.53 to 79.57) would hold from here due to near term overbought condition. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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