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Daily Report: USDJPY Weighed Down by Bernanke, Breaches 80Dollar is weighed down by comments from Fed chairman Bernanke and breaches 80 level against yen today. Bernanke said that US economic recovery remained 'uneven' and 'frustratingly slow'. He also said that 'the economy is still producing at levels well below its potential; consequently, accommodative monetary policies are still needed'. Moreover, rising inflation is a 'concern' while there has been not 'much evidence that inflation is becoming broad-based or ingrained' in the economy. The Chairman added 'the longer-run health of the economy requires that the Fed be vigilant in preserving its hard-won credibility for maintaining price stability'. Obviously, the Fed funds rate will not be changed anytime soon. The market was disappointed by the comments. What's more frustrating was that Bernanke mentioned no new measures to stimulate the economy. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 79.94; (P) 80.13; (R1) 80.29; More. USD/JPY dips further to as low as 79.74 so far today and intraday bias remains on the downside for 79.58 support. Break there will confirm that whole decline from 85.51 has resumed and should target 61.8% projection of 85.51 to 79.58 from 82.23 at 78.56 first and then a retest on 76.40 low. On the upside, above 80.38 minor resistance will turn bias neutral and bring recovery. But we'd stay bearish as long as 82.23 resistance holds and expect fall from 85.51 to continue ahead. |
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RBA Leaves Rates Unchanged, Statement Less HawkishThe RBA left the cash rate unchanged at 4.75%. While the decision had been widely anticipated, the Australian dollar fell as the accompanying statement appeared to be more dovish than previous ones. Policymakers pointed out that employment growth moderated and investment intentions eased in past months. The July meeting will also be a 'non-event' in the sense that the policy rate will stay the same. However, we may see some changes of wordings in the statement signaling a rate hike in August. |
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Trade Idea: GBP/USD – Buy at 1.6375Despite yesterday's anticipated rally from 1.6324 to 1.6474, lack of follow through buying on the break of previous resistance at 1.6460 and the subsequent retreat from 1.6474 suggest consolidation below this level would be seen and pullback to 1.6406-10 (intra-day support and current level of the Kijun-Sen) cannot be ruled out, however, renewed buying interest should emerge around the Ichimoku cloud top (now at 1.6374), bring another rise. Trade Idea: EUR/USD – Buy at 1.4600Despite yesterday's rise to 1.4696, as the single currency retreated after faltering below this level today (intra-day high is 1.4695), suggesting consolidation would be seen and below minor support at 1.4643 would bring retracement to the Ichimoku cloud top (now at 1.4599) where renewed buying interest should emerge, bring another upmove later. A break of said resistance would extend gain towards 1.4730/35 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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