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Daily Report: Dollar Steady Despite Rally in Oil, Yen Mildly FirmerDollar remains in tight range in Asia today even though crude oil extends rally on escalated fighting in Lybia and growing unrest in Saudi Arabia. The civil war in Libya escalated as troops supporting leader Qaddafi used artillery and helicopter gunships in an attempt to block the rebels' moves to the west from the oil hub of Ras Lanuf. On March 5, the rebels took control of Ras Lanuf, where a tanker terminal exporting about 200K bpd of oil is located. It also contained the country's biggest refinery with a capacity of 220K bpd. There are also ongoing fears that unrest in Saudi Arabia could get more serious as protests in Bahrain and Yemen grew. Gold is also back pressing 1440 level on risk aversion. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 133.26; (P) 134.24; (R1) 134.83; More Intraday bias in GBP/JPY remains neutral front he moment. More consolidations would be seen below 135.48 short term top. Below 132.80 will flip bias to the downside for another leg towards 131.10 and below. Nevertheless, we'd expect strong support from 61.8% retracement of 125.48 to 135.48 at 129.30 to contain downside and bring rebound. On the upside, decisive break of 135.48 will confirm resumption of rally from 125.48 and target 137.75 resistance first. |
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Trade Idea: USD/JPY – Sell at 82.75Despite Friday's brief rise to 83.09, the subsequent retreat from there (formed a candlestick with a long upper shadow) suggests top has possibly been formed and consolidation with downside bias is seen for test of the Ichimoku cloud bottom (now at 82.05), however, break of support at 81.73 is needed to confirm correction from last week's low at 81.57 has ended and bring resumption of decline Trade Idea: USD/CHF – Buy at 0.9210Although the greenback rebounded after falling to 0.9224 last Friday and recovery to the Kijun-Sen (now at 0.9275) cannot be ruled out, however, break of the Ichimoku cloud top (now at 0.9302) is needed to signal the retreat from Friday's high at 0.9332 has ended and bring another leg of corrective upmove to this level. Looking ahead, above this level would bring a stronger retracement of early decline to 0.9350/55 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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