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Daily Report: Dollar Recovers on Rumors of Gaddafi DealDollar recovers mildly today as Crude oil retreats on rumors that Libyan leader Muammar Gaddafi was trying to seek a deal with protestants for a safe exit from Libya. WTI crude oil is back trading below 105 level for the moment after hitting as high as 106.95 yesterday. Gold also retreated after hitting new record high of 1445.7. Dollar index also recovers mildly after hitting a technical projection target. Markets are generally steady for the moment and technically speaking, we'd probably seen some more recovery in the greenback ahead. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 114.52; (P) 114.89; (R1) 115.23; More A temporary top is formed in EUR/JPY at 116.96 and intraday bias is turned neutral. Some consolidations should be seen first. though, even in case of pull back, we'd expect downside to be contained well above 111.95 support and bring rally resumption. Above 115.96 will target 100% projection of 105.42 to 115.65 from 106.81 at 117.04 next. |
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RBNZ To Cut In March In An Attempt To Restore ConfidenceThe RBNZ will very likely reduce its OCR from 3% at the March meeting. We expect a cut of -25 bps is appropriate though policymakers will state further easing cannot be ruled out depending on how economic data evolve. Prime Minister revealed his preference on a rate cut as the earthquake in Christchurch on February 22 will trim the country's economic growth this year. The market has fully priced in a -25 bps cut and bets for a -50 bps cut have been rising. |
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Trade Idea: GBP/USD – Sell at 1.6265Despite yesterday's rise to 1.6342, as the British pound retreated sharply after faltering below last week's high at 1.6344 and indicated support at 1.6216 was penetrated, suggesting a temporary top has been formed there and consolidation with downside bias is seen. Below intra-day support at 1.6185 would bring retracement to 1.6150 (61.8% Fibonacci retracement of 1.6030 to 1.6344), however, reckon 1.6115/20 would hold from here. Trade Idea: USD/JPY – Sell at 82.75Despite yesterday's fall to 81.95, as the greenback has recovered as suggested, retaining our view that further consolidation would take place with initial mild upside bias for recovery to 82.75 but price should falter well below last week's high at 83.09, bring another decline later. A drop below said support at 81.95 would bring test of previous support at 81.73 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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