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Mid-Day Report: Dollar Recovers on Bullard's Comment, Yen Broadly LowerDollar is firmer today as again lifted by hawkish comments from St. Louis Fed Bullard. Bullard said that normalization of monetary policy will be a key issue for Fed this year but Fed "may not be willing or able to wait until all global uncertainties are resolved to begin normalizing policy." And, while normalization begins, Fed would still leave "unprecedented policy accommodation on the table." This is in contrast to comments from Chicago Fed Evans, who noted that completion of the USD 600b QE2 program in June is "just about the right number" and suggested Fed will "continue to have a high amount of accommodation" after that. Also, the greenback is supported as this week's retreat in crude oil and gold continues. |
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USD/JPY Mid-Day OutlookDaily Pivots: (S1) 81.37; (P) 81.61; (R1) 81.91; More. USD/JPY breaks 81.95 minor resistance and resumes rebound from 76.40 today. Intraday bias is back on the upside for 83.28 resistance first. After all, focus remains on 84.49 key resistance. As long as 84.49 holds, here is no indication of trend reversal and hence, we'd still mildly favor an eventual downside break out. On the downside, below 81.55 minor support will flip bias to the downside for 80.50 support and below. |
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Trade Idea Update: USD/CHF – Hold long entered at 0.9155Current anticipated rebound signals the correction form 0.9235 has ended at 0.9140 and bullishness remains for a retest of said resistance, break there would confirm the upmove from 0.8853 low has resumed for a stronger retracement of early downtrend to previous support at 0.9269 but loss of near term upward momentum should limit upside to previous minor resistance at 0.9316. Trade Idea: AUD/USD – Buy at 1.0115As the Australian dollar has retreated after rising to 1.0315 yesterday, suggesting a minor top has been formed and consolidation below this level would take place with mild downside bias for retracement to 1.0190/00, however, renewed buying interest should emerge around 1.0110/15 (38.2% Fibonacci retracement of 0.9781 to 1.0315) and bring another upmove. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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