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Daily Report: Dollar Sold off On Risk Appetite, Breaks 2009 LowDollar is sold off sharply across the board on rising commodities as well as return of risk appetite. Dollar index breaks through key support level of 74.19 made in 2009 and is possibly heading towards 2008 all time low of 70.70. Gold jumps to new record high of 1509.5 on inflation expectations while crude oil is also back trading above 112 level. Surge in commodity prices takes Aussie and Loonie higher, with AUD/USD making another record high above 1.077, as also boosted by strong PPI data. USD/CAD also extends recent decline and is trading below 0.95 level. European majors are also firm against dollar. One development to note is that USD/JPY also breaks through 82 level while other yen crosses are relatively steady. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0579; (P) 1.0650; (R1) 1.0783; More AUD/USD's rally is still in progress and reaches new record high of 1.0770 today so far. Intraday bias remains on the upside and further rise should be seen to 61.8% projection of 0.8315 to 1.0181 from 0.9704 at 1.0857 next. On the downside, below 1.0674 minor support will turn bias neutral and bring consolidations. But break of 1.0388 support is needed to confirm short term topping. Otherwise, outlook will remain bullish. |
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BOE Monetary Stance Unchanged, May Tightening UnlikelyThe April BOE minutes unveiled that 3 members voted for a rate hike while the rest favored leaving the Bank rate unchanged as it's yet to confirm whether the slowdown in growth had been temporary. One member, while voting for maintenance of interest rates, preferred to increase the size of the asset-purchase program by +50B pound. On net, the minutes remained dovish and the central bank will probably leave the policy rate unchanged at 0.5% until 3Q11. |
| Economic Indicators Update | The Traders Expo provides a chance to take a productive step back from the trading screen and look at the overall markets from a broader perspective. Join your fellow traders at The Traders Expo Dallas and experience it for yourself. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Buy at 1.4500As the single currency has maintained a firm undertone after breaking resistance at 1.4521, suggesting recent upmove is still in progress and further gain to 1.4630/35 (61.8% projection of 1.3752-1.4521 measuring from 1.4156), however, near term overbought condition should prevent sharp move beyond 1.4682 (50% projection of 1.4156-1.4548 measuring from 1.4486) but price should falter below 1.4725/30 Trade Idea: USD/JPY – Sell at 82.40Dollar's current selloff below previous support at 82.19 signals the decline from 85.53 top is still in progress and further weakness to 81.40/45 (50% projection of 85.53 to 82.19 measuring from 83.10), however, oversold condition should prevent sharp fall below 81.00/05 (61.8% projection) and reckon 80.89 (50% Fibonacci retracement of 76.25 to 85.53) would remain intact, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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