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Mid-Day Report: Markets in Consolidations, Dollar and Yen RecoverMarkets are generally in consolidations today as dollar recovers on news that US governments avoided a shutdown. Risk appetite recedes mildly as after strong new magnitude 7.0 earthquake rattled Japan's northeast today. Yen also recovers mildly on renewed speculation of repatriation. Though, officials said that today's aftershock did not endanger any nuclear operations. Meanwhile, crude oil and gold are both lower in European session after African Union said Libyan leader Muammar Qaddafi agreed to a cease-fire. No US economic data is scheduled to release today and focus will be on speeches from Fed doves Evans and Yellen. New York Fed Dudley said earlier today that markets shouldn't be too enthusiastic about tightening monetary policy soon. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9022; (P) 0.9096; (R1) 0.9135; More. Intraday bias in USD/CHF remains on the downside for a test on 0.8921 support. Break there will confirm down trend resumption for 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664. On the upside, above 0.9160 minor resistance will dampen the immediate bearish view and bring more consolidation first. |
| Special Reports |
BOC To Leave Rates At 1% Despite More Hawkish StatementThe Bank of Canada will leave the policy rate unchanged at 1% for a 7th month on Tuesday. Yet, the accompanying statement will likely be slightly more hawkish than the previous one given signs of strong domestic growth and rising inflationary pressures. The BOC will weigh growth and inflation against appreciation in Canadian dollar, as well as uncertainties in Japan and the MENA region in deciding to stand on the sideline in April. We expect the central bank to resume tightening in June. |
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Trade Idea Update: USD/JPY – Hold long entered at 84.80Dollar's intra-day retreat from 85.16 suggests caution on our long position entered at 84.80 and 84.50 needs to hold to retain bullishness for another rebound later, above said intra-day resistance would signal low is possibly formed and bring test of 85.40, break there would indicate the correction from last week's high at 85.53 has ended and bring a retest of this level. A break of this resistance would confirm recent upmove from record low at 76.25 has resumed Trade Idea: AUD/USD – Buy at 1.0505The Australian dollar has risen again today to as high as 1.0581 earlier today and bullishness remains for recent upmove to extend further gain to 1.0600 and possibly towards 1.0645/50 (50% projection of 0.9706 to 1.0422 measuring from 1.0288), however, loss of near term upward momentum should limit upside to 1.0730 (61.8% projection) and bring a much needed correction later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||
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