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Mid-Day Report: Markets Stay in Range After Sterling and Yen VolatilityMuch volatility is seen in the markets today. Yen was originally shot down on talk that Japan's Takeda Pharmaceutical will buy Swiss Rival Nrcomed and could buy large quantities of foreign currencies. There was additional pressure on the yen as BoJ governor said that the economy is in "very severe" state. Sterling was also boosted by stronger inflation reading. Nevertheless, the moves are reversing in early US session on risk aversion on earnings and disappointing US data. The greenback is also lifted by renewed weakness in commodities which saw crude oil back pressing 96 which gold dips to as low as 1475.1. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6149; (P) 1.6201; (R1) 1.6244; More. GBP/USD is still bounded in tight range below falling 4 hours 55 EMA in spite of strong but brief recovery earlier today. Intraday bias remains neutral and some more consolidations could be seen above 1.6146 temporary low. But after all, risk will remain on the downside as long as 1.6515 resistance holds and further decline is still in favor. Below 1.6146 will target a test on 1.5935 key near term support next. |
| Special Report |
World Inflation II: Commodity Currencies - AUD, NZD, CADThe current wave of inflation has been brought about by commodities. We, therefore, feel it necessary to talk a look at countries with the so-called 'commodity currencies'. We found Australia is the one facing more severe price pressures. For New Zealand, inflation has been affected by one-factors while underlying pressures remained subdued. Both headline and core inflation in Canada accelerated but the central bank is not likely to change its dovish view in coming months. |
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Trade Idea Update: USD/JPY – Buy at 81.10Although the greenback has eased after intra-day rally to 81.77 and minor consolidation below this level would take place and pullback to the Tenkan-Sen (now at 81.41) is likely, reckon downside would be limited to previous minor resistance at 81.07 and bring another rise. A break of said resistance would extend the upmove from 79.57 to 81.85-95 (38.2% Fibonacci retracement of 85.53 to 79.57) and possibly 82.10 Trade Idea: EUR/GBP – Sell at 0.8875Despite intra-day retreat to 0.8681, as the single currency has rebounded after holding above yesterday's low at 0.8676, retaining our view that further consolidation above last week's low at 0.8674 would take place and another corrective bounce to resistance area at 0.8799-0.8811 is likely, break would bring a stronger rebound to 0.8859 (50% Fibonacci retracement of 0.9043 to 0.8674) but price should falter below 0.8902 (61.8% Fibonacci retracement), bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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