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Mid-Day Report: Risk Aversion Drives Dollar Higher, But Key Resistance AheadMarkets started the week in clear risk aversion mode on concern of European debt crisis and fear of slowdown in China. EUR/USD breached 1.4 level briefly and sent dollar index above 76 resistance. EUR/CHF also makes new record low on safe haven flows. Though, Aussie is hardest hit down nearly 150 pips against dollar and 100 pips against yen. Global equities are broadly in red with US stocks are set to open lower. While dollar is strong in general, note that the dollar index will be facing an important trend line resistance soon and would most likely trigger a pull back at least. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4077; (P) 1.4211 (R1) 1.4290; More. EUR/USD's break of 1.4047 confirms resumption of whole decline from 1.4938 and intraday bias remains on the downside for 61.8% projection of 1.4938 to 1.4047 from 1.4344 at 1.3793 next. On the upside, break of 1.4344 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery. |
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Trade Idea Update: GBP/USD –Sell at 1.6205As last week's low at 1.6105 has continued to hold, suggesting further consolidation above this level would take place and recovery to the Tenkan-Sen (now at 1.6160) would be seen, however, renewed selling interest should emerge around the Kijun-Sen (now at 1.6205) and bring another decline later. A break of said support at 1.6105 would extend recent decline to 1.6076-77 (61.8% projection of 1.6518-1.6147 measuring from 1.6305 and 50% Fibonacci retracement of 1.5407) Trade Idea Update: EUR/USD – Sell at 1.4120As the single currency has finally recovered after intra-day selloff to 1.3968, suggesting minor low has been formed and consolidation above this level would take place and bring retracement to 1.4069 (38.2% Fibonacci retracement of 1.4233 to 1.3968) but renewed selling interest should emerge below 1.4130-39 (current level of the Kijun-Sen and previous support), bring another decline. A break of said support would extend recent fall to 1.3950 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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