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Mid-Day Report: Dollar Dives after GDP Disappointment, Euro and Kiwi Maintain China Inspired GainsEuro and Kiwi are both strong today and reported interest from China on investing in respective assets. Both manage to maintain earlier gains into US session. On the other hand, fresh selling in dollar is seen in early US session after disappointing GDP and job data. US Q1 GDP growth was left unrevised at 1.8% annualized, missing expectation of an upward revision to 2.2%. Initial jobless claims also unexpectedly rose to 424k in the week ended May 21. We're pointed out earlier today that rebound in the dollar has clearly lost momentum this week and the dollar index could be reversing. 75 will remain an important level for the dollar index to defend and a sustained break there will likely market resumption of the larger down trend in the greenback in general. |
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USD/JPY Mid-Day OutlookDaily Pivots: (S1) 81.78; (P) 81.97; (R1) 82.16; More. USD/JPY's sharp fall in early US session argues that choppy recovery from 79.58 might be finished at 82.23 already. Intraday bias is cautiously on the downside for 80.93. Break will affirm the case that whole decline from 85.51 is resuming. Break of 79.58 should target 61.8% projection of 85.51 to 79.58 from 82.23 at 78.56 next. On the upside, even in case of another rise, we'd continue to expect strong resistance below 82.76 to limit upside and bring fall resumption. |
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Trade Idea Update: USD/CHF – Sell at 0.8730As the greenback has fallen again after brief recovery, suggesting the decline from 0.8947 top is still in progress and further weakness to 0.8645/50 (1.236 times projection of 0.8947 to 0.8747 measuring from 0.8895) would be seen, however, near term oversold condition should limit downside to 0.8600 and risk from there has increased for a rebound later. Trade Idea: EUR/JPY – Sell at 116.90Despite yesterday's retreat to 114.70, as the single currency has rebounded again, retaining our view that further consolidation would take place and recovery to 116.80/90 cannot be ruled out, however, still expect resistance at 117.25 to remain intact, bring another decline later. A break of said support would suggest the rebound from this week's low at 113.87 has ended and bring test of this level, once this support is penetrated, this would add credence to our view that wave iv has ended at 117.25 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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