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Daily Report: Yen Rises Broadly on Risk AversionYen strengthens broadly in Asia today on concern of slowing global economic growth. China reported narrower than expected trade surplus in May, at $13.1b. Import growth accelerated from 21.8% yoy to 28.4% yoy. However, Export growth slowed sharply from 29.9% yoy to 19.4% yoy. Meanwhile, Bank of Korea raised its key interested for the third time this year, fifth time in less than 12 months, from 3% to 3.25%. The news sent Asian equities lower even though some markets recovered towards the end of the session. |
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GBP/JPY Daily OutlookDaily Pivots: (S1) 130.95; (P) 131.46; (R1) 132.00; More GBP/JPY's sharp decline and break of 130.17/47 support zone today confirms that whole fall from 139.99 has resumed. Intraday bias is back on the downside and further fall should be seen towards 61.8% projection of 139.99 to 130.27 from 135.09 at 129.08 first. Break will target 100% projection at 125.37. On the upside, break of 132.05 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in near term. |
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ECB Mentioned Strong Vigilance on Inflation, Rate Hike in July LikelyThe June ECB meeting had mixed impacts on euro's movement. While the use of 'strong vigilance' signaled a rate hike next month, mild revisions growth forecast disappointed investors. Concerning sovereign debt problems in Greece, Trichet said the central bank is 'not in favor of restructuring, haircuts and so forth'. |
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Trade Idea: GBP/USD – Sell at 1.6355The British pound has fallen again after brief recovery to 1.6384 and has broken below indicated support at 1.6324, suggesting correction from 1.6285 has ended at 1.6474 and decline from 1.6547 should resume for retest of 1.6285 and later towards 1.6243 (61.8% Fibonacci retracement of 1.6055-1.6547), however, reckon previous resistance at 1.6210 would hold from here. Trade Idea: EUR/USD – Sell at 1.4550Although the single currency has fallen again meeting renewed selling at 1.4552 today and the decline from 1.4696 top may bring stronger retracement of recent upmove to 1.4451-56 (previous support and 61.8% Fibonacci retracement of 1.4308-1.4696) but near term oversold condition should limit downside to 1.4400/10 and risk has increased for a rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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