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Daily Report: Dollar Maintains Post FOMC GainsAsian equities follow US stocks lower today after Fed Bernanke provided no hint on QE3 overnight as QE2 ends in June. Fed offered a less optimistic view on the economy with downward revision in GDP projection and upward revision in unemployment projection. Also, sentiments are hurt a bit by poor HSBC China PMI reading today, which dropped to a 11-month low of 50.1 from May's final reading of 51.6. Overall mild risk aversion and lack of QE3 talk sends dollar higher against most major currencies Sterling remains the weakest currency this week and hovers around record low against Swiss Franc after BoE talked about the possibility of extending the quantitative easing program in the minutes released yesterday. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 128.49; (P) 129.51; (R1) 130.05; More GBP/JPY's break of 128.91 suggests that recent decline has resumed and intraday bias remains on the downside for 100% projection of 140.02 to 130.27 from 135.11 at 125.36 next. On the upside, above 130.53 will turn bias neutral again. But after all, near term outlook will remain bearish as long as 132.32 resistance holds and we'd expect whole decline from 140.02 to resume sooner or later. |
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Trade Idea: GBP/USD – Sell at 1.6150Yesterday’s selloff after meeting heavy offers at 1.6263 and the subsequent breach of support at 1.6055 signal early decline from 1.6747 top has resumed and although price has recovered from 1.6017, reckon upside would be limited to 1.6140-49 (current level of the Kijun-Sen and overnight resistance) and bring another decline later. A break of said support at 1.6017 would extend weakness to psychological support at 1.6000 Trade Idea: EUR/USD – Sell at 1.4360Despite yesterday’s marginal rise to 1.4442, the subsequent retreat from there to below the Ichimoku cloud bottom suggest top is possibly formed there and consolidation with downside bias is seen for weakness to 1.4255-60 (50% Fibonacci retracement of 1.4073 to 1.4442) and possibly towards 1.4210/15 (61.8% Fibonacci retracement) but reckon support at 1.4191 would hold form here, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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