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Yen and Sterling Back Under PressureYen is back under pressure today on official comments while Euro recovers in crosses against sterling and commodity currencies. Economics Minister Akira Amari said that it's important to "show our mettle to see the Nikkei reaches 13,000 points by the end of the fiscal year" and he said the government wants policy steps "to help stock prices rises". Also, Haruhiko Kuroda, a candidate to be the next BoJ governor, said that "so-called Abenomics, monetary easing, fiscal stimulus and growth strategy, may have influenced exchange rate movements." He hailed that "a two percent inflation target has become a global standard, and it is a landmark decision on the BOJ's part to adopt the same target." Also, some additional easing measures could be justified for 2013.Full Report Here... |    |
| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5719; (P) 1.5781; (R1) 1.5859; More...GBP/USD's recovery was limited at 1.5844 and drops sharply today. Intraday bias is mildly back on the downside for temporary low. Break will confirm resumption of fall from 1.6380 and should target a test on 1.5268 key support level. Above 1.5844 will bring another rise to extend the corrective rally. But upside should be limited by 1.5992 resistance (50% retracement of 1.6380 to 1.5630 at 1.6005) and bring fall resumption eventually. Read more... |
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US Session: Orders and Options WatchGBP: The British pound tumbled today in London on cross-selling in sterling and bids at 1.5750 and 1.5715-20 were filled, indicated mixture of bids and stops at 1.5700 and 1.5675-80 were tripped as well. At the moment, some demand from Middle East names are expected at 1.5645-50 and combination of bids and stops are tipped at 1.5625-30 and further out at 1.5600. On the upside, offers are lowered to 1.5720-25 and also at 1.5755-60 with sizeable offers located at 1.5805-10, big sell orders remain from 1.5840 up to 1.5870 (option barrier).Read more... | ||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD – Hold long entered at 1.3375Despite intra-day initial brief fall to 1.3326, the subsequent rebound suggests consolidation above this level would be seen with mild upside bias for test of Friday’s high of 1.3430 but break there is needed to signal a temporary low is formed, bring test of previous support at 1.3459 and possibly to the upper Kumo (now at 1.3479), however, upside should be limited to 1.3500 and price should falter well resistance at 1.3577.Read more... Trade Idea: AUD/USD – Hold long entered at 1.0285Failure to extend last week’s late rebound and current retreat from 1.0349 suggests caution on our long position entered at 1.0285 and last week’s low at 1.0256 needs to hold to retain bullishness for another rebound, above said resistance would signal low is possibly formed and bring rebound to previous support at 1.0360-65, break there would add credence to this view, bring retracement of recent decline to 1.0400 and possibly towards resistance at 1.0459.Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 | ||||||||||||||||||||||||||||
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Fundamental Highlights
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