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Daily Report: Dollar Weak ahead of FOMC Minutes, Yen Extended RallyUS equities recovered mildly overnight to digest this week's sharp losses but treasury yields and yen crosses continued to head lower. The Japanese yen stays strong in Asian session as supported by another day of selloff in Nikkei, which is down over -200 pts, or -1.4% at the time of writing. Dollar also stays generally weak against other major currencies. An important technical development to note is the break of 79.79 support in the dollar index which now argues that the rebound from 79.27 has completed at 80.60 already. That invalidated our bullish view on the index and suggests that the pattern from 81.48 is still in progress. Outlook is turned mildly bearish for 79.27 support ahead. And that could push EUR/USD through 1.3820 resistance for another take on recent resistance of 1.3966. GBP/USD has already broken corresponding resistance of 1.6683 already. Meanwhile, the greenback is extending recent losses against Aussie and Loonie too. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 101.19; (P) 102.15; (R1) 102.76; More... USD/JPY drops to as low as 101.54 so far and intraday bias remains on the downside for 101.20 support. As mentioned before, consolidation pattern from 100.75 could have completed at 104.12 already. And, the correction pattern from 105.41 could be starting the third leg. Break of 101.20 should confirm this case and target 100.75. Break will target 100% projection of 105.41 to 100.75 from 104.12 at 99.46. On the upside, above 102.51 minor resistance will turn intraday bias neutral first and bring recovery. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: Cable's upmove gathered momentum after solid UK data, offers at 1.6650-65 and 1.6680-00 together with stops above figure and 1.6720 were cleared, more sell orders are tipped at 1.6760-70 and further out at 1.6800-10 with buy stop orders expected above 1.6825-30. On the downside, bids are raised to 1.6710-20 and 1.6680-85 with stops building up below 1.6670, more buy orders in good size are noted at 1.6640-50 with bigger stops placed below 1.6620. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CAD - Buy at 1.0900The greenback has fallen again today and near term downside risk remains for the fall from 1.1279 top (wave (v) of iii ) to extend weakness towards previous support at 1.0910, however, as this move is viewed as the final phase of either the first leg or the entire wave iv from 1.1279, downside should be limited and reckon 1.0850-60 would hold, bring rebound later, above 1.1045-50 would suggest low is possibly formed, bring test of 1.1075-80 Trade Idea Wrap-up: GBP/USD - Buy again at 1.6685As the British pound has maintained a firm undertone after intra-day anticipated rally, justifying our bullish view that low has been formed at 1.6555 last week and signals early rise from 1.6460 has resumed and further gain towards previous resistance at 1.6786 would be seen, however, near term overbought condition should prevent sharp move beyond there and reckon recent high of 1.6823 would hold on first testing Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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