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Daily Report: Dollar Pull Back Continues, Aussie Lifted by CapexDollar continues to pull back from recent rally as it lacked stimulus for further rise. The dollar index is now at around 82.3 level after surging to as high as 82.72 earlier this week. The greenback is mildly softer against European majors and yen but remains in tight range so far. Though, clearer weakness is seen against commodity currencies. USD/CAD's break of 1.08959 support confirmed near term topping and we'd likely see deeper correction. AUD/USD also extended the rebound form 0.9236 and is possibly heading back towards 0.9504 resistance. Nonetheless, NZD/USD lags behind and is trading below 0.8429 near term resistance and maintains near term bearish outlook. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0810; (P) 1.0882; (R1) 1.0937; More... USD/CAD dives to as low as 1.0828 so far and the break of 1.0859 confirmed short term topping at 1.0997, on bearish divergence condition in 4 hours MACD. Intraday bias is mildly on the downside and deeper pull back could be seen to 1.0793 support. But such decline is viewed as a correction only. Thus, we'd expect support from 61.8% retracement of 1.0620 to 1.0997 at 1.0764 and bring rebound. On the upside, above 1.0908 minor resistance will turn bias back to the upside for retesting 1.0997 first. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency recovered after holding above indicated barrier at 1.3150, bids are still noted above this level with stops building up below there, more buying interest is located at 1.3135, 1.3120 and 1.3100-05 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. On the upside, offers are seen at 1.3200 and from 1.3220 up to 1.3250 (stops above), more sell orders are tipped at 1.3280-85, 1.3300 and 1.3320 with stops building up above there, selling interest is expected at 1.3350 and 1.3370. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy at 0.7930Although this week's selloff suggests near term downside risk remains for the fall from 0.8036 to extend marginal weakness, reckon previous support at 0.7916-22 would limit downside and bring rebound later, above 0.8000 would bring test of Friday's high of 0.8016, break there would bring retest of 0.8036 resistance, above there would extend the rebound from 0.7874 (tentatively wave v trough) for retracement of early decline to 0.8050 Trade Idea Wrap-up: EUR/USD - Hold long entered at 1.3170As the single currency has rebounded after intra-day initially fall to 1.3153, retaining our near term bullishness and above the upper Kumo (now at 1.3232) would suggest low is possibly formed there, bring retracement to 1.3250, then 1.3270, however, reckon resistance at 1.3297 would cap upside and bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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