Doll Recovery Lacks Momentum, Sterling Still the Weakest Dollar recovered yesterday on the back of sharp retreat in crude oil touching 75 level. Nevertheless, the momentum is so far mild and the greenback is still likely to extend recent fall against Euro. Yen is still staying in range even though stocks in developed markets continue to extend rally. Nikkei made new high at 10668 before closing at 10639, following new high of 9620 in DOW. The impact of stocks was somewhat counted by falling treasury yield which might have completed brief recovery earlier this week already. We'd continue to favor some more downside in yen crosses together with treasury yield. Full Report Here... |
Events To Watch - German IFO, US Durable Goods Orders And US New Home Sales US Durable goods orders - July: The headline reading is expected to have gained +3.3% in July after plunging -2.5% in the prior month. Impressive increase was seen in transportation sector. In July, Boeing reported 44 orders, compared with only 20 a month ago. Moreover, growth was seen in motor vehicles and auto parts orders as driven by the 'cash-for-clunkers' program. According industry report, motor vehicles and auto parts orders surged +20% mom, the highest since 1998. Excluding transportation, the gauge probably rose +1% in July, moderated slightly from+1.15 in the previous month Full Report Here... |
Trade Idea: EUR/USD - Buy At 1.4230 Despite overnight rebound to 1.4361/64, as the single currency has retreated in tandem with weakness in sterling, suggesting further consolidation would take place and another fall to 1.4252 cannot be ruled out, however, downside should be limited to 1.4224 (50% Fibonacci retracement of 1.4070 to 1.4377) and support at 1.4209 (last Friday's low) should hold, bring another rally later. Above 1.4377 resistance would confirm the rise from 1.4045 has resumed and extend towards 1.4415. Full Report Here... Trade Idea: USD/JPY - Hold Long Entered At 93.90 Another day of sideways consolidation should take place today and as long as yesterday's low at 93.79 holds, mild upside bias remains for a corrective rebound towards 95.07 but it is necessary to see a break of 95.30 resistance to confirm low has been formed at 93.42 and bring stronger retracement towards 95.61 (50% Fibonacci retracement of entire fall from 97.79 to 93.42). Having said that, as the Ichimoku cloud is getting thicker, strong resistance would appear near the upper Kumo (now at 95.70) Full Report Here... Trade Idea: USD/CHF - Sell At 1.0680 Although the greenback has retreated after intra-day rebound to 1.0642, break of recent low at 1.0553 is needed to confirm downtrend has resumed for weakness towards 1.0490/00, however, loss of downward momentum would keep price above 1.0440/50 (just below 50% projection of 1.1742 to 1.0592 measuring from 1.1026 at 1.0451). If price stays above said support, then further consolidation would take place and another corrective bounce to 1.0642 and possibly towards 1.0685 cannot be ruled out, however, resistance at 1.0726/31 (previous support turned resistance and current level of the flat ground Ichimoku cloud bottom) should cap upside and bring another selloff. Full Report Here... Trade Idea: GBP/USD - Exit Short Entered At 1.6440 And Sell At 1.6460 Despite cable's anticipated fall to 1.6305 this morning, the recovery from there partly due to cross-trading suggests minor consolidation would take place and correction to yesterday's high at 1.6446 cannot be ruled out, however, renewed selling should emerge around 1.6463/65 (current level of the Ichimoku cloud bottom and Kijun-Sen) and bring another decline later. Below 1.6305 would bring retest of 1.6275 but it is necessary to see a drop below 1.6275 support to extend the decline from 1.7044 to 1.6241 (50% projection of 1.7044 to 1.6275 measuring from 1.6225. Full Report Here... |
EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8711; (P) 0.8738; (R1) 0.8771; More. EUR/USD's strong rise is still in progress and extends further to as high as 0.8774 so far. At this point, intraday bias remains on the upside and whole rise from 0.8399 is expected to continue to 0.8866 resistance next. On the downside, touching of 0.8705 minor support will turn intraday outlook neutral first. But pull back should be contained by 0.8627 support and bring rally resumption. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | NZDUSD | 0.6885 | 0.6839 | +46 | +0.67% | | NZDJPY | 64.81 | 64.40 | +41 | +0.63% | | AUDNZD | 1.2161 | 1.2202 | -41 | -0.34% | | AUDCAD | 0.9108 | 0.9078 | +30 | +0.33% | | GBPAUD | 1.9497 | 1.9556 | -59 | -0.30% | Last Updated: Aug 26, 07:50 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Aug 26, 07:50 GMT |
No comments:
Post a Comment