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Daily Report: Dollar Extends Rally as Crash in Metals and Stocks ContinueDollar extends recent rally and rises broadly as the week starts as risk aversion continues to dominate the markets. Investors' sentiments received no boost from the week's IMF/World Bank annual meeting as policymakers are divided on what to do on tackling the current crisis. PBoC Governor Zhou's comment over the weekend reflected that China is still deeper concerned with inflation and sends China stocks to lowest level since July 2010. Aussie and Kiwi are hardest hit today, by the crash in precious metal markets as well as wider than expected trade deficit from New Zealand. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 102.47; (P) 103.09; (R1) 103.95; More EUR/JPY's fall resumes after brief consolidations and dips to as low as 101.93 so far. Intraday bias is back on the downside for 100 psychological level first and then next near term target at 100% projection of 111.93 to 103.88 from 106.98 at 98.93. On the upside, above 103.75 minor resistance will turn bias neutral again and bring consolidations. But recovery should be limited by 106.98 resistance and bring fall resumption. |
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| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency dropped sharply early this morning after meeting renewed selling below resistance at 1.3567, took out stops below 1.3400-10 and 1.3380. Some banks published new analysis reports and revised year-end target for EUR/USD down to 1.25, more stops are tipped below 1.3350 and 1.3300 with some bids seen above these levels. On the upside, offers from U.S. funds are lowered to 1.3430-50 area and also at 1.3490-00 with some stops seen at 1.3500, mixtures of offers and stops (large) are likely to emerge around 1.3560-70 and 1.3590-00. Option expires include 1.3325 (100 mln), 1.3500 (100 mln), 1.3550 (100 mln) and 1.3555 (200 mln). | ||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Sell at 1.5575Although the British pound retreated after this morning’s brief bounce to 1.5519, below 1.5390 is needed to signal top is possibly formed and bring test of 1.5370/75, otherwise, further consolidation would take place. Above said resistance would bring retracement to 1.5535-37 (current level of the Ichimoku cloud bottom and 50% Fibonacci retracement of 1.5747-1.5326) but renewed selling interest should emerge there and bring another decline later. Trade Idea: USD/JPY – Hold long entered at 76.36Despite Friday’s late surge to 76.89, as the greenback has retreated sharply after failing to test previous strong resistance at 76.97-00, suggesting caution on our long position entered last week at 76.36 and support at 76.10 needs to hold to retain our mild upside bias for another rebound later towards said strong resistance at 76.97-77.00. 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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