Dollar and Yen Retreats as Markets Stabilize, UK CPI & US Housing Watched Dollar and yen retreats mildly as Asian stocks and commodities recover from yesterday's sharp selloff. Sterling is so far the biggest loser this week on concern of deepening deflationary pressure in UK and much focus will be paid to today's CPI release. Swissy was relatively supported on safe haven buying and managed to climb against Euro and Sterling. Nevertheless, the strength of the pull back in dollar and yen is not strong enough to alter the near term bullish trend. Also, consider that DOW's sharp fall yesterday is solidifying the case that it has topped out after hitting 9422 key fibonacci resistance, we'd expect more upside in dollar and yen in near term at least. Full Report Here... |
Trade Idea: EUR/USD - Sell At 1.4185 As the single currency has rebounded after falling to 1.4045 yesterday, suggesting a minor low is formed and consolidation with mild upside bias is seen for correction towards the Kijun-Sen now at 1.4187, however, reckon the Ichimoku cloud bottom (now at 1.4207) would limit upside and yield another decline later. A break of said support would extend the decline from 1.4448 top towards 1.4015 (61.8% Fibonacci retracement of 1.3747 to 1.4448), however, loss of downward momentum would prevent sharp fall below support at 1.4007 and reckon 1.3966 (100% projection of 1.4448 to 1.4086 measuring from 1.4328) would hold. Full Report Here... Trade Idea: USD/JPY - Buy At 93.90 Although dollar has rebounded after falling marginally to 94.19 yesterday and correction towards the 95.48/50 (current level of Kijun-Sen and 50% Fibonacci retracement of 96.80 to 94.19) cannot be ruled out, however, as long as 95.80 (previous minor support) holds, prospect of one more decline remains. Below 94.19 would extend marginally below 94.01/04 (previous support and 61.8% Fibonacci retracement of 91.73-97.79), however, reckon 93.50 would contain downside and bring a rebound later. Full Report Here... Trade Idea: USD/CHF - Exit Long Entered At 1.0750 And Buy At 1.0700 Despite yesterday's brief rise to 1.0834, dollar's sharp retreat from there suggests further consolidation would take place and pullback to 1.0700 cannot be ruled out, however, if our view a low has been formed at 1.0563 is correct, downside would be limited and support at 1.0671 should hold, bring another leg of corrective upmove later. However, firm break of 1.0834 resistance is needed to retain bullish view for test of 1.0885/90 resistance and above there would add credence to our bullishness for headway towards strong resistance area at 1.0935/40 later. Full Report Here... Trade Idea: GBP/USD - Sell At 1.6470 Despite intra-day retreat to 1.6327, current rebound suggests further consolidation above 1.6275 (yesterday's low) would take place and retracement of recent decline is under way, however, upside should be limited to the Kijun-Sen (now at 1.6471) and bring another decline later. Below said intra-day support would bring retest of 1.6275, then 1.6266 (previous support as well as 61.8% projection level), break there would extend towards 1.6200/10, however, downside should be limited to 1.6150/60 and risk from there has increased for a rebound later. Full Report Here... |
USD/JPY Daily Outlook Daily Pivots: (S1) 94.17; (P) 94.52; (R1) 94.83; More. USD/JPY recovers after being supported at 94.19. With 4 hours MACD crossed above signal line, an intraday low should at least be in place. Also, with 94.03/05 (100% projection of 97.77 to 95.11 from 96.71 at 94.05 and 61.8% retracement of 91.73 to 97.77 at 94.03) intact, we're favoring the case that fall from 97.77 is merely a correction and rise from 97.13. Such correction could have completed at 94.19 too. Intraday bias is clipped back to the upside for 96.71 resistance first. Break there will bring resumption of whole rally from 91.73 and should target 97.77 next. However, note that decisive break of 94.03/05 will argue that rise from 97.13 has completed and put focus back to this low. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | AUDJPY | 78.57 | 77.50 | +107 | +1.36% | | NZDJPY | 63.92 | 63.06 | +86 | +1.35% | | EURJPY | 134.45 | 133.05 | +140 | +1.04% | | CADJPY | 86.13 | 85.26 | +87 | +1.01% | | GBPJPY | 155.91 | 154.45 | +146 | +0.94% | Last Updated: Aug 18, 07:25 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Aug 18, 07:25 GMT |
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