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Daily Report: Euro Struggling to Extend Rally on Trichet, Kiwi Jumps Risk Appetite and DataThe risk on mode in financial markets continues as Asian equities are broadly higher following strong rally in US stocks overnight. New Zealand dollar leads the way after strong housing data which showed building permits jumped an impressive 13% mom in July. Australian and Canadian dollar closely follow. Swiss Franc continues to be the weakest currency as traders continue to reverse safe-have positions and on concern of more measures from SNB to curb franc strength, including the possibility of deposit charges. Dollar is soft in general but the loss against Euro and Sterling is so far limited and the dollar index is still holding above 73.42 near term support. Euro is still struggling to extend recent rally against dollar and sterling. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8824; (P) 0.8851; (R1) 0.8870; More EUR/GBP faced resistance from 0.8886 and retreated. With 4 hours MACD crossed below signal line, a temporary top is formed and intraday bias is turned neutral. After EUR/GBP continues to stay in range of 0.8642/8886 and near term outlook remains neutral. We'd prefer to see breakout on either side to confirm the outlook. On the upside, sustained break of 0.8886 will complete a head and shoulder bottom pattern (ls: 0.8704, h: 0.8642, rs: 0.8653) and confirm completion of decline from 0.9083 and should bring retest of this resistance. On the downside, below 0.8794 minor support should rule out the head and shoulder scenario and turn bias to the downside for 0.8642/53 support zone. Break there will resume whole fall from 0.9083. |
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Trade Idea: GBP/USD – Buy at 1.6285Although cable rose briefly to 1.6455 yesterday, the subsequent retreat suggest first leg of rebound from 1.6207 has ended and retracement to the Ichimoku cloud top (now at 1.6325) cannot be ruled out, however, reckon downside would be limited to 1.6302-03 (61.8% Fibonacci retracement of 1.6207-1.6455 and current level of the Ichimoku cloud bottom), bring another rebound later. A breach of said resistance at 1.6455 would extend the rebound from Friday’s low of 1.6207 for a stronger retracement of the fall from 1.6618 top to 1.6461 Trade Idea: USD/JPY – Hold long entered at 76.55Despite yesterday’s rebound to 77.02, as the greenback has retreated again after faltering right at the Ichimoku cloud bottom, suggesting further consolidation would take place and indicated support at 76.47-50 needs to hold to retain bullishness for another rebound later today. A sustained break of 77.07-10 (previous resistance and current level of the Ichimoku cloud top) would suggest the retreat from 77.70 has possibly ended and bring further gain to 77.25/30, then towards 77.70. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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