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Daily Report: Dollar Remains Weak after Steep SelloffThe overnight strong rally in risks sent dollar index to as low as 74.72 and in spite of mild recovery, the index fails to regain 75 handle and remains weak. Asian equities are broadly higher following the impressive 339pts rally in DOW as sentiments remain optimistic after some progress on solving the debt crisis was made by EU leaders earlier this week. EUR/USD breached 1.42 level and remains firm so far while EUR/GBP is also back above 0.88. While the Japanese yen is noticeably weak against Euro and Aussie, it remains firm against dollar even though Japanese officials continue to warn of its strength. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9847; (P) 0.9949; (R1) 1.0005; More. USD/CAD drops to as low as 0.9891 so far, just inch above mentioned target of 61.8% retracement of 0.9406 to 1.0656 at 0.9884. Intraday bias remains on the downside and break of 0.9884 should send USD/CAD through next support of 0.9725. On the upside above 0.9976 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited by 1.0212 resistance and bring another fall. |
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| Featured Technical Report |
EU Leaders Made Some Agreements, But Many Still UnresolvedAs indicated in the post-summit statement, EU leaders have agreed on a series of measures to contain the sovereign debt crisis in the Eurozone. In short, the measures can be categorized into term funding and capitalization of banks. While the measures generally matched with market expected and should provide supports in the financial markets in the near-term, the summit has yet to clarify questions such as EFSF leverage, Greece' s PSI scheme and political commitments regarding Italy's reform. Therefore, we retain out cautious view toward the debt problems in the region. |
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European Session: Orders and Options WatchEUR: The single currency extended yesterday’s rally to as high as 1.4248 (stops above 1.4200 were triggered) before retreating after meeting offers ahead of 1.4250 barrier, however, decent demand from Asian sovereign names at 1.4150-60 contained euro’s downside and price has just rebounded again. More buying interest is tipped at 1.4120 with some stops placed below 1.4100 and mixture of bids and stops is located at 1.4030-40. On the upside, fair size offers are starting to emerge from 1.4200 up to 1.4220 and mixture of offers and stops remains at 1.4250-60 and more selling interest is tipped further out at 1.4290-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Sell at 0.8700Dollar’s recovery after yesterday’s selloff to 0.8568 suggests consolidation above this level would take place and retracement to the Kijun-Sen (now at 0.8672) would be seen, however, renewed selling interest should emerge around 0.8700 and previous support at 0.8730 should now turn into resistance and bring another decline later. A break of said support at 0.8568 would extend recent decline from 0.9319 top to 0.8540 Trade Idea: EUR/USD – Buy at 1.4100The single currency extended yesterday’s rally to as high as 1.4248 before retreating and minor consolidation below this level should take place with mild downside bias for retracement towards the Kijun-Sen (now at 1.4112), however, renewed buying interest should emerge around 1.4101 (38.2% Fibonacci retracement of 1.3864-1.4248) and bring another rise later. A break of said resistance would extend gain to indicated target at 1.4254-59 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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