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Daily Report: Dollar Rose on Risk Aversion as Debt Reduction Committee Formally FailedRisk markets were sold off deeply overnight as investors were prepared for the failure of the US debt reduction super committee. And that was realized after formal announcement after US market closed. In a statement, the panel's leaders noted that "it will not be possible to make any bipartisan agreement available to the public before the committee's deadline." The special committee was created in August to lay down the plan for at least $1.2T deficit cuts over 10 years and the failure would trigger $1.2T of automatic spending cuts, which fall evenly on military and domestic government programs beginning in 2013. DOW dropped to as low as 11454 before closing at 11547, down -2.11%. Asian followed and were broadly lower. Dollar index was mildly higher on risk aversion and is staying firm above 78 level so far. Australian dollar is hardest hit this week on risk aversion and is currently down over -1.5% against dollar and -1.3% against yen. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0293; (P) 1.0356; (R1) 1.0455; More. USD/CAD jumps further to as high as 1.0418 so far, breaking 61.8% retracement of 1.0656 to 0.9891 at 1.0364. The pair is also regaining upside momentum with 4 hours MACD back above signal line. Intraday bias remain son the upside and current rise from 0.9891 could now extend further to retest 1.0656 resistance. On the downside, below 1.0302 minor support will turn bias neutral and bring consolidations. But further rally will remain in favor as long as 1.0087 support holds. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchJPY: The greenback jumped this morning in Tokyo as Japan's Finance Minister Azumi hinted of more intervention, stops above 77.15-20 were triggered, however, selling interest from exporters quickly emerged and price then retreated from intra-day high of 77.35. At the moment, bids from Japanese investors are reported at 76.80/85 and also 76.55-60 with stops remain below 76.50 option barrier, more stops are tipped below 76.25 and 76.00 barriers. On the upside, offers from exporters and Japanese margin accounts are still noted from 77.30 up to 77.50 with more stops seen above 77.60 but larger sell orders should emerge around 77.80-90. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Hold short entered at 1.3540Although the single currency staged a rebound from yesterday’s low at 1.3430 to 1.3542, as renewed selling interest emerged there in line with our expectations and price has retreated, retaining our bearishness for recent decline to resume after consolidation, however, break of last week’s low at 1.3421 is needed to confirm and extend the fall from 1.4248 top to 1.3400, however, near term oversold condition should limit downside to 1.3370/75 Trade Idea: USD/JPY – Buy at 76.35Dollar’s intra-day rise to 77.35 suggests a temporary low is possibly formed at 76.58 last week and consolidation with mild upside bias is seen for test of indicated resistance at 77.51-54 but a sustained breach above there is needed to confirm this view and bring a stronger rebound towards previous resistance at 77.89 later, however, price should falter below resistance at 78.27 and bring retreat from there. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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