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Daily Report: Commodity Currencies Firm on Risk Appetite ahead of HolidayMarkets are pretty steady in thin holiday trading today. Euro is holding on to 1.3 against dollar despite making new record low against Aussie. Meanwhile, commodity currencies are generally higher, as lifted by risk appetite following positive employment data from US yesterday. Rebound in oil prices, which touches 100 again, is providing some additional support to the Canadian dollar. Recent actions in DOW suggests that a new high above 12284.31 might be seen next week just before the year closes and that could lead commodity currencies further higher. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.2835; (P) 1.2897; (R1) 1.2940; More. EUR/AUD's decline continues today and dips to as low as 1.2837 so far. Near term outlook will remain bearish as long as 1.3150 resistance holds. Next short term target will be 61.8% projection of 1.3808 to 1.2962 from 1.3150 at 1.2627. Though, break of 1.3150 will indicate short term bottoming and bring rebound. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency rebounded on the back of aussie's rise and improved risk appetite in very thin trading condition (due to Japan's holiday), however, offers are still noted from 1.3080 up to 1.3100 and better size selling interest from Asian CBs remains at 1.3120-30, then 1.3150-60. On the downside, some defensive bids (for protection of large stops below 1.3000) are reported from 1.3040 down to 1.3010 and more stops are tipped below 1.2980. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.5590As cable has remained confined within near term established range, suggesting further consolidation would be seen and another corrective fall to 1.5638 support, then the lower Kumo (now at 1.5638) cannot be ruled out, however, renewed buying interest should emerge around 1.5590-00 and bring another rise later. A sustained breach of said minor resistance at 1.5729 would bring a test of indicated strong resistance at 1.5775-80 Trade Idea: USD/JPY – Buy at 77.30Despite intra-day brief rise to 78.23, lack of follow through buying on break of yesterday’s high of 78.20 and current retreat after faltering below indicated resistance at 78.29 suggests consolidation below this level would take place and retracement to the Ichimoku cloud top (now at 77.99) and then lower Kumo (now at 77.91) would be seen, however, downside should be limited to support at 77.62 and renewed buying interest should emerge around 77.30, bring another rise later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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