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Daily Report: Markets Stays in Tight Range as Traders are Cautious ahead of BoJMajor currency pairs are stuck in tight range today so far. Asian equities were mixed and provided no inspiration. Euro is soft against dollar and yen and could head lower as correction extends. The meeting between Spanish and Italian Prime Ministers' today would show that split remains between the 2 debt-ridden countries. Italy's Monti indicated last week his preference for Spain to seek a full bailout first as this would lower Italy's borrowing cost. Monti blamed that Spain "has an elevated spread and has problems with its banking system" but it "has hesitated and is hesitating about whether to activate the anti-spread mechanism". Yet, Spain was reluctant to ask for financial assistance from international lenders. Rajoy said that the country was still assessing if the bailout would be inline with nation interest. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 79.29; (P) 79.83; (R1) 80.17; More... Intraday bias in USD/JPY remains neural for the moment as consolidation fro 80.37 continues. At this point, we'd still expect support from 38.2% retracement of 77.93 to 80.37 at 79.43, at least on first attempt, and bring recovery. And, Overall, near term outlook remains bullish and rise form 77.13 is expected to resume later to 80.61 resistance (50% retracement of 84.17 to 77.13 at 80.65). Sustained break there will open the way for 84.17 resistance next. |
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| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY – Sell at 80.20Despite intra-day marginal rise to 80.38, as the greenback has retreated sharply from there, suggesting a temporary top is possibly formed and consolidation with downside bias is seen but break of 79.70 support is needed to add credence to this view, bring weakness to previous resistance at 79.47, then 79.20, however, reckon support at 79.08 would hold from here, bring another rally later. Trade Idea: AUD/USD – Sell at 1.0360Despite yesterday’s rebound to 1.0397, as aussie met renewed selling interests below indicated resistance at 1.0412, suggesting further consolidation within near term range would be seen and weakness to 1.0290-00 is likely, break there would bring another fall to support at 1.0236, once this support is penetrated, this would suggest the rebound from 1.0149 has ended and bring weakness to 1.0200, then towards this support which is likely to hold on first testing. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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