Dollar’s intra-day selloff to 86.29 (exactly the 61.8% projection of 97.79-88.01 measuring from 92.33) signals medium term downtrend remains in progress and further weakness to 85.77 (2 times projection of 90.62 to 88.73 measuring from 89.55) is seen after consolidation but reckon 85.00 would remain intact today, bring a correction…
Mid-Day Report: Yen Firm, High-Yielders Pressured by Dubai Debt Delay
Yen remains firm after earlier rally that sent it to new 14 year high against dollar. Other major currencies are dragged down against dollar by sharp selloff in respective yen crosses. News that Dubai World, a government investment company having debts totaling around $60b, has asked creditors for postponing its…
Events to Watch: Japan Unemployment, CPI, Retail Sales
Unemployment rate plunged to 0.2% percentage point to 5.3% in September and gave a positive sign to the market that the job market has started to improve. The unemployment is expected to have stayed flat at 5.3% in October. However, it does not imply that the rate has peaked at…
Trade Idea: AUD/USD – Sell At 0.9250
Although the Australian dollar rose to 0.9324 this morning, the subsequent sharp retreat from there has retained our bearish count that wave (5) has possibly ended at 0.9407 earlier and further consolidation below this level would be seen with downside bias for test of 0.9131 minor support, break there would…
Trade Idea: EUR/JPY – Stand Aside
The single currency finally dropped below indicated support at 131.01, dampening our previous bullish count that the correction from 138.49 has ended there and we have re-labeled the break-down of this decline from 138.49 as: a- 131.01, b: 135.76 (4 Nov) and the c leg of wave 2 is still…