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| Update Time: 08 Feb 2010 21:17GMT |
DAILY USD/CAD OUTLOOK - +1.0750+ |
Friday's retreat fm 1.0773 suggests recent rise fm 1.0225 has made a temp. top n as long as 1.0660 holds, upside bias remains, abv 1.0753, 1.0795/00.
Trade fm long side with stop now at break-even, below wud risk stronger retrace. to 1.0565/70.
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| Rate: |
+1.0750+ |
| Strategy: |
+Target met+ |
| Position: |
Long at 1.0660 |
| Objective: |
1.0750 |
| Stop-Loss: |
|
| Resistance: |
1.0753/1.0781/1.0871 |
| Support: |
1.0645/1.0597/1.0546 |
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| Update Time: 09 Feb 2010 01:10 GMT |
USD/JPY - 89.30 |
Dollar traded narrowly yesterday after last week's resumption of erratic decline from 93.78 to 88.55, however, as long as 89.90/00 holds, consolidation with downside bias remains for another fall to 88.75/80 n a break would signal aforesaid decline has resumed n may extend weakness toward 88.00/10 before rebound occurs. On the upside, breach of 89.90/00 would risk stronger retracement to 90.35/40, however, reckon upside should be capped well below 90.75/80. |
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Market Review on 08 Feb 2010 22:48 GMT |
Euro stabilises on improved risk appetite |
Although weekend's verbal assurance from G7 finance ministers that Greece's fiscal problem will be dealt helped euro to stage a brief rebound to 1.3718 against the greenback in NZ/AUS trading, subsequent renewed selling interest pressured the pair to an intra-day low of 1.3621 in European morning. However, as German Finance Minister Wolfgang Schaeuble has expressed a degree of confidence on Greece's problems and European Central Bank Governing Council member Ewald Nowotny was quoted in newspaper Wiener Zeitung that eurozone countries should not ...
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DAILY TECHNICAL OUTLOOK ON USD/JPY |
All times in GMT |
| Last Update At 08/02/2010 23:48 GMT |
| Trend Daily Chart |
Daily Indicators |
21 HR EMA |
55 HR EMA |
| Sideways |
Falling |
89.32 |
89.52 |
| Trend Hourly Chart |
Hourly Indicators |
13 HR RSI |
14 HR DMI |
| Down |
Neutral |
44 |
-ve |
| Daily Analysis |
| Consolidation with downside bias |
| Resistance |
Support |
90.79 - Thursday's Tokyo low 90.07 - Wednesday's low 89.89 - Friday's high | 88.82 - Friday's low 88.55 - Y'day's low 88.24 - 61.8% r of 84.82-93.78 |
USD/JPY - 89.23.. The greenback spent a lacklustre day moving virtually
sideways y'day inside a narrow range of 89.15-89.55 in Asia, Europe & NY as
financial woes in the eurozone countries took centre stage n traders continued
to pay close attention to any new developments regarding Greece's debt problem.
As the hourly bollinger bands have contracted after last week's selloff
to 88.55, suggesting near term sideways trading wud continue today, having said
that, as long as 89.89 (Friday's reaction high) holds, downside bias remains for
dlr's recent cross-inspired decline fm 93.78 to resume, a firm breach of 88.82
wud signal such move is under way n weakness twd dynamic sup at 88.24 wud be
seen, being 61.8% r of the major rise fm 84.82-93.78, however, as hourly oscilla
tors' readings wud display prominent bullish convergences on such a move, reckon
daily chart sup at 87.36 wud remain intact n yield strg rebound later this week.
Today, selling dlr on intra-day recovery for day trade is recommended as
only abv 89.89 wud defer bearishness n risk stronger retracement of aforesaid
decline fm 93.78 to 90.55 (being minimum 38.2% r).
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Market Moving News
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All times in GMT |
| 8 Feb 2010 |
13:24 |
Usd/jpy - 89.28 ... The greenback traded inside narrow range of 89.15-89.57 as investors are focusing on the fiscal health of countries such as Greece, Spain n Portugal. Bids by Japanese names are located at 89.15/20 whilst offers by Japanese exporters are tipped at 89.50/55 n further out at 89.80/85. |
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| 8 Feb 2010 |
12:04 |
Gbp/usd - 1.5576 ... The British pound tumbled to 8-1/2 month low of 1.5535 as broad concerns about sovereign debt highlight Britain's own grim fiscal position n crank up risk aversion and then rebounded briefly to 1.5627 on short-covering due to initial bounce in European equities b4 running into offers there as FTSE n DAX pared early gains n turned into negative territories. Offers are now tipped at 1.5600, 1.5620/25 n further out at 1.5640. On the downside, bids are located at 1.5550/55 n 1.5535/40 with stops building up below 1.5500. |
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| 8 Feb 2010 |
10:06 |
Eur/usd - 1.3700 ... As German Finance Minister Wolfgang Schaeuble has expressed a degree of confidence on Greece's problems at G7 n special EU summit on the economy is scheduled for Thursday, euro has rebounded fm 1.3621 to 1.3714 on short-covering in Europe, however, offers by various accounts are tipped at 1.3718/25 n 1.3740/50. On the downside, bids are located at 1.3660/70 n then 1.3620/30. |
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| 8 Feb 2010 |
09:03 |
Usd/jpy - 89.50 ... Japan's Nippon Life Insurance Co., the nation's biggest life insurer by assets, said it does not own Greek bonds n plans to increase its investment in Asian shares to take advantages of high growth in the region in the long run. The greenback rebounded briefly due to cross selling in jpy as European equities pared some of last week's losses n rose by more than 1%. Bids are located at 89.25/30 n 89.05/10 whilst offers are tipped at 89.80/85 n 90.00. |
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| 8 Feb 2010 |
06:24 |
GBP/USD - 1.5575.. Sterling bears are out in full force recently as Friday's firm breach of indicated key sup at 1.5708 had flushed out many die-hard sterling bulls. Price dropped again after initial euro-led rebound to 1.5672 (NZ/AUS) but cross-selling has pressured the pound n some stops are seen below Friday's 1.5559 low but profit-trading bids at 1.5540-10 area shud contain downside, at least for today. Selling interest fm 1.5630-50 remains strg n shud cap intra-day recovery. |
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| 8 Feb 2010 |
06:16 |
EUR/USD - 1.3630.. Despite initial blip up to 1.3718 in NZ/AUS session following G7 meeting over the w/end, renewed selling has pressured euro in Asian morning, however, have not spotted aggressive sellers as traders are wary of pushing euro sharply lower below Friday's NY 1.3585 low as rumour of a large option defence bid abv 1.3550. Scant offers are seen fm 1.3670-00 n more lumpy ones are below 1.3740. |
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ECONOMIC INDICATORS FOR 09/02/2010 |
All times in GMT |
| Time |
Country |
Indicator |
Actual |
Forecast |
Range |
Previous |
Revised |
 |
| 0001 |
U.K. |
RICS house prices Jan |
32% |
27% |
23/33 |
30% |
|
 |
| 0001 |
U.K. |
BRC retail sales Jan |
-0.7% |
N/A |
N/A |
4.2% |
|
 |
| 0600 |
Japan |
Machine tools orders Y/Y Jan |
|
N/A |
N/A |
63.4% |
|
 |
| 0700 |
Germany |
Current account Dec |
|
19.1B |
16.3/20.6 |
18.1B |
|
 |
| 0700 |
Germany |
CPI final M/M Jan |
|
-0.6% |
-0.6/0.6 |
0.8% |
|
 |
| 0700 |
Germany |
CPI final Y/Y Jan |
|
0.8% |
0.7/0.8 |
0.9% |
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