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Previous day's Market Highs & Lows (02 Jan 2009) |
| Currency: |
USD/JPY |
EUR/USD |
USD/CHF |
GBP/USD |
| Range: |
92.41/90.62 |
1.4058/1.3840 |
1.0846/1.0612 |
1.4831/1.4375 |
| |
Market Review on 05 Jan 2009 18:33 GMT |
Dollar rallies versus the Japanese yen and euro on U.S. stimulus plan and ECB's rate cut prospects |
The greenback rallied from 91.80 to 93.59 and from 1.0705 to 1.1125 against the Japanese yen and Swiss franc respectively on Monday on speculation U.S. President-elect Barack Obama’s fiscal stimulus plan will include hundreds of billions of dollars of tax breaks (up to $310 billion) and will help the U.S. economy recover from recession.
The single currency tumbled from 1.3964 to 1.3546 against the dollar on Monday on the likelihood that the European Central Bank will cut interest rates by 50 basis points to 2.00% next week from current 2...
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| Update Time: 06 Jan 2009 01:42 GMT |
USD/JPY - 93.15 |
Yesterday's rally to 93.59 signals the upmove from last year's low at 87.13 has once again resumed and a break above aforesaid resistance would extend gain towards 94.00, however, loss of upward momentum should cap price below 94.50/60 and risk has increased for a retreat to take place later.
Below 92.41 (previous resistance, now support) would indicate temporary top is made and bring pullback towards yesterday's low at 91.80. |
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DAILY TECHNICAL OUTLOOK ON USD/JPY |
All times in GMT |
| Last Update At 05/01/2009 23:39 GMT |
| Trend Daily Chart |
Daily Indicators |
21 HR EMA |
55 HR EMA |
| Sideways |
Rising |
92.90 |
92.12 |
| Trend Hourly Chart |
Hourly Indicators |
13 HR RSI |
14 HR DMI |
| Up |
Easing fm o/bot |
63 |
+ve |
| Daily Analysis |
| Consolidation b4 upmove resumes |
| Resistance |
Support |
94.60 - 26 Nov low
93.91 - 08 Dec high
93.59 - 05 Jan high | 92.41 - 02 Jan high
91.80 - 05 Jan low
91.46 - Prev. res |
USD/JPY - 93.28...Dlr rallied in European morning y'day in line with the
greenback's strength vs euro n chf n price hit an intra-day high of 93.59 in NY
afternoon as investors were encouraged by the prospects of a fiscal stimulus
plan fm US President-elect Barack Obama (which wud include up to US$310 billion
in tax breaks).
As price is trading abv both 21-hr n 55-hr emas, suggesting upmove fm
Dec '08 low at 87.13 to retrace MT downtrend wud resume after consolidation n
abv aforesaid res at 93.59 wud extend gain to 93.85/91 (50% r of 100.56-87.13 n
res), however, as 15-min n hourly oscillators are likely to display bearish
divergences on such rise, reckon 94.52/60 (1.236 times ext. of 87.13-90.99 fm
89.75 n prev. sup) wud cap upside n risk has increased for a retreat later.
Therefore, buying on dips is favoured but profit shud be taken on next
upmove. Below 92.41 (last Friday's high) wud signal temp. top has been formed
instead n risk correction to 91.80/86 (y'day's low n 61.8% r of 90.79-93.59) b4
prospect of a rebound...
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| Update Time: 05 Jan 2009 16:00GMT |
INTRA-DAY GBP/USD OUTLOOK - +1.4565+ |
Cable's rebound after finding sup at 1.4475 sug
gests consolidation with mild upside bias is seen
for gain twds 1.4578, however, break there is need-
ed to bring retrace. of decline fm 1.4831 to 1.4600
but 1.4635/40 wud hold.
Buy dips with stop as indicated, break risk pro
long choppy trading n risk 1.4472/75 1st...
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| Rate: |
+1.4565+ |
| Strategy: |
+Target met+ |
| Position: |
+Long at 1.4515+ |
| Objective: |
1.4565 |
| Stop-Loss: |
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| Resistance: |
1.4578/1.4612/1.4679 |
| Support: |
1.4472/1.4428/1.4375 |
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Market Moving News
News items below are time-delayed, to get the latest news, please try our >> Trial Offer <<
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All times in GMT |
| 5 Jan 2009 |
12:45 |
Eur/usd - 1.3580 ... Euro's intra-day selloff accelerated as system traders joined selling the single currency around 1.3690-00 n stops below 1.3550 are in focus, however, mixture of bids n stops are located at 1.3520/25 n further out at 1.3500. On the upside, offers fm Asian sovereign names are lined up fm 1.3600 up to 1.3650 n also at 1.3690-00 with some stops seen abv 1.3710/15... |
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| 5 Jan 2009 |
11:00 |
Gbp/usd - 1.4565 ... Although the British pound retreated after the release of weaker-than-expected U.K. construction PMI (29.3 vs forecast of 30.5, lowest lvl since the survey began in 1997), cable found good buying interest around 1.4470-80 n has rebounded on active cross-buying vs euro (eur/gbp dropped below Friday's 0.9441 low) n offers at 1.4540-50 were absorbed with mixture of offers n stops at 1.4575/80 now in focus but more selling interest is likely to emerge around 1.4610-20. On the downside, bids are now tipped fm 1.4550 down to 1.4510 some stops seen below 1.4500, 1.4470 n 1.4440... |
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| 5 Jan 2009 |
09:46 |
Usd/jpy - 93.20 ... The greenback extended recent upmove in European morning on dlr's broad-based strength n stops abv 92.50 n 93.00 were triggered, however, offers fm exporters n option players are reported at 93.40-50 n further out at 93.90-00. On the downside, bids fm momentum funds n European names are lined up fm 92.90 down to 92.50 with some stops placed below 92.35/40, 92.00 n 91.80 (large)... |
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| 5 Jan 2009 |
08:45 |
Eur/usd - 1.3700 ... The single currency dropped sharply in European morning on active selling by Asian CBs n stops below 1.3840, 1.3820 n 1.3750 were triggered, price tumbled to 1.3666 b4 recovering. At the moment, offers are reported at 1.3740-50 n further out at 1.3800-10 whilst on the downside, mixture of bids n stops is located at 1.3650-60 n 1.3600-10... |
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| 5 Jan 2009 |
06:25 |
Gbp/usd - 1.4512...Cable fell fm 1.4560 to 1.4428 in Asian on speculation that the BOE may cut rates by 100 b.p. compared to forecasts of a reduction of 50 b.p., however, price has rebounded fm there amid thin trading conditions. Bids are noted at 1.4450 with stops placed at 1.4400 while on the upside, offers are reported at 1.4580 with stops building up abv 1.4600... |
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| 5 Jan 2009 |
06:21 |
Eur/usd - 1.3919...Despite intra-day rise to 1.3964 on the back of demand for eur/jpy, euro retreated sharply fm there to 1.3842 on selling fm an Asian name as well as news of an Italian bond scandal which wud affect European banks. A mixture of bids n stops is noted at 1.3830/40 while offers are lined up in the region of 1.3930-1.3950 n also ahead of the 1.4000 lvl... |
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ECONOMIC INDICATORS FOR 06/01/2009 |
All times in GMT |
| Time |
Country |
Indicator |
Actual |
Forecast |
Range |
Previous |
Revised |
|
| 0001 |
U.K. |
N'wide Consumer Confi. Dec |
47 |
N/A |
N/A |
50 |
51 |
|
| 0700 |
U.K. |
Nationwide hse price M/M Dec |
|
-1.5% |
-3.0/-0.9 |
-0.4% |
|
|
| 0700 |
U.K. |
Nationwide hse price Y/Y Dec |
|
-14.5% |
-15.8/-13.6 |
-13.9% |
|
|
| 0855 |
Germany |
Services PMI Dec |
|
46.4 |
45.9/46.4 |
45.1 |
|
|
| 0900 |
EU |
Services PMI Dec |
|
42.0 |
41.5/42.1 |
42.5 |
|
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| 0930 |
U.K. |
Services PMI Dec |
|
39.0 |
37.5/40.5 |
40.1 |
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