Last Update At 12 Feb 2016 00:05GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
112.45
55 HR EMA
113.35
Trend Hourly Chart
Down
Hourly Indicators
Turning up
13 HR RSI
50
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
114.21 - Tue's low (now res)
113.60 - Y'day's high
113.20 - Reaction high fm 110.99
Support
111.57 - Y'day's NY low
110.99 - Y'day's fresh 15-month low
110.35 - 61.8% r of 100.76-125.86
. USD/JPY - 112.55.. Dlr continued its recent losing streak n tumbled to below Wed's 113.12 low to a fresh 15-month trough of 110.99 in Europe. Price briefly spiked to 113.20 on rumour of intervention b4 swinging sideways in NY.
. On the bigger picture, although y'day's brief but sharp bounce to 113.20 signals a temporary low has been made n dlr may well gain several days of res- pite swinging sideways. As long as 113.50/60 holds, downside bias remains for aforesaid fall fm 125.86 to head twd 110.09 (2014 top formed in Nov, now sup), however, a break there is needed to extend weakness twd 106.55, being a minimum 38.2% r of the entire rise fm 2011 record bottom at 75.32 to 125.86. Therefore, selling dlr on corrective rally in anticipation of decline to indicated targets is the way to go n only a daily close abv 114.21 signals temporary low is finally in place, risks stronger retracement to 115.50/54.
. Today, although a day of consolidation abv y'day's temporary trough at 110.99 is in store, as long as 113.50/60 holds, downside bias remains for another fall. So selling on intra-day recovery is recommended but profit should be taken on decline as below 110.99 needed to extend weakness to 110.50/60.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD remains on the defensive around 1.2500 ahead of BoE
The constructive tone in the Greenback maintains the risk complex under pressure on Wednesday, motivating GBP/USD to add to Tuesday's losses and gyrate around the 1.2500 zone prior to the upcoming BoE's interest rate decision.
Gold flirts with $2,320 as USD demand losses steam
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.