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Wednesday, July 30, 2014

Daily Report: Dollar Rally Halted after FOMC, Stay Bullish

Dollar stays firm today and maintain the broad based weekly gain. The cautious FOMC statement released overnight halted the greenback's GDP inspired rally. But there is no change in the overall near term bullish outlook. So far, the greenback is gaining most against the Japanese yen thanks to strong rebound



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EUR/USD Daily Outlook

Intraday bias in EUR/USD remains on the downside with 1.3415 minor resistance intact. The fall from 1.3993 is expected to extend to 100% projection of 1.3993 to 1.3502 from 1.3700 at 1.3209 next. On the upside, above 1.3415 minor resistance will turn bias neutral and bring recovery. But upside should



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GBP/USD Daily Outlook

Intraday bias in GBP/USD remains on the downside for the moment. As noted before, a medium term could be formed at 1.7190 already and the trend is reversing. Deeper fall should be seen to 1.6692 key support level for confirmation. On the upside, above 1.6954 minor resistance will turn bias



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USD/CHF Daily Outlook

Intraday bias in USD/CHF remains on the upside for the moment. Current rally from 0.8698 is still in progress and should target 0.9156 key resistance next. Break will indicate medium term reversal. On the downside, below 0.9064 minor support will turn bias neutral and bring consolidations before staging another rally.



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USD/JPY Daily Outlook

USD/JPY rose to as high as 103.08 so far and reached mentioned target of 100% projection of 100.82 to 102.79 from 101.06 at 103.03 already. Intraday bias remains on the upside and further rally could be seen towards 104.12 resistance. Nonetheless, as the pair is still bounded in the sideway



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AUD/USD Daily Outlook

AUD/USD drops sharply to as low as 0.9302 so far. The correction from 0.9504 is extending and intraday bias is back on the downside. Deeper fall could be seen to 0.9211 support. At this point, we'd still expect strong support from 38.2% retracement of 0.8659 to 0.9504 at 0.9181 to



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AUDNZD - Has The Reversal Begun?

Earlier this week we highlighted the possibility of weakness in AUDNZD, after a short period of strength. Sure enough the pair has pushed higher in the last few days, but now a string of disappointing Australian economic data has caused some to question the rally.



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