Intraday trading signal - page 184
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AceTraderFx Aug 11: Intra-Day News and Views (USD/JPY) & data to be released today
Intra-day Market Moving News and Views
11 Aug 2015 01:09GMT
USD/JPY- ..... Dlr has maintained a steady tone in Asian morning and only budged a little from 124.78 (Europe) to 124.45 in NY session due to active cross-selling in yen despite broad-based sell-off in the greenback.
Intra-day gain in the Nikkie (currently up by approx. 100 points) following o/n rally in the Dow suggests sideways trading is in store in Asia.
However, anticipated renewed weakness in the buck on further long liquidation suggests selling the pair for another decline is still favoured today.
Offers are tipped at 124.75/85 and more above with fairly large stops touted above 125.10.
Initial bids are noted at 124.45-35 and more below with a mixture of bids and stops just below 124.00.
Date to be release on Tuesday:
UK BRC retail sales; Australia NAB business conditions, business confidence, Japan machine tool orders, Italy CPI, EU economic sentiment, Germany current conditions, economic sentiment, Canada housing starts, U.S. unit labor costs, Redbook, wholesale inventories and wholesale sales.
AceTraderFx Aug 11: The yuan which had caused intra-day broad-based rally in the USD
11 Aug 2015 02:14GMT
Reuters reported China devalued the yuan on Tuesday after a run of poor economic data, guiding the currency to its lowest point in almost 3 years.
The central bank described the move as a "one-off depreciation" of nearly 2%, based on a new way of managing the exchange rate that better reflected market forces.
It presented the change in the context of free-market reform and said it would also lengthen trading times.
China manages the exchange rate through an official midpoint, from which trade can rise or fall 2% on any given day.
The People's Bank of China said in a statement it was now basing the midpoint on market makers' quotes and the previous day's closing price.
It weakened the midpoint to 6.2298 per dollar on Tuesday, compared with Monday's 6.1162 mid-point.
AceTraderFx Aug 11: Intra-day Market Moving News and Views (USD/JPY)
Intra-day Market Moving News and Views
11 Aug 2015 08:43GMT
USD/JPY - ...... The greenback went thru a mini roller-coaster session as despite initial rise to 124.89 in Asian morning on dlr's strength post PBOC's weakening of the yuan, price briefly retreated to 124.60 in post Tokyo lunch session.
Renewed buying there lifted the pair and dlr rose to session high at 125.08 in early European morning.
However, lack of follow-through buying triggered profit-taking and the pair dropped to 124.76.
Bids have now been lowered to 124.50/60 and more below at 124.30/40 with stops building up below there whilst initial offers are noted at 125.20/30.
AceTraderFx Aug 11: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK
Update Time: 11 Aug 2015 08:18 GMT
USD/JPY - 124.85
Despite dollar's sell-off from a fresh 7-week high at 125.07 to 124.10 in New York session on Friday, intra-day strong rebound on dollar's strength following the move from PBOC to weaken the yuan suggests a re-test of aforesaid resistance is forthcoming.
Break would signal the up-move from July's trough at 120.42 has resumed and extend gain towards 125.37/40 before prospect of a correction due to loss of momentum.
On the downside, only below 124.10 would indicate a temporary top has been made and risk would shift to the downside for a stronger retracement towards 123.52.
AceTraderFx Aug 12: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 12 Aug 2015 01:12 GMT
EUR/USD - 1.1041
Despite euro's brief sell-off to as low as 1.856 on Friday following the release of solid U.S. jobs report, subsequent rally to 1.1088 yesterday suggests up-move from week's low at 1.0847 to retrace the decline from 1.1129 would head towards 1.1110/15 after initial consolidation.
However, near term loss of momentum would cap price below aforesaid high and yield retreat later.
On the downside, only below 1.0925 would indicate aforesaid recovery has ended and risk would shift to the downside for further weakness towards 1.0873.
AceTraderFx Aug 12: Another round of official devaluation of the Chinese Yuan jolted
Intra-day Market Moving News and Views
12 Aug 2015 02:00GMT
Another round of official devaluation of the Chinese yuan jolted Asian market today, causing a broad-based sell-off in Asian stocks n the commodity currencies - Aussie and Kiwi tumbled to fresh 6-year lows.
Reuters reported the move by China's central bank on Tuesday to change the mechanism for setting the daily reference rate for the Yuan "appears a welcome step" as it should allow market forces to have a greater role in determining the exchange rate, the IMF said on Wednesday.
"Greater exchange rate flexibility is important for China as it strives to give market-forces a decisive role in the economy and is rapidly integrating into global financial markets.
"We believe that China can, and should, aim to achieve an effectively floating exchange rate system within two to three years," an IMF spokesperson said in an emailed statement.
Referring to the IMF's consideration of whether to include the Yuan, officially called the renminbi, in its Special Drawing Rights (SDRs), the spokesperson said:
"Regarding the ongoing review of the IMF's SDR basket, the announced change has no direct implications for the criteria used in determining the composition of the basket.
Nevertheless, a more market-determined exchange rate would facilitate SDR operations in case the Renminbi were included in the currency basket going forward."
AceTraderFx Aug 12: Intra-Day News and Views (USD/JPY) & data to be released today
Intra-day Market Moving News and Views
12 Aug 2015 02:22GMT
USD/JPY - ..... Dlr briefly climbed above yesterday's 2-month high of 125.21 (NY) to 125.25 as a surprise move by the PBOC to weaken the mid-reference point of the yuan by another 1.618% led to broad-based gain in the greenback, both Aud and Nzd tumbled to fresh 6-year lows and Asian ccys also tanked on this China move.
Although intra-day firmness suggests buying dlr on dips is the way to go, intra-day sell-off in the Nikkei following on weakness in the Dow and fall in U.S. Treasury yields to 3-month lows on Tuesday suggest strong gain is unlikely and upside should falter below 2015 peak at 125.86.
Bids are noted at 125.05-00 and more below with stops reported below 124.60.
On the upside, offers are tipped at 125.40/50 and more at 125.65/75 with fairly large stops above 125.90/00.
At 04:30GMT, Japan will release Jun's industrial production and capacity utilisation.
Data to be release on Wednesday:
Japan CGPI, machinery orders, industrial output, capacity utilisation, Australia WPI, consumer sentiment, China industrial output, retail sales, France current account, Italy trade balance, UK ILO unemployment rate, claimant count, average earnings, EU industrial production and U.S. Fed budget.
AceTraderFx Aug 12: Intra-day Market Moving News and Views (USD/JPY)
Intra-day Market Moving News and Views
12 Aug 2015 07:33GMT
USD/JPY - ..... Despite initial marginal rise to a fresh 2-month high of 125.28 after a 2nd day of official devaluation of the yuan briefly led to renewed USD's strength, sell-off in Asian stocks triggered yen-buying on risk aversion.
Expectation of more weakness in European equities prompted European early birds to buy the yen, price tanked to an intra-day low of 124.58 as major European bourses are down from over 1% to nearly 2% at the open.
Offers have been lower to 124.90/00 and more above with stops reported at 125.30.
Some bids are noted at 124.50-45 and more below with stops touted below 124.00.
AceTraderFx Aug 13: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 13 Aug 2015 01:01 GMT
EUR/USD - 1.1156
Despite euro's brief sell-off to as low as 1.856 on Friday following the release of solid U.S. jobs report, subsequent rally to 1.1214 yesterday suggests up-move July's trough at 1.0808 has once again resumed and consolidation with upside bias would be see for further gain towards 1.1279.
However, near term loss of momentum would prevent sharp gain beyond there and reckon resistance at 1.1292 would hold and yield retreat.
On the downside, only below 1.0925 would indicate aforesaid recovery has ended and risk would shift to the downside for further weakness towards 1.0873.
AceTraderFx Aug 13: Intra-day Market Moving News and Views (GBP/USD)
Intra-day Market Moving News and Views
13 Aug 2015 03:18GMT
GBP/USD -...... Despite yesterday's retreat from 1.5661 to 1.5602 in NY afternoon, the British pound found renewed buying and staged a rebound to 1.5636 in Asian morning today after the PBOC devalued the yuan for the 3rd consecutive day.
However, cable pared its gains and retreated to 1.5610.
Since there is no eco. data due from UK today, price is likely to consolidate below yesterday's high at 1.5661 for the remainder of Asian and early European sessions.
The next price driver is likely to be the release of U.S. jobless claims and retail sales data at 12:30GMT.
Offers are now seen at 1.5640/50 with stops building up above 1.5660/65 whilst initial bids are noted at 1.5570/80, suggesting selling on recovery is favored.