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Weekly Review and Outlook: Risk Rally Extended Cautiously, Canadian Dollar Shone
Despite intra-week setbacks, risk markets managed to close the week on a strong note, with S&P 500 closed above 1400 psychological level. Most major currencies strengthened against dollar but Euro didn't follow. Indeed, the common currency was the weakest one along with Swiss Franc as Spanish 10 year yield is
Data: 11/08/2012 Ora: 01:19:26 PM 
EUR/USD Weekly Outlook
EUR/USD edged higher to 1.2443 last week but faced resistance from 55 days EMA and retreated. Initial bias remains neutral this week first. Note that as long as 1.2133 support holds, rebound from 1.2042 short term bottom is still expected to continue. Above 1.2443 will target 1.2747 (50% retracement of
Data: 11/08/2012 Ora: 10:55:28 AM 
USD/JPY Weekly Outlook
USD/JPY stayed in tight range above 77.90 last week. As noted before, the corrective price actions so far indicates that it's merely in consolidation and the fall from 80.61 is not over yet. Initial bias remains neutral this week first. Break of 77.90 should send USD/JPY through 77.66 low to
Data: 11/08/2012 Ora: 10:49:20 AM 
GBP/USD Weekly Outlook
GBP/USD stayed in recent range of 1.5489 and 1.5767 last week and near term outlook remains neutral. On the upside, break of 1.5767/77 resistance will confirm resumption of rebound from 1.5268 and should target 1.5901/6 (61.8% retracement of 1.6300 to 1.5268 at 1.5906 and 100% projection of 1.5268 to 1.5777
Data: 11/08/2012 Ora: 10:42:47 AM 
USD/CHF Weekly Outlook
USD/CHF edged lower to 0.9656 last week but drew support from 55 days EMA and recovered. Initial bias remains neutral this week for some more consolidations. But near term outlook stays bearish as long as 0.9898 minor resistance holds. Fall from 0.9971 short term top is still expected to continue.
Data: 11/08/2012 Ora: 10:39:10 AM 
AUD/USD Weekly Outlook
AUD/USD edged higher to 1.0612 last week but continued to lost momentum and retreated sharply. However, the strong support from 4 hours 55 EMA argues that AUD/USD is not ready to reverse yet. Nonetheless, overall outlook remains unchanged. That is, even in case of another rise, we'd expect strong resistance
Data: 11/08/2012 Ora: 10:26:02 AM 
USD/CAD Weekly Outlook
USD/CAD's choppy decline from 1.0445 continued last week and reached as low as 0.9905. While downside momentum is seen diminishing with mild bullish convergence condition in 4 hours MACD, there is no sign of bottoming yet. Initial bias remains on the downside for 0.9799 support. But note again that as
Data: 11/08/2012 Ora: 10:13:16 AM 
GBP/JPY Weekly Outlook
GBP/JPY continued to gyrate inside range of 120.82/123.77 last week and near term outlook remains neutral for the moment. On the upside, break of 123.77/79 resistance will confirm completion of the pull back from 125.82. More importantly, this will argue that whole rebound from 118.82 is resuming for 125.82 and
Data: 11/08/2012 Ora: 09:04:54 AM 
EUR/JPY Weekly Outlook
EUR/JPY edged higher to 97.81 last week lacked follow through buying and retreated since then. With 94.92 minor support intact, rebound from 94.11 is still in mild favor to continue higher. Above 97.81 will target 100 psychological level and above. However, note that break of 94.92 minor support will firstly
Data: 11/08/2012 Ora: 08:58:44 AM 
EUR/GBP Weekly Outlook
EUR/GBP edged higher to 0.7962 last week but failed to sustain above 0.7949 resistance. Also, strong resistance was seen from 55 days EMA and the cross reversed from there. Current development firstly indicates that rebound from 0.7755 is possibly finished at 0.7962 already. Secondly, the larger decline from 0.9083 might
Data: 11/08/2012 Ora: 08:54:25 AM 
EUR/CHF Weekly Outlook
EUR/CHF spiked to as high as 1.2083 last week as an RBS trader's mistake triggered wave of programmed orders and pushed the cross higher. But quickly, EUR/CHF corrected itself back into familiar range and weakened to close at 1.2007. The overall outlook remains unchanged. More sideway trading would be seen.
Data: 11/08/2012 Ora: 08:43:06 AM 
US Session: Orders and Options Watch
EUR: The single currency has remained under pressure on risk aversion and bids from Spanish names and corps at 1.2260 were filled, mixture of bids and stops at 1.2240 is now in focus, however, more buying interests in good size should emerge further out at 1.2220-30 with bigger stops placed
Data: 10/08/2012 Ora: 02:11:33 PM 
EUR/USD Mid-Day Outlook
EUR/USD's retreat from 1.2443 is still in progress but is kept well above 1.2133 minor support so far. Rebound from 1.2042 short term bottom is expected to resume sooner or later. Break of 1.2443 will target 1.2747 (50% retracement of 1.3486 to 1.2042 at 1.2764) key resistance level next. However,
Data: 10/08/2012 Ora: 01:13:04 PM 
GBP/USD Mid-Day Outlook
No change in GBP/USD's outlook as sideway trading continues. On the upside, break of 1.5767/77 resistance will confirm resumption of rebound from 1.5268 and should target 1.5901/6 (61.8% retracement of 1.6300 to 1.5268 at 1.5906 and 100% projection of 1.5268 to 1.5777 from 1.5392 at 1.5901). However, break of 1.5489
Data: 10/08/2012 Ora: 12:59:10 PM 
USD/CHF Mid-Day Outlook
No change in USD/CHF's outlook. Recovery from 0.9656 might extend but as long as 0.9898 holds, fall from 0.9971 short term top is expected to continue. Below 0.9656 will target 38.2% retracement of 0.8930 to 0.9971 at 0.9573 first. Break will have further bearish implication and should target 0.9420 key near term support level.
Data: 10/08/2012 Ora: 12:58:26 PM 
USD/JPY Mid-Day Outlook
USD/JPY drops sharply in early US session but stays above 77.90 low. Intraday bias remains neutral first. Outlook remains unchanged. Price actions form 77.90 are consolidations only and even in case of another rise, upside should be limited by 79.13 support turned resistance. Fall from 80.61 is expected to resume
Data: 10/08/2012 Ora: 12:55:17 PM 
USD/CAD Mid-Day Outlook
USD/CAD rebounds strongly in early US session and with 4 hours MACD crossed above signal line, intraday bias is turned neutral. Note that downside momentum has been diminishing again with bullish convergence condition in 4 hours MACD. Also, fall from 1.0445 is viewed as a correction only. Hence, even in
Data: 10/08/2012 Ora: 12:49:51 PM 
Mid-Day Report: CAD Lower after Job Data, Yen Higher on Risk Aversion
Canadian dollar weakens sharply in early US session as employment data showed unexpected -30.4k contraction in July, versus consensus of 10.0k growth. Unemployment rate also rose to 7.3% as expected. USD/CAD is seen heading back towards parity for now. Meanwhile, due to weakness in the Canadian dollar, EUR/CAD is trying
Data: 10/08/2012 Ora: 12:48:53 PM 
China To Push Easing Further As Inflation Falls To 2 Year Low
The set of Chinese economic data for July indicated that slowdown in the world's second largest economy continued in the second half of the year. Previous easing measures appeared to have done little to boost economic activities, as shown in the July data. Going forward, we believe the government would
Data: 10/08/2012 Ora: 10:59:55 AM 
European Session: Orders and Options Watch
EUR: Although the single currency recovered after falling to 1.2266 yesterday, offers are still noted at 1.2305-10 and also at 1.2325-30 with some stops placed above latter level but fresh sell orders should emerge further out at 1.2350 and 1.2380-90 with more stops building up above 1.2400-10. On the downside,
Data: 10/08/2012 Ora: 06:58:46 AM