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Mid-Day Report: Dollar Firm With Mildly Weaker Momentum, Kiwi ReboundsDollar stays generally firm in early US session even though it's losing some upside moment. EUR/USD pared back some losses but it's bounded in very tight range today with bias staying on the downside. The relatively bigger move is found in NZD/USD which recovered after New Zealand prime minister John Key expressed concern over the 25% depreciation in the currency over the past year. Also, Key expressed that the current 0.65 level is "goldilocks". In other markets, gold once dived to as low as 1080 earlier today but is now trading above 1100, down -2.2%. Crude oil edged mildly lower and is trying to draw support from 50 handle. US equities are trading flat at the timing of writing while European indices are generally higher. | |
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USD/JPY Mid-Day OutlookDaily Pivots: (S1) 123.90; (P) 124.06; (R1) 124.21; More... Intraday bias in USD/JPY remains on the upside for 124.43 resistance even though upside momentum is weak. Break will possibly extend the larger up trend through 125.85 resistance. Meanwhile, break of 122.91 support will suggest that rebound from 120.40 has completed and will turn bias back to the downside for this support. |
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