Asia FX
By Cornelius Luca - Thu 30 Aug 2012 15:04:26 CT
Related Keywords: FX
The appetite for risk was limited on Thursday ahead of the long weekend, the Fed's Jackson Hole meeting and following reports that Spain may delay its decision on seeking a bailout. The European currencies and the commodity currencies fell while yen made little progress. Volume remains light. The US stock declined. Gold, oil and silver ended lower as well.

The short-term outlook for the foreign currencies is sideways. The medium-term outlook for most of the foreign currencies is sideways. The LGR short-term model is long on most foreign currencies. Good luck!


www.lucafxta.com
Overnight

  • US: Initial claims for unemployment benefits unexpectedly came in unchanged at 374,000 in the week ended August 25th, if only because the previous number was upwardly revised (as usual) from 372.000.




  • US: The personal income rose by 0.3% in July, matching the increases seen in the two previous months. Personal spending increased by 0.4% in July after coming in roughly flat in June. Disposable personal income also increased by 0.3% in July.




  • Canada: Current account deficit widened to $16.02 billion in the second quarter from q deficit of $10.15 billion in the first quarter.




Today's economic calendar

  • UK: Gfk consumer confidence for August

  • Japan: Nomura/ JMMA manufacturing Purchasing Manager Index for August

  • Japan: Unemployment rate for July

  • Japan: Overall household spending for July

  • Japan: National Consumer Price Index for July

  • Japan: Tokyo Consumer Price Index for August

  • Japan: Industrial production for July

  • Japan: Housing starts for July

  • Australia: Private sector credit for July




EUR – September

Luca Model: Long since August 3

The September euro fell for a second day on Thursday. It had marked a 1 ½-month on August 23. The euro is trading above the 55-day exponential moving average. The euro had bottomed an over two-year low in late July, but should remain under overall pressure.

The short-term outlook is sideways. The medium-term outlook is sideways and my model is long.

Immediate support is at 1.2490. The 21-day exponential moving average supports at 1.2432.

Initial resistance is at 1.2593. Further resistance is at 1.2705.

INDICATORS

Fast stochastics: Slightly bearish

MACD: Slightly bullish

Ichimoku: Slightly bullish

OUTLOOK

NEAR-TERM: Sideways

MEDIUM-TERM: Sideways

LONG-TERM: Bearish



JPY – September



Luca Model: Long since August 22

The September Japanese yen edged up after slipping on Wednesday. It remains supported by the 21-day exponential moving average on a closing basis. The yen remains in an inside range. It had bottomed at a five-week low on August 17. The yen is trading in a symmetrical triangle.

The short-term outlook is sideways. The medium-term outlook is sideways and my model went long.

The 55-day exponential moving average supports at 1.2673.  Monday's low is 1.2556.

Immediate resistance is at 1.2780. The next resistance is at 1.2854.



INDICATORS

Fast stochastics: Sideways

MACD: Sideways

Ichimoku: Sideways

OUTLOOK

NEAR-TERM: Sideways

MEDIUM-TERM: Sideways

LONG-TERM: Sideways



GBP – September



Luca Model: Long since July 19

The September pound tumbled on Thursday. It peaked at a three-month high on Thursday. The pound had formed a medium-term peak at an eight-month high on April 30 and a bottom at a 4 1/2-month low on June 1.

The short-term outlook is sideways. The medium-term outlook is sideways and my model is long.

The 21-day exponential moving average supports at 1.5741. Further support is at 1.5650.

Immediate resistance is at 1.5875. A medium-term top is at 1.5912.

INDICATORS

Fast stochastics: Bearish

MACD: Sideways

Ichimoku: Slightly bullish

OUTLOOK

NEAR-TERM: Sideways

MEDIUM-TERM: Sideways

LONG-TERM: Sideways



CHF – September



Luca Model: Long since August 3

The September Swiss franc ended a little lower on Thursday after edging lower on Wednesday. It had peaked at a 1 ½-month high on August 23. It had marked a one-month high on August 6. The franc bottomed at a 19-month low on July 24.

The short-term outlook is sideways. The medium-term outlook is sideways and my model is long.

The 21-day exponential moving average supports at 1.0354. Further support is at 1.0315.

The 100-day exponential moving average resists at 1.0486. Further resistance is at 1.0590.

INDICATORS

Fast stochastics: Slightly bearish

MACD: Slightly bullish

Ichimoku: Slightly bullish

OUTLOOK

NEAR-TERM: Sideways

MEDIUM-TERM: Sideways

LONG-TERM: Bearish



CAD – September





Luca Model: Long since June 29

The September Canadian dollar declined on Thursday after peaking at a four-month high on Tuesday, but found a floor from the 21-day exponential moving average. It's been trading in a channel rising since late July. The loonie had peaked on April 27 and bottomed at a 5 1/2-month low on June 1. It should make a mild correction through the end of the week before the next move higher.

The short-term outlook is sideways. The medium-term outlook is bullish and my model is long.

The 21-day exponential moving average supports at 1.0055. The next floor is at 1.0010.

Nearby resistance is 1.0110. A pivot high is at 1.0168. Further resistance is at 1.0205.

INDICATORS

Fast stochastics: Bearish

MACD: Bearish

Ichimoku: Bullish

OUTLOOK

NEAR-TERM: Sideways

MEDIUM-TERM: Bullish

LONG-TERM: Sideways



AUD – September



Luca Model: Short since August 27

The September Australian dollar ended at a one-month low on Thursday. The Aussie is trading below the 21-day exponential moving average. It's been trading a short-term channel declining since August 9. The Aussie, which has been advancing since June 4, peaked at a new high for the uptrend on August 9.

The short-term outlook is sideways. The medium-term outlook is bullish but my model is short.

Initial support is at 1.0245. Further support is at 1.0125.

Immediate resistance is at 1.0325. The 21-day exponential moving average resists at 1.0395. The top of the uptrend is 1.0578.

INDICATORS

Fast stochastics: Bearish

MACD: Slightly bearish

Ichimoku: Sideways

OUTLOOK

NEAR-TERM: Sideways

MEDIUM-TERM: Bullish

LONG-TERM: Sideways

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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

 
 
 
 
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