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Cadbury stated that Kraft’s offer is even more unattractive today than it was when Kraft made its first formal offer back in December. Sterling came off slightly across the board on the release of this news.

Yen rallies across the board as China took another step to cool lending by raising bank reserve requirements . Dollar, on the other hand, continues to consolidate against major currencies as crude oil and gold retreats. In particular, crude oil seems to be topped out in near term at 83.95…

Tuesday promises to be an interesting session following an implicit tick higher in Chinese monetary policy and dollar supportive comments from an official at a Chinese sovereign wealth fund. Already we’re seeing selling of the Aussie dollar in response to a potential manipulation of growth in its largest trading partner,…

The USD is trading mixed as equity markets decline and China raises reserve requirements 50bps points, the rise in China’s reserve requirements is a prelude to a possible rate hike and generates concern about the sustainability of the global recovery, JPY initially pressured by a statement from a Chinese sovereign…

Intraday bias in GBP/JPY remains neutral for the moment with 147.03 minor support intact. So far, there is no change in the view that price actions from 139.96 are merely consolidations to the fall from 163.05, with the choppy rise from 139.26 as the third leg. Below 147.03 will flip…

EUR/JPY’s fall from 134.36 extends further today and the break of 132.36 minor support indicates a short term top is at least formed. Intraday bias is flipped back to the downside for 131.24 support first. Break there will suggest that whole rise from 127.50 has completed and should bring decline…

USD/JPY’s fall from 93.74 extends further to as low as 91.32 so far in early US session and at this point, intraday bias remains on the downside for 91.24 support. Break there will indicate that whole rally from 84.81 might have completed at 93.74 already, on bearish divergence condition in…

This dynamics suggests to me a slightly bullish bias. Thus I would venture to say it is more likely to break above. But this theory may be tested soon in the US session as it tests 0.8940. Another suggestion of bullishness in this range is the ability of the stochastic…

Looking at the Daily, we see this is 50% retracement of the decline from 1.69 area to 1.58. This is a good place for the market to so call test its resolve since it is the coincidence of resistance levels of different intermediate degrees. 1. downsloping resistance (intermediate), 1.63 powerline…

The market is penetrated an important powerline at 1.0200 area. This was coincident to the intermediate MA50, and 50% retracement. A healthy bullish market should have held there. However, we know that before the December upswing, the market has been declining for the entire year. This means, any bullish action…