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Daily Report: Markets Steady in Asian Session, IMF Raises US OutlookMarkets are rather steady in Asian session in a holiday shortened week. The greenback is staying in tight range against other major currencies. Asian equities are generally higher even though some initial weakness was seen in Nikkei. Over the weekend, IMF raised its forecast for US economic growth. IMF managing director Lagarde said that they see "a lot more certainty for 2014" in US and thus, gave them a "much stronger outlook". She said the "budget deal" and "tapering by the Fed" are signs of "confidence in the real economy" and that should lead to investments and hiring. However, she also warned that the latest budget deal doesn't include an agreement of raising the debt ceiling, which is set is set to be hit in early February. And he urged the Congress to be "equally responsible and will not threaten the recovery with yet another debate about whether or not the U.S. will honor [its debts] or default." IMF will release the new forecasts in mid-January. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8339; (P) 0.8359; (R1) 0.8388; More.... A temporary low is in place at 0.8330 and intraday bias in EUR/GBP is turned neutral first. Current development argues that one more fall would be seen before completing the decline from 0.8768, which is likely a terminal triangle pattern. Below 0.8330 will target 0.8252 and below. But we'd expect strong support above 0.8164 cluster to finally complete the correction pattern from 0.8806 and bring reversal. |
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Remark: Due to X'mas and New Year holidays, next Candlestick and Ichimoku Trade Idea update will be made on 2nd Jan 2014 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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