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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Yen Extends Decline Despite Solid Data, Dollar Facing Some PressureYen remains the weakest currency this week and is extending its decline against other major currencies in spite of some encouraging economic data. Meanwhile, it's also noted that dollar is starting to feel some pressure against European majors as both EUR/USD and GBP/USD are trying to strengthen with some momentum. The markets would continue to be thin ahead of the weekend, considering that we'll have another holiday shortened week next week. But in such thin trading conditions, we'd possibly see larger than usual volatility. In particular, attention will be on 1.3810 and 1.6484 near term resistance in EUR/USD and GBP/USD. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 170.97; (P) 171.57; (R1) 172.55; More..... GBP/JPY's rally resumed by taking out 171.18 decisively and reaches as high as 172.50 so far today. Intraday bias is back on the upside and current rally should extend towards 161.8% projection of 147.61 to 159.98 from 156.63 at 176.64 next. On the downside, below 171.06 minor support will turn bias neutral and bring consolidations. But retreat should be contained above 166.57 support and bring another rise. |
| Economic Indicators Update |
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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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