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Daily Report: Dow Broke 16000 on Fed Speculations, ADP and ISM Services WatchedRisk aversions are back driving the market this week on Fed speculations. DOW finally lost the 16000 handle and closed down -94.15 pts overnight at 15914.62. S&P 500 also lost 1800 to close at 1795.15, down -5.75 pts. Recent economic data argued that the US economy handled the temporary government shutdown rather well and revived talks that Fed could start scaling back the $85 per month asset purchase in December meeting. The ISM manufacturing index released earlier this week was impressive which rose to 57.3 and hit the highest level since April 2011. More economic data would be released from US today which could reinforce the expectation of Fed's tapering soon. Two pieces of data would be closely watched including the ADP employment which is expected to show 173k growth in private sector jobs in November. ISM services is expected to drop slightly to 55.1 in November. Any upside surprise in the data would trigger deeper selloff in stocks and give dollar a boost. Also to be released from US are , trade balance, new home sales data and Fed's Beige Book report. |
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USD/CAD Daily OutlookDaily Pivots: (S1) 1.0627; (P) 1.0650; (R1) 1.0669; More... USD/CAD lost some upside momentum after breaching 1.0656 key resistance but after all, with 1.0602 minor support intact, further rally is still expected. Current rally could extend towards long term retracement level at 1.0803. But we'd expect strong resistance below there to bring topping. On the downside, below 1.0602 will turn bias back to the downside for a test on lower channel support first (now at 1.0496). |
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US Session: Orders and Options WatchEUR: The single currency staged a strong rebound from intra-day low of 1.3524 on dollar's broad-based weakness, offers at 1.3570-80 were filled but sell orders are still noted at 1.3600 and 1.3620-30 (stops above), fresh selling interest should emerge from 1.3650 up to 1.3670. On the downside, bids are raised to 1.3560-65 and in good size at 1.3520-25, more buy orders are located from 1.3500 down to 1.3480, fresh demand should emerge at 1.3450-60, 1.3420 and further out at 1.3400. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Wrap-up: GBP/USD - Buy at 1.6315Although the British pound staged a rebound after holding above yesterday's low of 1.6343 and test of yesterday's high of 1.6443 cannot be ruled out, break there is needed to confirm recent upmove has resumed and extend further gain to 1.6450, then 1.6475-80 but overbought condition should prevent sharp move beyond psychological resistance at 1.6500. Trade Idea Wrap-up : USD/JPY - Buy at 102.05As the greenback has retreated after intra-day rise to 103.38, suggesting consolidation below this level would be seen and pullback to previous support at 102.12 cannot be ruled out, however, reckon 102.00-05 (38.2% Fibonacci retracement of 99.79-103.38) would limit downside and bring another rise later, above said resistance would extend recent upmove to 103.50-58 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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