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Mid-Day Report: Yen Broadly Lower after NFP Surprise, Dollar Struggles to RallyDollar is trying to rally in early US session but we're not seeing much sustainable momentum yet. The non-farm payroll report post an upside surprise to the markets by showing 203k growth, versus consensus of 183k. Prior month's figure was revised slightly down from 204k to 200k. Meanwhile, unemployment rate unexpectedly dropped to a five year low of 7% versus expectation of 7.2%, down from prior month's 7.3%. Stock futures responded positively to release and point to higher open. Larger reaction was indeed found in the Japanese yen while dipped through recent low against Euro. Meanwhile, USD/JPY also rebounds strongly while should now be heading back to this week's high at 103.37. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 101.46; (P) 101.95; (R1) 102.27; More... USD/JPY rebounds strongly in early US session and the development suggests that retreat from 103.37 is already completed at 101.62. Intraday bias is back mildly on the upside for 103.37 and above. But after all, we'd remain cautious on strong resistance from 103.73 to bring reversal. As noted before, the consolidation pattern from 103.73 could extend with another fall line. Below 101.62 will turn bias back to the downside for 100.61 resistance turned support first. |
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US Session: Orders and Options WatchEUR: The single currency went through a very choppy session today, retreated sharply from 1.3640 to 1.3543 on stronger-than-expected US data and then rallied from there in New York morning to a fresh 5-week high above 1.3650 due to ECB's press conference. Offers at 1.3640-50 were filled, stops placed above 1.3665-70 are in focus, mixture of offers and stops is located further out at 1.3700-10. On the downside, bids are now seen at 1.3600 and in good size at 1.3540-45, more buy orders are located at 1.3525-30 with sell stops building up below 1.3520 and 1.3490-00 (bids above). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Buy at 1.0565As the greenback has retreated after intra-day marginal rise to 1.0708, suggesting minor consolidation below this level would be seen and pullback to 1.0600 cannot be ruled out, however, reckon support at 1.0559 would limit downside and bring another upmove later, above said resistance would extend recent upmove from 1.0182 low (wave (c) bottom) to 1.0730 Trade Idea: AUD/USD - Sell at 0.9160As aussie has recovered after holding above this week's low of 0.8999, suggesting minor consolidation above this level would be seen and recovery to 0.9100 cannot be ruled out but only break of resistance at 0.9165-70 would signal a temporary low is formed, bring correction of recent decline to 0.9200-05, however, still reckon upside would be limited to 0.9250 and previous support at 0.9270 should hold Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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