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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Yen Rises Broadly in Asia, Dollar SoftThe Japanese yen surges broadly in Asian session, in particular with USD/JPY moving up 103.90 support. The greenback is pressured against other major currencies today as the post NFP selloff continues. The much weaker than expected NFP report triggered speculations that Fed could slow down the pace of tapering of asset purchase. Before the NFP report, markets are expecting Fed to dial back monthly purchase by USD 10b at every FOMC meeting and end the program by the end of the year. Two Fed hawks, St. Louis Fed Bullard and Richmond Fed Lacker, have already tried to talk down the significance of the NFP disappointment over the week. And a major focus this week is how others would respond to the question. The Fedspeaks to watch include Philadelphia Fed Plosser and Dallas Fed Fisher on Tuesday, Chicago Fed Evans on Wednesday and San Francisco Fed Williams and Fed chairman Bernanke on Thursdays. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 141.91; (P) 142.47; (R1) 142.89; More... EUR/JPY drops sharply today and breaks 141.49 temporary low. Fall from 145.68 short term top has resumed and intraday bias is back on the downside. Deeper decline would be seen to 55 days EMA (now at 139.48). On the upside, break of 143.17 resistance is needed to indication completion of the corrective fall from 145.68. Otherwise, near term outlook is mildly bearish. |
| 2014 Elliott Wave Forecast |
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| Orders and Options Watch | ||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency jumped in NY morning on dollar's broad-based weakness after the release of much weaker-than-expected NFP data, offers at 1.3620-50 area were filled but sell orders are still seen at 1.3670-80 (stops are placed above there), more selling interest is expected at 1.3700 and 1.3720-30. On the downside, bids are raised to 1.3620 and at 1.3590-00, mixtures of bids and stops are located at 1.3565-70 and in good size at 1.3540-50, more buy orders are tipped at 1.3520-30 and 1.3500-10 with bigger stops building up below 1.3485-90. | ||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Hold long entered at 0.8250Despite yesterday's brief fall to 0.8231, as the single currency found good support there and has rebounded, retaining our near term bullishness and test of 0.8332-35 would be seen, however, break there is needed to suggest low is possibly formed there and bring a stronger rebound to 0.8373, only break of resistance at 0.8393 would signal fall from 0.8467 has ended, bring another rise to this level. Trade Idea Wrap-up: EUR/USD - Buy at 1.3630Despite intra-day brief drop to 1.3568, as the single currency has staged a strong rebound after the release of weaker-than-expected NFP data, suggesting a temporary low is formed at 1.3548 yesterday and consolidation with upside bias is seen for correction of recent decline to 1.3721-28 (50% Fibonacci retracement of 1.3894-1.3548 and previous support), however, reckon upside would be limited to 1.3762-65 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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