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Daily Report: Markets Steady, BoE and FOMC Minutes Watched TodayThe financial markets are rather steady in Asian session today. Nikkei pared back some of the BoJ triggered gains and is trading down -100 pts at the time of writing. Major indices in Asia are mixed following the mixed close in US, where DOW dropped -0.15% and S&P 500 rose 0.12%. US long term treasuries continued to struggle in consolidation with 30 year yield hovered around 3.65/3.70 level while 10 year yield hovered around 2.70/2.73. Commodities were strong with gold surging to 1332 overnight and is staying well above 1300 handle for the moment. Crude oil also jumped sharply yesterday and breached 103, trading at 102.7 currently. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8208; (P) 0.8229; (R1) 0.8267; More.... EUR/GBP's rebound from 0.8157 extends to as high as 0.8253 so far today. The break of 0.8226 suggest that a short term bottom is already formed after drawing support from 0.8164 key support level. Intraday bias is back on the upside for 0.8349 resistance. As noted before, we'd remain cautious on strong rebound from 0.8164 to bring reversal. Break of 0.8349 should indicate that the larger corrective pattern from 0.8768 has possibly completed and will turn outlook bullish for 0.8466 resistance next. On the downside, again, decisive break of 0.8164 will have larger bearish implication and would pave the way to 0.8 psychological level. |
| Economic Indicators Update |
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US Session: Orders and Options WatchEUR: The single currency continued to edge higher today, offers at 1.3720-30 were filled but selling interest from Asian CBs are still seen at 1.3740-50 (stops above 1.3750) and further out at 1.3770-85 (more stops above), fresh offers should emerge around 1.3800-1.3810 (related to option barrier at 1.3800 with buy stop orders above). On the downside, bids remain at 1.3670-90 area and 1.3650-55 with stops building up below 1.3645, more buying interest is located at 1.3630 and 1.3600-10 (more stops below figure), fresh demand should emerge around 1.3580 and 1.3550-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy at 0.8195The single currency has rebounded again after brief pullback, adding credence to our view that a temporary low is possibly formed at 0.8158 yesterday and consolidation with mild upside bias remains for retracement of recent decline to 0.8260, then 0.8280 but reckon resistance at 0.8300 would limit upside and price should falter well below resistance at 0.8350 (this month's high), bring another decline later. Trade Idea: USD/CAD - Sell at 1.1070The greenback has continued to trade within narrow range and our bearish view remain that top has been formed at 1.1224 earlier as wave v and near term downside bias remains for the fall from there to bring retracement of recent upmove to 1.0900-05, however, reckon support at 1.0843 would hold from here due to near term oversold condition Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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