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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Markets Shrugged off G20, Yen Mildly HigherRisk markets are generally lower as the week starts with Asian equity indices in red. That lifted the Japanese yen mildly higher against other major currencies. But the gains are so far limited. The forex markets are rather steady elsewhere with dollar stuck in tight range against European majors and commodity currencies. Investors shrugged off the G-20 meeting held in Sydney although financial ministers pledged to create more than USD 2T in additional output over 5 years. Policymakers' anticipation that "the economy would expand at a moderate pace in coming quarters" suggested that Fed' tapering schedule would stay in progress. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 169.73; (P) 170.73; (R1) 171.36; More..... GBP/JPY drops mildly today but stays above 169.11 minor support and intraday bias remains neutral first. Another rally remains in favor as long as 169.11 holds. And, above 171.88 will target 173.65/174.84 resistance zone. However, considering that the cross is limited by near term falling trend line, break of 169.11 will argue that rebound from 163.87 has finished. In such case, intraday bias will be turned back to the downside for retesting 163.87 instead and the correction from 174.84 might extend. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to trade narrowly and sideways trading should continue, sell orders are still seen at 1.3730-50 area and 1.3775-80, more offers are reported from 1.3800 up to 1.3820 (stops above) and further out at 1.3840-50. On the downside, bids remain at 1.3700, buy orders are seen at 1.3685, 1.3670 and 1.3650, more buying interest is tipped at 1.3630 and 1.3600-10. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Buy at 0.8195The single currency has retreated again after holding below this week's high of 0.8261, retaining our view that further consolidation below this level would be seen, however, if our view that temporary low is formed at 0.8158 earlier this week is correct, downside should be limited to 0.8190-95 and bring another rebound later. Above said resistance would extend the rebound from 0.8158 for retracement of recent decline to 0.8280 Trade Idea: USD/CAD - Buy at 1.1065Although the greenback has retreated after intra-day rise to 1.1194 in part due to the release of stronger-than-expected Canadian data and consolidation below this level is in store, downside should be limited to 1.1060-65 and bring another rise later towards recent high of 1.1224, however, break of this resistance is needed to signal recent upmove has resumed and extend further gain to 1.1235-40 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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