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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Risk Appetites Dominates Markets, Forex SteadyRisk appetite is dominating the markets as the week starts as S&P 500 jumped to new intraday record high of 1858.71 overnight before closing at 1847.61, just a point before prior record close. Asia equities followed and, in particular, with Nikkei trading back above 15000 handle, up nearly 220 pts at the time of writing. The currency markets are relatively quiet though. Major pairs and crosses are stuck in prior week's range so far. Aussie is lifted mildly by risk appetite but is staying below 0.9080 near term resistance so far. Yen also weakened mildly following the strength in Nikkei but is staying in consolidation too. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8964; (P) 0.9006; (R1) 0.9075; More... AUD/USD recovers today but is staying in range below 0.9080 and thus, intraday bias remains neutral first. Further rally is expected with 0.8906 minor support intact. Decisive break of 0.9085 will be an early sign of larger trend reversal. That is the whole correction pattern from 1.1079 might have finished at 0.8659 and further rally should be seen to 38.2% retracement of 1.1079 to 0.8659 at 0.9583 next. However, break of 0.8906 will argue that rebound from 0.8659 has completed and will turn bias back to the downside for retesting this low. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency reversed intra-day rise after meeting resistance ahead of recent high of 1.3773, however, some bids are noted at 1.3720 and 1.3700, buy orders are seen at 1.3685 (stops below 1.3680) and 1.3650-60, more buying interest is tipped at 1.3630 and 1.3600-10. On the upside, offers are now tipped at 1.3760-80 area (stops above) and from 1.3800 (barrier) up to 1.3820 (stops above), selling interest is expected further out at 1.3840-50. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Buy at 0.8200The single currency surged again today, adding credence to our view that low is possibly formed at 0.8158 last week and consolidation with upside bias remains for retracement of recent decline to resistance at 0.8300 and possibly 0.8325-30, however, reckon upside would be limited to previous resistance at 0.8350 (this month's high), bring another decline later. Trade Idea: USD/CAD - Buy at 1.1050As the greenback has slipped again after brief recovery, suggesting near term downside risk remains for the retreat from 1.1194 to bring retracement of the rise from 1.0910, however, downside is likely to be limited to 1.1050-55 (50% Fibonacci retracement of 1.0910-1.1194) 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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