 |  |
| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
| Calendar | Elliott Wave Trades | Markets Volatility | Pivot Points | Heat Map | Daily Fundamentals |
| Action Insight Market Overview | Markets Snapshot |
Daily Report: Euro Broadly Lower as Traders Starting to Position for Next Week's ECBEuro weakened broadly overnight on no apparent reason. Some attributed the selloff in EUR/USD to the solid US housing data. But it should be noted that dollar was not broad based. And, the decline in EUR/USD indeed happened before the data release. Broad based weakness was indeed seen in Euro, except against Aussie. Thus, US data shouldn't be much of a factor. Instead, we believe that traders are starting to position themselves ahead of next week's ECB meeting as there have been continuous speculation that the central bank would eventually act to boost inflation, which stands far below the 2% target. ECB Draghi has already noted that the latest projections to be released next week would provide 'a very significant change' in the central bank's analysis. In our special report Euro's Recent Strength Unsustainable, it was also argued that Euro's recent strength was mainly due to temporary factors due to yield and capital flow. But the trend could turn as those short-term catalysts dissipate. |
 |
| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8194; (P) 0.8222; (R1) 0.8237; More.... EUR/GBP's recovery was limited at 0.8286, below the falling 55 days EMA and dropped sharply over night. The development suggests that such recover was finished and intraday bias is turned to the downside. Focus is back on 0.8164 key support level. Considering bullish convergence condition in daily MACD, and the falling wedge look of the decline from 0.8768, we'd still expect strong support from 0.8164 to bring reversal. And, above 0.8286 will turn bias back to the upside for 0.8349 resistance. However, again, decisive break of 0.8164 will have larger bearish implication and would pave the way to 0.8 psychological level. |
| Economic Indicators Update |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped and intra-day decline gathered momentum, bids at 1.3730 and 1.3700-15 were filled, mixture of bids and stops at 1.3680-85 is now in focus, more buy orders are located at 1.3650-60 and 1.3630, buying interest is tipped at 1.3600-10. On the upside, offers are lowered to 1.3720-30 and in good size from 1.3760 up to 1.3780 (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: USD/CAD - Buy at 1.1020Although the greenback has recovered after finding support at 1.1054, reckon 1.1125-30 would limit upside and near term downside risk remains for the the retreat from 1.1194 to bring retracement of the rise from 1.0910 and weakness to 1.1015-20 (61.8% Fibonacci retracement of 1.0910-1.1194) cannot be ruled out, however, sharp fall below there should not be repeated and bring another rise later Trade Idea Wrap-up: EUR/USD - Sell at 1.3710Current breach of indicated support at 1.3686 suggests a temporary top is formed earlier at 1.3773 and consolidation with downside bias is seen for retracement of recent upmove to bring weakness to 1.3660 (38.2% Fibonacci retracement of 1.3477-1.3773), break there would add credence to this view and extend weakness to 1.3625 (50% Fibonacci retracement), then towards 1.3590 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Suggested Readings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fundamental Highlights
Technical Highlights | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
  |
| ||||||||
No comments:
Post a Comment