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Mid-Day Report: Markets Steady as Yellen Reiterated the Pledge on Low Rates Beyond 6.5% UnemploymentMarkets are pretty steady awaiting Fed chair Yellen's testimony to House Financial Services Committee. The prepared speech was released in Fed's website already and reactions to it was so far muted. Yellen reiterated that Fed "will likely reduce the pace of asset purchases in further measured steps at future meetings." She also emphasized Fed's dual mandate of full employment and 2% inflation. Thus, regarding forward guidance, she emphasized that hitting 6.5% alone would not trigger rate hikes. And Fed, will indeed keep rates at the current target range "well past the time that the unemployment rate declines below 6.5%" should "projected inflation continues to run below the 2 percent goal". Focus will turn to her Q&A session later today. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 101.95; (P) 102.30; (R1) 102.60; More... USD/JPY's recovery from 100.75 is starting to lose intraday momentum. but outlook is unchanged so far. USD/JPY stays bearish as long as 103.44 resistance holds and another decline is expected. Below 101.43 minor support will turn bias back to the downside for 100.61 key support level. Decisive break there will confirm medium term topping at 105.41 on bearish divergence condition in daily MACD and bring dealer towards 96.56 support. However, break of 103.44 will argue that USD/JPY has defended 100.61 key support and bottomed and would turn bias back to the upside for retesting 105.41. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency maintained a firm undertone and offers at 1.3680 were filled but sell orders are still noted at 1.3685-1.3700, buy stops are building up above 1.3700, fresh selling interest should emerge around 1.3720-30, 1.3740-50 (stops above) and 1.3785-00. On the downside, bids remain at 1.3650, 1.3635 and 1.3615, more buy orders are located at 1.3600, 1.3580 and 1.3550-60, fresh demand should emerge around 1.3535, 1.3515, 1.3490-00. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Buy at 1.6400As cable has rallied after intra-day brief retreat to 1.6392 (just held above the upper Kumo), suggesting the rise from 1.6252 is still in progress and may extend further gain to 1.6483-85 (61.8% Fibonacci retracement of 1.6625-1.6252 and previous resistance), then towards 1.6500-05, however, near term overbought condition should prevent sharp move beyond 1.6520-26 resistance Trade Idea Update: EUR/USD - Buy at 1.3610As the single currency has risen again after brief pullback, suggesting the rise from 1.3477 (last week's low) is still in progress and may extend further gain to 1.3686-88 (previous resistance and 100% projection of 1.3483-1.3619 measuring from 1.3552), then towards 1.3700-10, however, as broad outlook is still consolidative, reckon upside would be limited and price should falter well below resistance at 1.3740 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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