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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Yen Crosses Tumbled With Stocks and YieldsThe Japanese yen rallies against most other major currencies as Asian equities are staying in red following the lower closes in US. There were renewed concerns over the situation in Ukraine as US president Obama warned of further sanctions to Russia if it engages in "deeper incursions" into Ukraine. Nonetheless, the decline is US stocks are more a reflection of the lack of follow through momentum ahead of near term resistance levels. DOW ended -98.9 pts, or -0.6% lower at 16268.99, well clear of this year's high of 16588.25. Similar picture was found in S&P 500, which dropped -13.06 pts, or -0.7% to close at 1852.56. That compares to this year's high, and historical high of 1883.97 made last week. We've mentioned in our weekly report before that markets are possibly turning back into risk averse mode and we'd still favor more downside in equities than upside. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 140.26; (P) 140.88; (R1) 141.27; More... EUR/JPY's break of 104.44 indicates that decline from 143.78 has resumed and intraday bias is back on the downside. As noted before, corrective rise from 136.22 should have completed with three waves up to 143.78 already. Fall from 143.78 is viewed as the third wave of the correction pattern from 145.68. Deeper fall should be seen to 138.78 support. Break will target 136.22 and below. On the upside, break of 141.88 minor resistance is needed to indicate short term bottoming. Otherwise, near term outlook stays cautiously bearish. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded lower and offers are lowered to 1.3820, more sell orders are noted at 1.3845-50 and 1.3870-80, mixture of offers and stops is located at 1.3900, more selling interest is located at 1.3920 and 1.3940. On the downside, bids in good size are still seen at 1.3745-55 (stops below 1.3740), fresh demand should emerge around 1.3735, 1.3720 and 1.3700. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy at 0.8280Euro's retreat after meeting resistance at 0.8393 (yesterday's high) has kept price under pressure, retaining our view that further consolidation below last week's high of 0.8400 would be seen and near term downside risk remains for retracement to 0.8300 but renewed buying interest should emerge around 0.8280 and bring upmove later Trade Idea: EUR/JPY - Hold short entered at 141.50The single currency has remained confined within recent range and near term choppy trading should continue but as long as indicated resistance at 141.98 (last week's high) holds, consolidation with mild downside bias remains for another fall to support at 140.40-45, break there would signal decline from 143.79 (tentatively wave c of B) has resumed for weakness to 140.00-10 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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