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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: Yen Crosses Higher on Stocks RallyYen crosses are generally higher as stock markets strengthen mildly in thin holiday trading. Nikkei opens the day higher is is up over 80 pts at the time of writing. That rally in US stocks where DOW rose 40 pts or 0.25%, S&P 500 rose 7.04 pts, or 0.38% and NASDAQ rose 26 pts or 0.64%. While the stock markets rebounded, the extent is not strong enough to be qualified as "return of risk appetite" yet. In particular, NASDAQ is staying in a near term down trend and held below the falling 55 days EMA at 4171 and could head lower, which might in turn drag down other indices. Nikkei is also held below 15000 handle and be bounded in range. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 171.97; (P) 172.23; (R1) 172.51; More..... GBP/JPY edged higher to 172.49 but lost some upside momentum. While further rally cannot be ruled out, strong resistance would likely be seen at 173.14 to limit upside to bring reversal. Overall, price actions from 174.84 are viewed as a consolidation pattern with rebound from 163.87 as the second leg. Below 171.49 minor support will turn bias to the downside. Break of 169.50 will suggest that the third leg of the consolidation has started and would target 167.77 support and below. Above 173.14 will extend the second leg but we'd expect strong resistance from 174.84 to bring reversal to extend the consolidation pattern. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound rallied in London, offers at 1.6785-00 area were filled but sell orders in good size are still noted at 1.6820-25 (stops above 1.6830), 1.6840-50 and 1.6875, mixture of offers and stops is tipped at 1.6900. On the downside, bids are raised to 1.6760-70, 1.6715-25 and 1.6700, indicated decent demand remains at 1.6685-90 and 1.6640-60 area with bigger stops placed below 1.6640 and 1.6625. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CAD - Hold long entered at 1.0890Despite yesterday's rise to 1.1034, as the greenback has retreated again, suggesting minor consolidation would be seen but as long as indicated support at 1.0942 holds, near term bullishness remains for the rise from 1.0858 low to bring at least a retracement of recent decline to 1.1065-70 (50% Fibonacci retracement of 1.1279-1.0858), break there would add credence to our view that low has been formed at 1.0858 Trade Idea Wrap-up: EUR/USD - Hold long entered at 1.3835As the single currency has retreated after intra-day rebound to 1.3865, suggesting further choppy consolidation would be seen but reckon downside would be limited to 1.3804 (yesterday's low) and bring another rebound, a sustained breach of said intra-day resistance would add credence to our view that correction from 1.3906 has ended at 1.3790 earlier this week, bring retest of said resistance at 1.3906 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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