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Daily Report: Equities Extended Bull Run, Euro Soft ahead of ECBUS equities extended the bull run overnight as S&P 500 rose to another record close of 1890.9, up 5.38 pts or 0.29%. DOW also rose 40.39 pts, or 0.24% to close at 16573, just below record close of 16576.66. Treasury yields also surged with 10 year yield up 0.044 to 2.803 while 30 year yield rose 0.045 to 3.649. Dollar index, on the other hand, continued to hover in tight range above 80, around 55 days EMA, without any progress. Yen's recovery was rather brief and dipped to new low against dollar as overwhelmed by surging yield and risk appetite. European majors are staying in tight range against the greenback, so was Canadian dollar. Australia dollar dipped mildly after mixed data but quickly recovered back into prior range. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8263; (P) 0.8286; (R1) 0.8301; More... Intraday bias in EUR/GBP remains neutral for some more consolidations above 0.8245 temporary low. And, outlook stays mildly bearish. As noted before, the cross is staying inside medium term falling channel. Fall from 0.8399 should extend lower and below 0.8245 will target a test on 0.8157 low. Decisive break of 0.8157 carries larger bearish implications. Meanwhile, break of 0.8321 minor resistance will turn bias back to the upside for retesting 0.8399 instead. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped again in NY opening, offers are lowered to 1.3800 and in good size from 1.3820 up to 1.3850 (stops above latter level), mixtures of offers and stops are located at 1.3870 and 1.3900. On the downside, bids at 1.3790 and 1.3770 were filled but buy orders are tipped at 1.3750-60 and in good size at 1.3725-35 (stops below), more buy orders are reported at 1.3695-10, buying interest is expected at 1.3660-70 with bigger stops placed below 1.3650. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Hold long entered at 0.8280As the single currency has retreated after intra-day initial brief rise to 0.8309, suggesting further consolidation would be seen and Monday's low of 0.8252 needs to hold to retain bullishness for another rebound, above previous support at 0.8325-30 would suggest low is possibly formed and bring rebound to 0.8370 Trade Idea: USD/CAD - Sell at 1.1170The pair has remained confined within narrow range in line with our expectation and near term consolidation is likely to continue, as long as support at 1.1001 holds, initial upside bias remains for recovery to 1.1100-10, however, renewed selling interest should emerge around 1.1160-70 and bring another decline, break of said support at 1.1001 would extend the fall from 1.1279 top (wave (v) of iii ) for correction of recent upmove in wave iv to 1.0950 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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