 | From Our Advertiser |
Finding Winning Trades Just Got Easier
A special free tools introduced by INO.com allow Main Street tradesr access to professional level trend analysis reports - giving you the strength rating for any stock, furture, or Forex pair. |
| ||||||||
|  |
| 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 Weekly Report | Markets Snapshot |
Euro Lost Downside Momentum ahead of ECB and a Busy WeekEuropean majors were generally lower against dollar and yen last week as markets were preparing or ECB easing actions on June 5. However, downside momentum in Euro, Swiss France and Sterling, was rather unconvincing. The majority of the markets expected the latest staff economic projection to be released this week to show inflation would stay well below the 2% target. And, ECB would likely lower all three main interest rates. The main refinancing rate could be cut from current 0.25% to 0.05%. Deposit rate could be cut correspondingly into negative territory. Meanwhile, ECB is expected to offer long-term loans to banks and pause sterilization of the crisis bond purchases. All these actions would likely boost lending and weaken the common currency. While quantitative easing is a topic to be discussed among policymakers, it would most likely not adopted this time. However, traders seemed to have scaled back some of the expectations on ECB, and there's clearly seen in the slowing pace in Euro's fall towards the end of last week. |
|
| Featured Technical Report | |
GBP/USD Weekly OutlookGBP/USD dropped to 1.6692 last week and the developments suggests that fall from 1.6995 has resumed. More importantly, the break of medium term channel support argues that whole rise from 1.4813 has completed at 1.6995, ahead of 1.7043 key resistance, on bearish divergence condition in daily MACD. Initial bias is neutral this week for consolidations. But upside should be limited below 1.6921 and bring fall resumption. Below 1.6992 will target 1.6465 key support next. |
| Suggested Readings |
| |
The Week in Review and Outlook | ||
  |
| ||||||||
| |
| 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 |
Mid-Day Report: Markets Directionless ahead of Month EndMarkets are rather directionless in the last trading day of May. European indices are mildly lower but there is no sustainable selling momentum. US futures point to a mildly lower open. In the forex markets, major pairs are generally staying in range. Over the week, Aussie is the winner, followed by the Japanese yen. Meanwhile, New Zealand dollar is the weakest, closely followed by Sterling. Economic data released from US saw personal income rose 0.3% in April, inline with expectation. Personal spending dropped -0.1% versus consensus of 0.2%. Headline PCE deflator accelerated to 1.6% yoy while PCE core accelerated to 1.2% yoy. Released from Canada, GDP rose 0.1% mom in March, inline with consensus. IPPI dropped -0.2% mom, RMPI rose 0.1% mom. |
 |
| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 101.52; (P) 101.68; (R1) 101.95; More... USD/JPY's consolidative trading continues above 100.82 temporary low. Intraday bias remains neutral for the moment. As long as 102.36 resistance holds, deeper decline is still expected. Break of 100.75 key support will confirm resumption of whole decline from 105.41 and should target 100% projection of 105.41 to 100.75 from 104.12 at 99.46. However, note again that 100.61/75 represents a key support zone. And, bullish convergence condition is seen in 4 hours MACD. Break of 102.36 will indicate near term bottoming and turn bias back to the upside for 103.01 and above. |
| Economic Indicators Update |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to find good support just below 1.3600 and has rebounded in NY morning, offers at 1.3625 were filled but sell orders are expected at 1.3640, 1.3655-65 and 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735. On the downside, good bids remain from 1.3600 down to 1.3575, more buy orders are tipped further out at 1.3550-60 (stops below barrier at 1.3550), fresh demand should emerge around 1.3525 and 1.3500 (another barrier). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD - Sell at 1.6785Cable's intra-day rebound has retained our view that minor consolidation above yesterday's low of 1.6693 would be seen and corrective bounce to 1.6765 (38.2% Fibonacci retracement of 1.6882-1.6693) cannot be ruled out, however, reckon 1.6788-90 (50% Fibonacci retracement and current level of the upper Kumo) would limit upside and bring another decline later. A break of said support at 1.6693 would extend decline from 1.6996 top for further weakness to 1.6680, then towards previous chart support at 1.6660 Trade Idea Update: USD/JPY - Buy at 101.15This week's retreat from 102.14 suggests the rise from 100.82 has formed a top there and near term downside risk remains for correction of this move to 101.30-35 (61.8% Fibonacci retracement of 100.82-102.14), however, downside should be limited to 101.00-05 and bring another rebound later. Above the Ichimoku cloud top (now at 101.89) would bring test of resistance at 102.14, break of this week's high would extend the rise from 100.82 towards previous resistance at 102.36 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Suggested Readings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fundamental Highlights
Technical Highlights | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| ||||||||
| |
| 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: S&P 500 Continued Record Run, Dollar MixedRisk markets were firm ahead of month close. S&P 500 extend recent bull run and closed at another record high of 1920.03 overnight. The momentum didn't follow through to Asian markets, however, with major indices fluctuated between gain and loss. Dollar is still firm against Euro and Swiss Franc. But it lost some momentum ahead Sterling and Canadian. Also, the Aussie extended this week's recovery against the greenback and Yen is struggling to find a clear direction of itself. Some importantly economic data will be released from US and Canada later today, including US personal income and spending, as well Canadian GDP. But the reactions could be muted as markets would engage in more consolidations before June trading starts next week. |
|
| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 101.52; (P) 101.68; (R1) 101.95; More... USD/JPY is still staying in consolidative trading above 100.82 and intraday bias remains neutral. As long as 102.36 resistance holds, deeper decline is still expected. Break of 100.75 key support will confirm resumption of whole decline from 105.41 and should target 100% projection of 105.41 to 100.75 from 104.12 at 99.46. However, note again that 100.61/75 represents a key support zone. And, bullish convergence condition is seen in 4 hours MACD. Break of 102.36 will indicate near term bottoming and turn bias back to the upside for 103.01 and above. |
| Economic Indicators Update |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly after recovering from intra-day low of 1.3586 and bids remain at 1.3575-85, more buy orders are tipped further out at 1.3550-60 (stops below barrier at 1.3550), fresh demand should emerge around 1.3525 and 1.3500 (another barrier). On the upside, offers at 1.3615-25 were filled but sell orders are expected at 1.3640, 1.3655-65 and 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/JPY - Buy at 101.15This week's retreat from 102.14 suggests the rise from 100.82 has formed a top there and near term downside risk remains for correction of this move to 101.30-35 (61.8% Fibonacci retracement of 100.82-102.14), however, downside should be limited to 101.00-05 and bring another rebound later. Above the Ichimoku cloud top (now at 101.89) would bring test of resistance at 102.14, break of this week's high would extend the rise from 100.82 towards previous resistance at 102.36 Trade Idea: USD/CAD - Sell at 1.0870The greenback has dropped again today and retest of recent low of 1.0814 would be seen, break there would signal the c leg of wave iv is still in progress and extend the decline from 1.1279 (wave iii top) for a stronger correction of early upmove to 1.0800, then towards 1.0730-40 (50% Fibonacci retracement of 1.0190-1.1279) but reckon downside would be limited to 1.0690-00 and price should stay above 1.0605-10 (61.8% Fibonacci retracement), bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Suggested Readings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fundamental Highlights
Technical Highlights | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| ||||||||
