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Daily Report: USD/JPY Broke Support as Stocks Continued PullbackYen strengthens overnight and stays firm in Asia following another day of sharp pull back in stocks. DOW tumbled -167.16 pts, or -1.01% and is now trading in negative territory from weekly perspective. It should be noted that DOW just made new record high three days ago. S&P 500 also dropped -0.94% and down from last week's close. US equities were pressured by selloff in small-cap shares as well as Wal-Mart's earning miss. Asian stocks follow with Nikkei down -247 pts at the time of writing while HK HSI is down -147 pts. There were additional selling on news that China's bad loans surged the most, quarterly, since 2005. Technically, USD/JPY breached a key near term support level of 101.32 and would now be heading back to key support zone at 100.61/75. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 101.22; (P) 101.66; (R1) 102.02; More... USD/JPY's break of 101.32 support confirms resumption of fall from 104.12. Intraday bias is back on the downside. As noted before, we're holding on to the view that consolidation pattern from 100.75 has completed at 104.12 already. Fall from 105.41 should be resuming. Further decline should be seen to 100.75 and then 100% projection of 104.12 to 101.32 from 103.01 at 100.21 next. On the upside, break of 102.36 resistance is needed to signal short term bottoming. Otherwise, outlook will stay cautiously bearish. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency remained under pressure after intra-day fall from 1.3723, bids at 1.3650-60 were filled but more buy orders are still seen at 1.3640-45, 1.3625 and further out at 1.3600-10 with more stops building up below barrier at figure. On the upside, offers are lowered to 1.3700, 1.3725-40 area and 1.3770, more sell orders are tipped at 1.3780-85 (stops above), selling interest is tipped further out at 1.3800-05 (stops above), 1.3825-35 and 1.3850, fresh offers are likely to emerge further out at 1.3875, 1.3900 and 1.3935. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Sell at 0.8210Although the single currency has retreated after faltering below yesterday's high of 0.8184, as long as this week's low at 0.8127 holds, further consolidation would be seen and near term upside risk remains for another corrective rebound, above said resistance at 0.8184 would bring retracement of recent decline to 0.8210-20, however, resistance at 0.8249 should cap upside and bring another decline later. A break of said support at 0.8127 would signal recent decline is still in progress Trade Idea: USD/CAD - Sell at 1.0980Although the greenback has retreated after meeting strong resistance at 1.0926 earlier this week, reckon support at 1.0814 (last week's low) would hold and near term upside risk remains for another corrective rebound, above said resistance at 1.0926 would bring retracement to 1.0950-60, however, reckon upside would be limited to 1.0985-90 and resistance at 1.1006 should cap upside, bring another decline later. A break of said support at 1.0814 would extend the decline from 1.1279 (wave iii top) for a stronger correction of early upmove to 1.0800, then towards 1.0730-40 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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