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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Yen Rises in Quiet Market, Euro Stays SoftThe forex markets remained generally quiet in early US session, except renewed selling is seen in USD/JPY. The pair drops to as low as 101.10 so far and broke 101.20 support. It should be heading for a test on key support zone of 100.61/75 soon. The drive behind the move was risk aversion which saw major European indices dropped earlier today. However, FTSE, DXAX and CAC have also pared much of the losses already. Also, while US futures point to a lower open, we're anticipate some consolidations as DOW and S&P 500 are drawing support from the 55 days EMA. Thus, the downward pressure from yen crosses could fade as the US session goes. And we'd possibly see USD/JPY stabilizes, unless there another force of falling treasuries yields come into place. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 101.36; (P) 101.51; (R1) 101.68; More... USD/JPY drops further t o as low as 101.09 so far today and intraday bias remains on the downside. As noted before, whole decline from 105.41 is possibly resuming. Deeper fall should be seen for 100.75 and then then 100% projection of 104.12 to 101.32 from 103.01 at 100.21 next. On the upside, above 101.67 minor resistance will turn bias neutral and bring consolidations. But upside should be limited below 102.36 and bring fall resumption. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to trade narrowly and further sideways trading is in store, offers are still seen at 1.3730-55 area, 1.3770 and 1.3780-85 (stops above), selling interest in good size is located at 1.3800-05 (stops above), 1.3825-35 and further out at 1.3850. On the downside, bids remain at 1.3690-00 and 1.3675-80, more buy orders are located at 1.3650-60 (stops below 1.3640-45) and 1.3625, mixture of bids and stops is tipped at 1.3600-10. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Hold long entered at 0.8890As the greenback has retreated after meeting resistance at 0.8928 earlier today, suggesting near term sideways trading would continue but as long as support at 0.8883 holds, bullishness remains for recent upmove to resume after consolidation, break of resistance at 0.8960 (last week's high) would extend the rise from recent low of 0.8699 to 0.8975-80, then towards psychological resistance at 0.9000, however, overbought condition should prevent sharp move beyond latter level Trade Idea Update: GBP/USD - Sell at 1.6875Cable's near term sideways trading is likely to continue and although near term upside risk remains for the rebound from last week's low of 1.6732 to bring retracement of recent decline for test of resistance at 1.6875, reckon 1.6895 (61.8% Fibonacci retracement of 1.6996-1.6732) would cap upside and bring another decline later. Below 1.6780-85 would signal top is formed, bring another fall towards said support at 1.6732 but break there is needed to signal decline from 1.6996 top has resumed for weakness to 1.6725-28 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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