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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Markets Staying in Range as Focus Turns to BoE Carney AgainThe economic data triggered selloff in dollar was rather brief overnight and the greenback stays in familiar range against European majors, yen and commodity currencies. Stocks also ended the day higher with DOW closed higher by 49.38 pts at 16867.51 and S&P 500 closed up by 9.55 pts at 1959.53. Both indices are staying in consolidation below recent made record highs. The more notable moves were found in long term treasury yields. 30 year yield broke last week's low to as low as 3.358 before closing at 3.381. 10 year yield also broke last week's low and reached 2.529 before closing at 2.559. Overall, more inspiration is needed for the markets to break out from recent ranges. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8009; (P) 0.8021; (R1) 0.8035; More... The consolidation from 0.7958 is still in progress and intraday bias remains neutral. Upside of recovery is expected to be limited by 0.8081 support turned resistance and bring fall resumption. Below 0.7958 will turn bias to the downside and will target 168.1% projection of 0.8584 to 0.8157 from 0.8399 at 0.7708, which is close to key long term support level of 0.7693. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency jumped in NY morning on disappointing US GDP data, offers at 1.3630-50 area were filled but sell orders are still noted 1.3670-75 (stops above), sizeable selling interest is expected at 1.3690-00 with more stops tipped above figure. On the downside, bids are raised to 1.3600-10, 1.3575-85 and 1.3560 (stops below), more buy orders are tipped at 1.3535-40 and 1.3500-20 area with stops placed below 1.3500. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Sell at 0.8100Euro's rebound after finding support at 0.7977 earlier this week has retained our our view that further consolidation above last week's low of 0.7959 would be seen and minor correction to 0.8050-60 cannot be ruled out, however, reckon 0.8100 would limit upside and bring another decline. A break of said support at 0.7959 would extend recent decline in wave v of iii to 0.7940 and possibly 0.7920 Trade Idea: USD/CAD - Sell at 1.0800This week's anticipated resumption of decline add credence to our near term bearish count that the wave c of iv is still in progress and may extend further weakness to 1.0650-60 and possibly towards 1.0605-10 (61.8% Fibonacci retracement of 1.0190-1.1279), however, oversold condition should limit downside to 1.0550, risk from there is seen for a strong rebound to take place later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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