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Daily Report: Euro Recovered After Post ECB Dip, Focus Turns to NFPMuch volatility was seen in the financial markets overnight. Euro tumbled sharply after ECB announced historical easing measures. However, there was no follow through selling in the common currency as it quickly recovered again other major currencies. The dollar index jumped to as high as 81.02 but retreated sharply. It's back at around 80.35 at the time of writing. Overall market sentiments were optimistic as S&P 500 surged by 12.58 pts, or 0.65% to close at new record high of 1940.46. DOW also followed and rose 95.58 pts, or 0.59%, to close at record high of 16836.11. Focus will turn to employment data from US today and another round of volatility is anticipated in the markets. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.4529; (P) 1.4606; (R1) 1.4702; More... EUR/AUD dropped to as low as 1.4512 before recovering mildly. Intraday bias remains on the downside with 1.4750 minor resistance intact. The decline from 1.5831 has just resumed and deeper fall should be seen to medium term fibonacci level at 1.4216. We'll look for reversal there. Nonetheless, considering bullish convergence condition in 4 hours MACD, break of 1.4750 will be an early sign of reversal and will bring stronger rebound back to 1.4872 resistance. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency rebounded as ECB cut rates less than expected, euro quickly turned back south as Draghi gave dovish comments in the subsequent press conference and signal the central bank will keep rates low for an extended period of time. Bids at 1.3570-90, 1.3550-60 and 1.3525 were filled, however, buy orders are still noted at 1.3500 with stops placed below figure, fresh demand should emerge at 1.3475 and 1.3450. On the upside, offers are lowered to 1.3600-20 area and sizeable offers remain at 1.3645-50 with stops building up above 1.3655-65, more sell orders are located at 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: EUR/GBP - Buy at 0.8050The single currency fell again after faltering below resistance at 0.8153(last week's high), retaining our view that near term downside risk remains for recent decline to extend one more fall to 0.8050-55, however, loss of downward momentum should prevent sharp fall below there and this minor wave v would be limited to 0.8015-20, bring another rebound later. Trade Idea: USD/CAD - Hold short entered at 1.0920Although the greenback has maintained a firm undertone and near term upside risk remains for marginal rise, as this move from 1.0814 is still viewed as retracement of recent decline, reckon upside would be limited to 1.0960-70 and bring retreat later, below 1.0870-75 (previous resistance) would signal top is formed and bring another fall towards 1.0814 support but break there is needed to signal the c leg of wave iv is in progress and extend the decline from 1.1279 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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