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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Quiet Consolidation Continues, Yen Steady as after Weak DataThe markets remained rather dull so far this week. DOW ended 22.02 pts higher at 16892.59 after initial dip to 16877.72. Asian equities are mildly higher with Nikkei up 60 pts while HK HSI is up 50 pts at the time of writing. The dollar index continues to struggle in tight range around 81 handle as the forex markets are generally stuck in tight range. The markets could continue to stay in consolidative model today as traders would stay cautious ahead of the key events later this week, including US GDP, FOMC, NFP and ISM. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 172.79; (P) 172.93; (R1) 173.12; More..... GBP/JPY continues to stay in right range above 172.36 support and intraday bias remains neutral for the moment. On the downside, sustained break of 172.36 support will confirm near term reversal and will turn outlook bearish for 170.95 support next. On the upside, break of 174.54 will suggest that the consolidation from 175.36 might have finished and will turn bias back to the upside for 175.36 and above. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency remained confined to narrow range as traders await US data and upcoming key events this week, buy orders are still noted at 1.3415-20, mixture of bids and stops is located at 1.3400 barrier, more buying interest is expected at 1.3370-80 and 1.3350. On the upside, offers are lowered to 1.3450-70, 1.3475-85 and 1.3500, more sell orders are tipped at 1.3520-30 and 1.3545-50, fresh selling interest is tipped at 1.3555-80 area (stops above) and 1.3600-10. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Buy at 0.7855Lack of follow through buying last week's breach of resistance at 0.7933 and the subsequent retreat from 0.7940 suggest near term downside risk remains for another test of last week's low at 0.7874, break there would extend recent decline towards 0.7850-55, however, as this move is still viewed as the final leg of recent impulsive wave, downside should be limited and 0.7815-20 would hold, bring rebound later. A firm breach above last week's high of 0.7940 would suggest a temporary low is possibly formed Trade Idea: USD/CAD - Buy at 1.0770The greenback has rallied on Friday and broke above previous resistance at 1.0794, adding credence to our view that low has been formed at 1.0621 earlier this month and consolidation with upside bias remains for at least a retracement of recent decline to 1.0850 but break of resistance at 1.0896 is needed to retain bullishness and encourage for headway towards 1.0940-50 but reckon 1.1000 would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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