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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Dollar Firm ahead of ADP, GDP and then FOMCDollar stays firm and maintains yesterday gain as markets are waiting for some important events today, including employment data, GDP and FOMC. The dollar index breached 81.20 overnight and is hovering around that level for the moment. So far this week, Kiwi and Loonie are the weakest currencies followed by yen. Meanwhile, performance of Euro isn't that bad as it's the second strongest currency, as it's consolidating elsewhere. In other markets, US equities extended recent consolidations with DOW down -70.48 pts to close at 16912.11, losing 17000 handle again. That was accompanied by decline in 30 year yield which closed at 3.222, extending recent down trend. 10 year yield was stuck in range. Asian stocks, on the other hand, are generally higher with MSCI Asia Pacific Index extending six year high. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0809; (P) 1.0837; (R1) 1.0878; More... USD/CAD's rally extends to as high as 1.0865 so far and intraday bias remains on the upside. As noted before, that correction from 1.1278 has completed at 1.0620 already, just ahead of 1.0608 key cluster support and long term trend line. Rise from 1.0620 should extend to 1.0960 resistance next. Sustained break there will pave the way for retest of 1.1278 high. on the downside, below 1.0795 minor support will turn bias neutral and bring consolidations. But downside should be contained above 1.0708 support and bring another rise. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar also moved higher, offers and stops at 102.05 were tripped, however, more sell orders are tipped at 102.20-50 area (stops above latter level), selling interest should emerge around 102.80 and 103.00. On the downside, bids are raised to 101.95 and 101.75-85, more buy orders are located at 101.50-60 and from 101.30 down to 101.00 with stops building up below figure, more buy orders are tipped at 100.75 (stops below) and in good size at 100.50. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Buy at 0.7855Despite last week's brief breach of resistance at 0.7933, lack of follow through buying and the subsequent retreat from 0.7940 suggest consolidation would be seen and test of last week's low at 0.7874 cannot be ruled out, 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 surged again today after breaking above previous resistance at 1.0794 earlier, 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 towards resistance at 1.0896, however, a sustained breach above there 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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