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Daily Report: Euro Steady in Range ahead of German ZEWThe financial markets are relatively steady today so far. Asian stocks opened higher today but Nikkei pared back the gains and is trading up around 0.2% at the time of writing. That followed slight gain in DJIA by 0.10% and S&P 500 by 0.28%. In the currency markets, yen extends this week's pull back against other major currencies but against loss is limited. Improvement in sentiments was also seen in the strong recovery in USD/CHF. Fresh selling is seen in Sterling in Asian session today with GBP/USD dipping through last week's low. Meanwhile, Euro is mildly softer against the greenback as markets await German confidence data. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.4432; (P) 1.4445; (R1) 1.4462; More... No change in EUR/AUD's outlook. The rebound from 1.4197 is expected to extend higher to 1.4601 resistance next. Decisive break there will argue that the corrective fall from 1.5813 has completed and will turn near term outlook bullish. Break of 1.4197 will extend the correction but in that case, we'd expect strong support from 1.4050 to contain downside and bring reversal. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrow after retreating from Friday's high of 1.3433, bids are still noted at 1.3375, 1.3360 and 1.3340-50, buying interest is seen above 1.3325 (barrier with stops below), fresh demand should emerge further out at 1.3300-10 with stops placed below another barrier at figure, some buy orders are tipped at 1.3285, 1.3265 and 1.3250. On the upside, offers remain at 1.3420-25, 1.3445-50 and 1.3460-70, more sell orders are still seen at 1.3475-80, followed by combination of offers and stops at 1.3490-10 area, selling interest is tipped at 1.3520-30. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Hold long entered at 0.7945Euro's rally after finding good support at 0.7916 last week adds credence to our view that a temporary low has been formed at 0.7874 (as wave v trough) last month and bullishness remains for this erratic rise from 0.7874 to bring retracement of recent decline to resistance at 0.8034 (previous 4th of a lesser degree) and possibly towards 0.8050 but reckon 0.8080 would limit upside and price would falter below 0.8100. Trade Idea: USD/CAD - Buy at 1.0850Despite Friday's brief rise to 1.0984, as the greenback has retreated after faltering below last week's high of 1.0986, suggesting minor consolidation below said resistance would be seen and another pullback to 1.0904 support cannot be ruled out, however, reckon 1.0850 would limit downside and bring another rise later, above said resistance would signal recent rise from 1.0621 low (tentatively wave c trough) is still in progress for at least a retracement of recent decline towards 1.1000 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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