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Daily Report: Yen Soft after GDP, UK Events WatchedThe forex markets are rather steady as traders await a rather eventful day. Yen stays soft after Q2 GDP report. Dollar struggled to extend overnight's gain and retreated ahead of near term resistance against euro and swiss franc. Elsewhere, Asian equities are fluctuating between loss and gain and markets struggle to have a clear direction. US indices were mildly pressured yesterday but DJIA and S&P 500 both ended the day mildly lower only, paring much of earlier losses. UK will be a key focus today with job data and BoE inflation report featured. US will release retails sales. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 171.52; (P) 171.74; (R1) 172.11; More..... Intraday bias in GBP/JPY is neutral for the moment and consolidation from 170.69 might extend. But upside should be limited by 172.60 resistance and bring another decline. Current development suggests medium term topping at 175.36. Below 170.69 will turn bias to the downside for 169.53 key support level to confirm this bearish case. However, above 172.60 resistance will suggest that the pull back from 175.36 has completed and will turn bias back to the upside. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency tumbled on soft ZEW data, bids at 1.3340-50 were filled, however, defensive buy orders are reported 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 1.3390-00, 1.3420-25 and 1.3445-50, more sell orders are still seen at 1.3460-70 and 1.3475-80, followed by combination of offers and stops at 1.3490-00 and 1.3520-30. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Wrap-up: USD/CHF - Buy at 0.9075As dollar has retreated after failing to penetrate resistance at 0.9105, suggesting minor consolidation would be seen but the upper Kumo (now at 0.9069) should limit downside and bring another rise, above said resistance would confirm pullback from last week's high of 0.9115 has ended at 0.9033 on Friday and retest of this level would follow, break there would signal the erratic rise from 0.8699 low has resumed for headway to previous resistance at 0.9157 Trade Idea Wrap-up: USD/JPY - Hold short entered at 102.20Although dollar staged a strong rebound after last week's anticipated fall to 101.51 and near term upside risk is seen for marginal gain from here, as long as resistance at 102.46 holds, bearishness remains for the fall from 103.09 to resume after consolidation, below last week's low of 101.51 would extend this decline to 101.32, then towards key support at 101.07-09 but break of latter level is needed to retain bearishness and signal early fall from 104.13 has resumed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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