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Daily Report: Sterling Higher as Lifted by BoE Carney's CommentsSterling opened the week higher as lifted by comments from BoE governor Carney. Talking to Sunday Times regarding the timing of rate hike, Carney noted that "we have to have the confidence that prospective real wages are going to be growing sustainably... We don't have to wait for the fact of that turn to raise them". This suggested that the tightening might begin sufficient evidence of sustainable economic growth. On the broader economy Carney indicated that "the expansion is proceeding, momentum is more assured" and "wherever the finish line was in the depths of the crisis, we are much more than halfway toward that finish line now". While GBP/USD and GBP/JPY recovered, outlook in both pairs remains bearish. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8009; (P) 0.8021; (R1) 0.8037; More... A temporary top is in place at 0.8035 in EUR/GBP and intraday bias is turned neutral first. But another rise is still expected with 0.7920 minor support intact. As noted before, the larger trend is possibly reversing. Above 0.8035 will extend the rebound from 0.7873 short term bottom to 0.8157 key support turned resistance first. Sustained break of 0.8157 will confirm this bullish case. On the downside, below 0.7920 will dampen this bullish case and turn bias back to the downside for 0.7873 support. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has rebounded in part due to soft US data, bids remain at 1.3360, more buy orders are reported at 1.3340-50 and above 1.3325 barrier (stops below), defensive bids remain at 1.3300-10 with more stops placed below another barrier at figure, some buy orders are tipped at 1.3285, 1.3265 and 1.3250. On the upside, offers at 1.3390-00 were filled but sell orders are tipped at 1.3420-25, 1.3445-50 and 1.3460-70, selling interest should emerge further out at 1.3475-80, 1.3490-00 and 1.3520-30. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Hold long entered at 0.7945The single currency has continued to trade with a firm undertone on active cross-selling in sterling and near term bullishness remains for the erratic rise from temporary low at 0.7874 (formed last month as wave v trough) to bring retracement of recent decline to 0.8050 but reckon 0.8080 would limit upside, price would falter below 0.8100 due to near term overbought condition. Trade Idea: USD/CAD - Buy at 1.0850Although the greenback has slipped again and near term downside risk remains for the retreat from 1.0986 to bring retracement of recent rise, reckon downside would be limited to 1.0845-50 (50% Fibonacci retracement of 1.0709-1.0986 and 38.2% Fibonacci retracement of 1.0621-1.0986) and bring another rise later, above said resistance at 1.0986 would signal recent rise from 1.0621 low (tentatively wave c trough) has resumed for at least a correction of early 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
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