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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Dollar Firm in Risk Seeking Markets, Kiwi Falls after Trade DeficitThe financial markets remained rather mixed this week so far. Risk appetite was firm with S&P 500 breaching 2000 handle to 2001.95 overnight and closed at 1997.92, up 9.52 pts or 0.48%. DJIA also closed higher by 75.65 pts, or 0.44% and is heading back to historical high. Such sentiments didn't carry on to Asian equities as major indices are trading in red at the time of writing, with Nikkei down -0.5%. In spite of the rally in US stocks, treasury yields lost some more ground with 30 year yield back at 3.135 and 10 year yield slightly lower at 2.387. In the currency markets, dollar is generally firm against other major currencies but lacks follow through buying in spite of earlier rally. Euro is generally soft but we don't see follow through selling neither. Some more fresh stimulus is needed for the markets to extend recent trends. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.4151; (P) 1.4184; (R1) 1.4219; More... A temporary low is in place at 1.4148 in EUR/AUD and intraday bias is turned neutral first. Overall outlook is unchanged at fall from 1.5831 is viewed as a correction. Below 1.4148 will bring another fall but we'd expect strong support from 1.4050 to contain downside and bring reversal. Above 1.4271 minor resistance will turn bias back to the upside for 1.4477 first. Break there will confirm reversal. However, sustained trading below 1.4050 will carry larger bearish implications. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency remained under pressure in quiet European session, offers are reported at 1.3220-30 and also at 1.3250-60, mixture of offers and stops is located at 1.3295-00, more sell orders are expected at 1.3320-30, 1.3350 and 1.3370. On the downside, some bids are seen at 1.3180 and above option barrier at 1.3150, more buy orders are tipped at 1.3120-30 and in good size at 1.3100 with some stops placed below 1.3090. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CAD - Buy at 1.0900The greenback has maintained a firm undertone and a retest of last week's high of 1.0987 is likely, however, a firm break above there is needed to signal recent rise from 1.0621 low (tentatively wave c trough) has resumed for at least a correction of early decline towards 1.1000. Having said that, anticipated overbought condition should limit upside to 1.1050-60 and reckon 1.1090-00 would hold from here Trade Idea Wrap-up: EUR/USD - Sell at 1.3260 or buy at 1.3140As the single currency has remained under pressure after opening lower earlier today, bearishness remains for recent decline to extend further weakness to 1.3170 and possibly to 1.3150-55 (50% projection of 1.3297-1.3183 measuring from 1.3208), however, downside would be limited to 1.3135-40 (61.8% projection) and bring rebound later back to the Kijun-Sen (now at 1.3234) 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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