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Daily Report: Yen Soared as Risk Markets Tumbled on Geopolitical RisksYen surged further today as risk aversion sent Nikkei down -454 pts, or -2.98% to close at 14778.37. That's the biggest fall in 5 months and the index hit a 2-month low. It should be noted that the steep fall was also accompanied by strong volume, as futures volume hit the highest level in 6 months. In addition, to the tensions in Ukraine, markets are reminded of the geopolitical risks in Iraq again. UK President Obama authorized air strikes in Iraq which might stir up even more tensions in the region. In the current markets, Swiss Franc and Euro were so far the second and third strongest currency this week. And commodity currencies are generally hit by the sour sentiments. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 171.48; (P) 172.04; (R1) 172.39; More..... GBP/JPY's fall accelerates to as low as 170.69 so far today and intraday bias remains on the downside. The near term trend has reversed and indeed, 175.36 could be a medium term bottom too. Further fall should be seen to 169.53 key support level for confirmation. On the upside, above 172.60 resistance is needed to sign short term bottoming. Or outlook will stay bearish in case of recovery. |
| Economic Indicators Update |
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US Session: Orders and Options WatchEUR: The single currency dropped today especially after ECB, sell orders are still noted at 1.3400-10, mixture of offers and stops remains at 1.3445-50, more stops are placed above 1.3460, but sell orders are still seen at 1.3470-80, followed by combination of offers and stops at 1.3490-10 area, selling interest is tipped at 1.3520-30. On the downside, bids at 1.3350 were filled but buy orders in good size are noted at 1.3325-30, fresh demand should emerge further out at 1.3300-10 with stops placed below another barrier at figure. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Hold long entered at 0.7945As the single currency has retreated again after intra-day brief bounce, suggesting caution on our near term bullish view that a temporary low has been formed at 0.7874 last month and 0.7904 support needs to hold to retain prospect of another rebound, above last week's high at 0.7985 would add credence to our bullish scenario and bring correction to 0.8000 Trade Idea: USD/CAD - Buy at 1.0850Despite rising to 1.0986 yesterday, as the greenback has retreated, retaining our view that consolidation below this level would be seen and pullback to 1.0875-80 cannot be ruled out, however, reckon 1.0850 would limit downside and bring another rise later. A break of said resistance at 1.0986 would extend recent upmove from 1.0621 low (tentatively wave c trough) for at least a retracement of recent decline towards 1.0990-00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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