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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Forex Markets Stuck in Range Despite Improvement in SentimentsThe forex markets remained steadily in range today so far and had little reactions to the rebound in stock markets. Global equities are broadly higher as tensions in Ukraine eased. European indices are generally higher with FTSE up 0.78%, DAX up 1.6% and CAC up 0.86% at the time of writing. US futures also point to higher open. Yen is mildly lower as risk aversion eased but loss is so far limited. Markets also had little reactions to the economic data released today. Canadian housing starts rose to 200k in July versus expectation of 194k. Swiss retail sales rose strongly by 3.4% yoy in June versus expectation of 0.7% yoy. Japan tertiary industry index dropped -0.1% mom in June, Money stock M2CD rose 3.0% yoy in July, consumer confidence rose to 41.5 in July, machine tool orders rose 37.7% yoy in July. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6748; (P) 1.6791; (R1) 1.6815; More... Intraday bias in GBP/USD remains on the downside for 1.6692 key support level. A medium term top was in place at 1.7190 and the larger trend is possibly resuming. Break of 1.6692 will confirm this bearish case. On the upside, above 1.6888 will indicate short term bottoming and bring lengthier consolidation before staging another decline. |
| 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Hold short entered at 1.6855Although the British pound has recovered after falling to 1.6767 on Friday and consolidation above this level would be seen, reckon upside would be limited to the Ichimoku cloud bottom (now at 1.6824) and bring another decline, a break of said support at 1.6767 would extend recent decline from 1.7192 top to 1.6750, however, loss of near term downward momentum should prevent sharp fall below 1.6720-25 and reckon 1.6700 would hold Trade Idea Update: USD/JPY - Hold short entered at 102.20Although the greenback fell quite sharply to 101.51 late last week, the subsequent rebound suggests consolidation would be seen, however, reckon resistance at 102.46 would cap upside and bring another decline later, a break of said support at 101.51 would extend recent decline from 103.09 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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Fundamental Highlights
Technical Highlights
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