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Daily Report: Sterling Gaps Lower as Scottish Pro-Independence Camp Leads in PollSterling tumbles sharply as the week starts on increasing uncertainty over Scotland's independence. According to a YouGov poll released on Sunday, support for independence of Scotland jumped again to 51% and surpassed the anti-exit camp for the time since the referendum campaign begins. Economists noted that the chance of independence creates a great amount of political and economic uncertainties which would at least continue to pressure the pound until the vote on September 18. In particular, UK chancellor of exchequer Osborne said over that weekend that a plan of actions will be announced in the next few days to "give more powers to Scotland; more tax powers, more spending powers, more powers over the welfare state." And, major focus will be on whether such measures could turn the tide. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 170.94; (P) 171.59; (R1) 172.25; More..... GBP/JPY dives sharply to as low as 169.68 so far today and took out 170.42 support. Fall from 175.36 has resumed and intraday bias remains on the downside for 169.53 key support level. Sustained break there will carry larger bearish implication and will target 161.8% projection of 175.36 to 170.42 from 173.95 at 165.95. On the upside, above 171.67 minor resistance will turn bias neutral first. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency tumbled as ECB cut rate to 0.05%, bids at 1.3120-25, 1.3100-10, 1.3085, 1.3065, 1.3050 and barrier at 1.3000 were all tripped, not much orders are heard at the moment, some defensive bids are tipped above 1.2950 and 1.2900-10. On the upside, offers are now seen at 1.3030, 1.3050 and 1.3070-75, more sell orders are located at 1.3100-10 and in good size at 1.3140-50 with stops building up above 1.3160. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Hold long entered at 1.0860Although near term choppy trading is likely to continue, as outlook remains consolidative, reckon downside would be limited and as long as support at 1.0811 (last week's low) holds, prospect of another rebound remains, above 1.0910 would bring test of this week's high at 1.0943, however, break there is needed to signal the retreat from last week's high of 1.0998 has ended, bring retest of this level, once this resistance is penetrated, this would confirm early upmove from 1.0621 low (tentatively wave c trough) has resumed Trade Idea Wrap-up: EUR/USD - Sell at 1.3050Euro's recovery after yesterday's selloff to 1.2920 has retained our view that consolidation above this level would be seen and minor correction to 1.3010-15 (38.2% Fibonacci retracement of 1.3160-1.2920) cannot be ruled out, however, reckon upside would be limited to 1.3050-55, bring another decline later. A break of said support at 1.2920 would extend recent decline to 1.2905-10 (1.618 times projection of 1.3993-1.3503 measuring from 1.3700), however, loss of near term downward momentum should prevent sharp fall below 1.2875-80 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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