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Daily Report: Equities Boosted by US GDP, Dollar FirmUS equities jumped sharply overnight as boosted by the stronger than expected GDP report, which showed 3.5% annualized growth comparing to consensus of 2.9%. DJIA rose further 221.11 pts, or 1.3% to close at 17951.42, comparing to record high of 17350.64 made in September. S&P 500 rose 12.35 pts, or 0.62% to close at 1994.65 comparing to record high of 2019.26, also made in September. Asian stocks followed with Nikkei up 1.75% at the timing of writing and is marching back to 16000 handle. Hong Kong HSI is also up over 0.7%. Dollar index rebounded to ahead high as 86.49 yesterday, just shy of recent resistance of 86.74, before retreating mildly. In the currency markets, dollar stays firm against other major currencies and is still on course to retest recent highs, including 1.2500 in EUR/USD, 1.5876 in GBP/USD, 0.9688 in USD/CHF and 110.08 in USD/JPY. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.1160; (P) 1.1191; (R1) 1.1218; More... USD/CAD's consolidation from 1.1385 is still in progress and deeper pull back cannot be ruled out. But still, near term outlook stays bullish as long as 1.1081 support holds and another rise is expected. Above 1.1254 minor resistance will turn bias back to the upside for 1.1385. Break will extend the rise from 1.0620 to 200% projection of 1.0620 to 1.0985 from 1.0810 at 1.1540. However, break of 1.1081 will bring lengthier correction and deeper pull back before staging another rally. |
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US Session: Orders and Options WatchEUR: The single currency bounced off low of 1.2547 in NY morning in part due to the release of US GDP data, offers at 1.2600-20 were filled but sell orders in good size are still noted at 1.2640-50, more selling interest is tipped at 1.2670-80 and 1.2700-10. On the downside, some bids are seen at 1.2570-80 and in good size at 1.2540-50 as well as 1.2520-25, mixture of bids and stops is located at 1.2490-00 but fresh demand should emerge further out at 1.2470 and 1.2450. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Wrap-up: USD/CHF - Buy at 0.9525As the greenback has retreated after intra-day brief rise to 0.9611, consolidation below this level would be seen and pullback to previous resistance at 0.9559 is likely, however, reckon the Kijun-Sen (now at 0.9527) would limit downside and bring another rise. A break of said resistance would extend recent rise from 0.9360 to 0.9625, break there would add credence to our view that early fall from 0.9690 top has ended at 0.9360 and gain to 0.9640 Trade Idea Wrap-up: EUR/USD - Sell at 1.2680Although the single currency fell briefly to 1.2547, lack of follow through selling on break of intra-day support and current rebound in NY opening after GDP data suggest consolidation above this level would be seen and recovery towards 1.2659-66 (current level of the Kijun-Sen and previous support) cannot be ruled out, however, renewed selling interest should emerge below 1.2685 (61.8% Fibonacci retracement of 1.2771-1.2547) and bring another decline later. A break of said support would extend weakness to towards support at 1.2501. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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