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Mid-Day Report: Financial Markets Lacked Direction, Forex in ConsolidationThe financial markets lacked a clear direction today so far. Japanese Nikkei gave up 15000 level again and dropped -2.03% to close at 14804.28. Nonetheless, European indicates are broadly higher with FTSE up 0.85%, DAX up 1% and CAC up 1.5% at the time of writing. US stock futures point to higher open. The currency markets are rather steady today. Reuters reported that, according to unnamed sources, ECB is considering to buy corporate bonds on the secondary market and could make a decision as soon as at the December meeting. However, it was denied by an ECB spokesman who said "the Governing Council has taken no such decision." Released from Europe, Swiss trade surplus widened to CHF 2.45b in September. UK public sector net borrowing rose to GBP 11.1b in September |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 106.67; (P) 107.03; (R1) 107.28; More... USD/JPY faced some resistance from 107.49 and retreated. Intraday bias remains neutral for the moment. Deeper fall cannot be ruled out yet as correction from 110.08 might extend. But in that case, we'd look for reversal below 61.8% retracement of 101.08 to 110.08 at 104.51. Meanwhile above 107.49 will argue that the pull back is completed and will turn bias back to the upside for retesting 110.08. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency dropped today in European session, bids at 1.2815-20, 1.2800, 1.2780-85, 1.2770, 1.2750 and 1.2725-35 were filled, more buy orders are located at 1.2700, 1.2675-80 and 1.2650. On the upside, offers are lowered to 1.2775-80, 1.2800 and in good size at 1.2840-50, more sell orders are located at 1.2880-90, mixture of offers and stops is tipped at 1.2900, selling interest is likely to emerge around 1.2920-30 and 1.2950. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Sell at 0.9480The greenback has rebounded after holding above minor support at 0.9396, retaining our view that further consolidation would be seen, however, still reckon resistance at 0.9491 would limit upside and bring another fall, break of said support would signal recent decline from 0.9690 top has resumed for retest of 0.9360 (last week's low), break there would confirm this view and extend weakness to another previous support at 0.9353, then 0.9325-30 Trade Idea Update: USD/JPY - Hold long entered at 106.40Although the greenback slipped again after meeting renewed selling interest just above 107.00 level, if our view that low has been formed at 105.20 last week is correct, downside should be limited and 106.10-15 should hold, bring another rebound later, above 107.00-05 would signal the retreat from yesterday's high of 107.39 has ended, bring test of this level. Looking ahead, only break of resistance at 107.50 would add credence to our view, bring at least a retracement of recent decline to 107.85-90 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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