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Mid-Day Report: Dollar Extends Post NFP RetreatDollar extends the broad based post NFP retreat today and is generally lower against other major currencies. Meanwhile Australian dollar and New Zealand dollar are firm as lifted by trade data from China. Euro is mixed in spite of improvement in investor confidence as shown. Meanwhile, Canadian dollar showed little reactions to housing data. Housing starts dropped to 184k in October versus expectation of a rise to 199.8k. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 114.05; (P) 114.82; (R1) 115.38; More... Intraday bias in USD/JPY remains neutral as consolidation from 115.57 temporary top continues. Deeper retreat might be seen but we'd expect strong support from 4 hours 55 EMA (now at 112.71) to contain downside and bring rally resumption. Above 115.57 will target 161.8% projection of 101.08 to 110.08 from 105.19 at 119.75 next. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency edged higher again in European session and offers at 1.2500 were filled but price has retreated after meeting indicated sell orders at 1.2510 (stops above there), more selling interest is tipped at 1.2525-35 (more stops above) and 1.2550-55, selling interest is reported at 1.2580 and 1.2600. On the downside, bids remain at 1.2450-55, 1.2425-30 and 1.2400-10, more buy orders are located at 1.2375, 1.2355-60, mixture of bids and stops is located at barrier at 1.2350, fresh demand should emerge further out at 1.2325-35, 1.2300-10 and 1.2280-85. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY - Sell at 115.00Although the greenback rose marginally to 115.59, lack of follow through buying and the subsequent retreat suggest a temporary top has possibly been formed and consolidation with mild downside bias is seen for retracement of recent upmove, bring weakness to 113.70-80, then towards previous support at 113.17, however, reckon 113.00 (38.2% Fibonacci retracement of 108.80-115.59) would limit downside and 112.57 support should remain intact, bring another rally later. Trade Idea Update: GBP/USD - Buy at 1.5840As the British pound staged a strong rebound after falling to 1.5790 last week, suggesting a temporary low has possibly been formed there and consolidation above there is seen with mild upside bias for retracement to 1.5987 (50% Fibonacci retracement of 1.6183-1.5790), then test of 1.6002 resistance but break of latter level is needed to add credence to this view, bring a stronger rebound to 1.6025-39 (previous resistance and 61.8% Fibonacci retracement). 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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