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Mid-Day Report: Dollar Recovered after NFP Knee Jerk Reaction, CAD ReboundsDollar remains firm in early US session even employment data came in a bit below expectation. Non-farm payroll showed 214k growth in the job market in October versus expectation of 228k. Nonetheless, prior month's figure was revised slightly higher to 256k. Also, it's the ninth straight month that job growth exceeded 200k level. Unemployment rate also dropped to 5.8% versus expectation of 5.9%, hitting the lowest level since 2008. That were some knee jerk reactions to the release as dollar dipped initially. But the greenback quickly recovers and is staying close to recent high against other major currencies, except Canadian dollar. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 114.33; (P) 114.92; (R1) 115.78; More... Intraday bias in USD/JPY remains neutral as consolidation from 115.51 temporary top might extend. But strong support should be seen at 4 hours 55 EMA (now at 112.41) and bring rise resumption. Above 115.51 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 went up and down in part due to mixed US job reports, offers at 1.2410-30 area were filled but sell orders are still noted at 1.2450 (some stops above 1.2460), 1.2475-85 and 1.2500, more selling interest is reported at 1.2515, 1.2525-35 (more stops above) and 1.2550-55. On the downside, bids at 1.2365-70 were filled but buy orders are seen at 1.2350-55 with stops building up below barrier at 1.2350, fresh demand should emerge further out at 1.2325-35, 1.2300-10 and 1.2280-85, buyers are lined up at 1.2265 and 1.2250. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CAD - Buy again at 1.1265As the pair has slipped after faltering below this week's high at 1.1467, retaining our view that consolidation below this level would be seen and initial downside bias remains for retracement to 1.1295-00 (50% Fibonacci retracement of 1.1122-1.1467), however, reckon 1.1254-59 (61.8% Fibonacci retracement and previous minor support) would limit downside and bring another rise later. A break of said resistance at 1.1467 would signal the rise from 1.0660 low is still in progress Trade Idea: EUR/JPY - Buy at 141.20As the single currency has retreated after rising to 144.22 yesterday, suggesting minor wave iii has possibly ended there and consolidation below this level would be seen with initial downside bias for retracement to 141.45-50 (38.2% Fibonacci retracement of 137.04-144.22), however, reckon 141.00 would contain downside and bring another rise later. A break of said resistance would signal recent rally from 134.14 low is still in progress and extend gain towards 145.00 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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