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Daily Report: Markets Steadily Await US and Canada Job DataMarkets are as usual steady in Non-farm payroll day ahead of the release. Economists expect 116k expansion in the US job markets in November, a mild improvement from October's 80k. Unemployment rate is expected to be unchanged at 9.0%. There are cases to support an upside surprise in today's report. Wednesday's ADP report showed an impressive 206k growth in the private sector jobs in November versus expectation of 128k. While ADP isn't a ideal leading indicator for NFP, it's still possible that the strength in private job growth could carry through to NFP. Meanwhile, initial jobless claims were also positive as it stayed below 400k level for the first three weeks in November before rising back to 402k in the last week. Consumer confidence indices, including both the Conference Board and University of Michigan indices, posted sharp improvements. While the employment component of ISM manufacturing index showed deterioration to 51.8 in November, it still stayed in expansionary level. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.5632; (P) 1.5693; (R1) 1.5751; More. With 4 hours MACD crossed below signal line, intraday bias in GBP/USD is turned neutral for the moment. Further rise is still in favor as long as 1.5525 minor resistance holds and above 1.5779 will target 1.5887 resistance first. Break there will confirm completion of the choppy fall from 1.6164 and should bring stronger rise to retest this resistance next. However, break of 1.5525 will indicate that recovery from 1.5422 is over and should flip bias back to the downside to extend the fall from 1.6165 through 1.5422. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency traded within relatively narrow range due to lack of fresh stimulus and some traders await the release of U.S. job reports, bids from Asian names are reported at 1.3440 and 1.3420 with some stops seen below 1.3390-00 but more buying interest is likely to emerge around 1.3350. On the upside, first offers are tipped at 1.3485-90 and also at 1.3520-30 (in good size) with stops building up above 1.3535-40, mixture of offers and stops is reported further out at 1.3590-00 with bigger stops placed above 1.3615-20. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Buy at 1.3420Failure to extend yesterday’s rebound from 1.3417 and the subsequent retreat from 1.3522 suggest further consolidation below this week’s high of 1.3533 would take place and pullback to the Ichimoku cloud top (now at 1.3424) cannot be ruled out, however, said support at 1.3417 should limit downside and bring another rebound later. A break of said upper range at 1.3533 would extend the rise from 1.3213 for at least a strong retracement of recent decline to previous resistance at 1.3568 Trade Idea: USD/JPY – Hold long entered at 77.30Dollar’s rebound after early selloff to 77.29 has retained our bullishness and consolidation with upside bias remains for gain to 77.95/00, however, above previous resistance at 78.16 is needed to signal the pullback from 78.29 has ended. Looking ahead, only a sustained breach of this resistance would confirm the rise from 76.58 has resumed and extend to 78.50/55 but overbought condition should limit upside Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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