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Mid-Day Report: Markets Tread Water in Holiday Mood, US Data MixedMarkets continue to tread water as mixed economic data from US provides no inspiration to traders who are already in holiday mood. Headline durable goods orders rose strongly by 3.8% in November comparing to expectation of 2.2%. Ex-transport orders rose 0.3%, a bit lower than consensus of 0.4%. Personal income and spending rose 0.1% in November, missing expectation of 0.3%. Headline PCE unexpectedly moderated to 2.4% yoy in November while core PCE was unchanged at 1.7% yoy. Data from Canada saw GDP flat in October versus expectation of 0.2% mom rise. Nonetheless, Canadian dollar remains firm as held by strengthen in crude oil, which is back trading above 100 psychological level. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3004; (P) 1.3062 (R1) 1.3106; More. EUR/USD continues to stay in range above 1.2946 as consolidations continue. Intraday bias remains neutral for the moment. With 1.3212 resistance intact, fall from 1.4246 is still in favor to continue. Break of 1.2946 will confirm decline resumption for 1.2873 support first. However, break of 1.3212 will indicate that a short term bottom is at least formed at 1.2946 and stronger rebound should then be seen to 1.3538 resistance and above. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: A very quiet European session as most traders closed their books for the year of 2011, option related orders were keeping the single currency within 1.3000 -1.3100 (where large option expires are located) and bids from Asian CBs are reported at from 1.3030 (another expiry) to 1.3010 with stops building up below 1.3000 and 1.2980 (large) and mixture of bids and stops in good size are tipped further out at 1.2940-50. On the upside, whilst some stops are placed above 1.3100, mixtures of offers and stops are reported at 1.3120-30 and also 1.3150-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9275Dollar’s retreat after yesterday’s brief rise to 0.9400 suggests further consolidation below previous resistance at 0.9401 would be seen and weakness to yesterday’s low of 0.9309 cannot be ruled out, however, if our view that a temporary low formed at 0.9245 is correct, downside should be limited to 0.9270/75 and bring another rebound. A sustained breach of indicated resistance at 0.9401-15 is needed to confirm the fall from 0.9549 top has ended at 0.9245 Trade Idea: EUR/JPY – Hold long entered at 101.65As the single currency has remained confined within a narrow range, suggesting further consolidation would take place but if our view that a temporary low is possibly formed at 101.05, downside would be limited and bring another rebound later. A break of resistance at 102.55 would add credence to our near term bullishness for retracement of recent decline to 102.85-90 and possibly 103.40-50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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