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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Pared Gains, Yen Pared Losses in Quiet MarketsEuro weakens mildly today as reaction to G20 meeting over the weekend but loss is so far limited. It looks like the common currency has made a temporary top in most pairs and some consolidations would likely be seen ahead of this week's second LTRO operation from ECB. Dollar manages to recover against most major currencies as risk appetite recede, with major European indices in red. The Japanese yen also recovers mildly as crude oil is facing some resistance from 100 psychological level. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3376; (P) 1.3431 (R1) 1.3504; More... With 4 hours MACD crossed below signal line, a temporary top should be in place in EUR/USD at 1.3486 and intraday bias is turned neutral. Deeper retreat could be seen to 4 hours 55 EMA (now at 1.3275). But downside should be contained by near term rising channel support (now at 1.3083) and bring another rise. Above 1.3486 will target 61.8% retracement of 1.4246 to 1.2625 at 1.3627 next. As noted before, decisive break of 1.3627 will have near term falling trend line resistance firmly taken out and affirm the case of completion of whole fall from 1.4939 at 1.2625. |
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Orders and Options Watch | ||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar dropped quite sharply today on massive profit-taking after faltering below previous resistance at 81.77 and bids at 80.90-00 and 80.70 were filled and stops below 80.40 were also triggered, however, buying interests from Japanese investors are scattered from 80.30 all the way down to 79.90 with bigger stops placed below 79.80, 79.50 and 79.30. On the upside, offers from exporters and European names are lowered to 80.75-80 and also 81.10-20 with more sizeable sell orders are tipped at 81.50-60 with stops building up above 81.80 and 82.00. | ||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY – Hold long entered at 80.50Dollar’s retreat after intra-day rally to 81.66 suggests caution on our long position entered at 80.50 and the Ichimoku cloud bottom (now at 80.25) needs to hold to retain bullishness for another rebound, above the Tenkan-Sen (now at 80.78) would bring test of the Kijun-Sen (now at 80.99) but said resistance at 81.66 should continue to hold and bring further consolidation later. Trade Idea: AUD/USD – Hold long entered at 1.0650Despite rebounding from 1.0597 to 1.0756 last week, the subsequent retreat suggests further consolidation would be seen and said support needs to hold to retain bullishness for another rebound to said resistance, break there would encourage for a test of 1.0817 (last week’s high) but above there is needed to confirm correction from 1.0845 has ended and bring a retest of this level. 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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