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Mid-Day Report: European Majors Jumps on Solid Data, IMF Secures Russia FundingEuropean majors are lifted by solid economic data today and strength against dollar and yen. In addition, there is some progress on IMF's bid for funding as Russia deputy finance minister Storchak indicates that G-20 will announce the final contribution amount today. While BRICS countries might not reveal the breakdown of the amount, it's believed that Russia will contribute $10, and China's part could be up to $40-50b. ECB governing council member Knot also expressed his optimism that IMF would raise at least $350b for its global firewall. And Know said that the eventual amount could be a sum of between $400b -$500b. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6014; (P) 1.6045; (R1) 1.6083; More... GBP/USD's rally resumes today after brief consolidation and reaches as high as 1.6121 so far today. Intraday bias is back on the upside for a test on 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234) next. On the downside, below 1.6008 minor support will turn bias neutral again. But break of 1.5818 is needed to confirm reversal. Otherwise, we'll stay cautiously bullish even in case of retreat. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound surged again in London morning shortly after the release of better-than-expected UK retail sales data and offers at 1.6080-90 were filled and option barrier at 1.6100 and stops above there were triggered, mixture of offers and stops is still seen at 1.6150-60. On the downside, bids from Asian names and Middle East names are lined up at 1.6070, 1.6040-50 and also at 1.6000-10 with stops building up below latter level as well as 1.5980. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD – Buy at 1.3120As the single currency has continued to move higher, suggesting the rebound form 1.2995 is still in progress and further gain towards last week’s high of 1.3213 would be seen, however, break there is needed to retain bullishness and bring a stronger retracement of early decline from 1.3385 towards 1.3251 (previous support turned resistance) Trade Idea: AUD/USD – Buy at 1.0280As aussie has retreated after rebounding to 1.0418 earlier this week, retaining our view that further consolidation would be seen and marginal weakness below 1.0305 (this week’s low) cannot be ruled out, however, as temporary low has been formed at 1.0226 last week, downside should be limited to 1.0280 and bring another rebound. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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