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Mid-Day Report: Sentiments Further Weighed Down by Poor Eurozone PMIsDollar and yen extend this week's recovery as sentiments were further weighed down by poor Eurozone data today, which suggests deeper and steeper contraction in Eurozone economies. Eurozone manufacturing PMI dropped to 46.0 in April, much worse than expectation of a rise to 48.1 and was the lowest number in 34 months. Eurozone services PMI dropped to a 47.9 versus expectation of 49.3, hitting a five month low. German PMI manufacturing dropped sharply to 46.3 versus expectation of 49.0, lowest since July 2009 even though services PMI unexpectedly improved to 52.6. France PMI manufacturing rose slightly less than expected to 47.3 but services PMI dropped from 50.1 to 46.3. Chief economist at Markit Chris Williamson said that the data "signaled a faster rate of economic contraction in the euro zone during April, extending what appears to be a double-dip recession into a third consecutive quarter." |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3154; (P) 1.3190 (R1) 1.3252; More..... The break of 1.3128 minor support suggests that recovery from 1.2994 has possibly finished at 1.3226 already and mixed up the near term outlook. Bias is turned neutral first and we'll wait for a breakout from 1.2994/3385 zone to confirm our view. On the bearish side, note that EUR/USD is held below the medium term falling trend line resistance and struggled to sustain above 55 days EMA. Break of 1.2994 will revive the case that rebound from 1.2625 is finished and would possibly resume the larger decline from 1.4939. On the bullish side, bote that price actions from 1.3486 look corrective in nature and break of 1.3385 will suggest that rebound from 1.2625 is resuming. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped today in part due to the release of weaker-than-expected French PMI services data, stops below 1.3130 were triggered, Middle East and Asian names were seen selling the pairs and offers from same parties plus model funds are still seen at 1.3160-70 with some stops placed at 1.3185 and 1.3200, followed by mixture of offers and stops at 1.3220-30. On the downside, some bids are tipped at 1.3100 and combination of bids and stops is seen at 1.3050-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY – Sell at 81.40Despite last week’s rally from 80.29 to 81.78, the subsequent retreat after faltering below resistance at 81.87 suggest top has been formed there and as price is currently trading below both falling Tenkan-Sen and Kijun-Sen, downside bias is seen for further weakness to 80.86 (61.8% Fibonacci retracement of 80.29-81.78) and later 80.40, however, support at 80.29 should remain intact, bring another rebound later. Trade Idea: AUD/USD – Buy at 1.0255Although current breach of previous support at 1.0305 (last week’s low) suggests near term downside risk remains for marginal weakness, if our view that a temporary low has been formed at 1.0226 is correct, downside should be limited to 1.0250 and bring another rebound. Above 1.0391 would suggest retreat has ended and bring another test of said resistance at 1.0453 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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