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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Markets Steadily in Consolidation, Reaction to G8 MutedMarkets are relatively steady as the week starts. G8's growth talk over the weekend triggered little reactions. As noted before, risk markets were oversold last week and some consolidative price actions are likely. But risk assets are vulnerable to another selloff on European debt crisis development. Greece could be off the spotlight for a little while since the next election is already set for June 17. Focus has already turned to deteriorating banking sector in Spain and other countries. Euro is also seen deeply oversold as CFTC data showed net Euro short jumped to record 174k contracts in the week ended May 15 and will likely consolidate against dollar and yen first. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 100.02; (P) 101.20; (R1) 101.85; More A temporary low is in place at 100.20 and EUR/JPY's recovery from there continues higher today. Intraday bias is turned neutral and stronger recovery could be seen back to 4 hours 55 EMA (now at 102.48). But upside should be limited well below 104.61 support turned resistance and bring fall resumption. Below 100.20 will extend the fall from 111.43 to retest 97.03 low next. |
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Orders and Options Watch | ||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency has continued to recover initially this morning in Asia and reached an intra-day high of 1.2813, however, offers from various parties (including real money accounts, macro funds and Asian names) are lined up from 1.2820 all the way up to 1.2850 (some stops are placed at 1.2840 though) and more selling interests should emerge around 1.2880-90 with some stops placed above 1.2900-10. On the downside, first bids are located at 1.2740-50 and more buying interests are tipped at 1.2700-10, followed by mixtures of bids and stops located at 1.2640-50 and further out at 1.2620-25. | ||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Sell at 1.5930Despite Friday’s brief fall to 1.5732, the subsequent rebound has retained our view that a minor low is formed there and consolidation with mild upside bias is seen for retracement to the Ichimoku cloud top (now at 1.5860), however, upside should be limited to previous support at 1.5889 and renewed selling interests should emerge around 1.5930-35 and bring another decline later. Trade Idea: EUR/USD – Hold short entered at 1.2810Despite intra-day brief rise to 1.2813, as the single currency has retreated after holding below previous support at 1.2814, retaining our bearishness for another decline, below the Kijun-Sen (now at 1.2734) would bring test of the Ichimoku cloud top (now at 1.2701) but break of the lower Kumo (now at 1.2685) is needed to signal the rebound from Friday’s low of 1.2642 has ended, then retest of this level would follow. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights | ||||||||||||||||||||||||||||
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