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Daily Report: Draghi Inspired Risk Rally ContinuesThe ECB Draghi triggered risk rally overnight was impressive. DOW jumped 211 pts to close at 12887.93 and is back near to top of recent range. Asian equities followed with Nikkei up 123 pts and HK HSI up 350 pts at the time of writing. Spanish 10 year yield settled comfortably below 7% level at 6.872% while Italian yield settled below 6% at 5.991%. Dollar index's break of 82.73 support confirmed short term topping and we'd likely see the greenback remains soft in near term. But we'd likely to point out that EUR/USD is feeling some resistance from 1.2324 and will need some more fuel to break through this resistance level. Similar situation is seen in GBP/USD as it retreated mildly from 1.5737/5777 resistance zone. USD/CHF also recovered after hitting 0.9746 support. Markets might take a breath today before the week closes. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.5530; (P) 1.5626; (R1) 1.5783; More... Intraday bias in GBP/USD remains on the upside for 1.5737/5777 resistance zone. As noted before, the impulsive rise from 1.5457 argues that rise from 1.5392 and that from 1.5268 is resuming. Break of 1.5777 will confirm and should target cluster resistance at 1.5901/6 (61.8% retracement of 1.6300 to 1.5268 at 1.5906 and 100% projection of 1.5268 to 1.5777 from 1.5392 at 1.5901). Though a break below 1.5617 minor support will mix up near term outlook again. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency retreated after yesterday's rally to 1.2330, euro has rebounded ahead of European opening after finding bids at 1.2270 and more decent demand are reported from 1.2260 down to 1.2240 with stops building up below 1.2220 and also 1.2200 but sizeable stops only emerging below 1.2165-70. On the upside, offers are tipped at 1.2320-30 with stops placed above 1.2330 and mixture of offers and stops is seen at 1.2350 but fresh offers should emerge further out at 1.2370 as well as 1.2400. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Buy at 1.5595Although yesterday’s euro-led rally confirms the fall from 1.5738 has ended at 1.5452, as price has retreated from 1.5724 (yesterday’s high), minor consolidation below this level would be seen and pullback to 1.5640-50 cannot be ruled out, however, the Kijun-Sen (now at 1.5597) should limit downside and bring another rise. Above said resistance at 1.5724 would bring test of said 1.5738, however, a sustained breach of this level is needed to signal a possible upside break of indicated range of 1.5393-1.5778 Trade Idea: EUR/USD – Buy at 1.2220Despite yesterday’s rally to 1.2330, lack of follow through buying on break of previous resistance at 1.2325 and the subsequent retreat suggest consolidation would be seen and below 1.2270 would bring pullback to 1.2240 but reckon the Kijun-Sen (now at 1.2223) would limit downside and bring another rise later. A break of said resistance would extend the rise from 1.2042 temporary low for a retracement of recent decline to 1.2350 and then 1.2368 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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