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Daily Report: Confidence Weak Despite Triple Shot Central Bank Actions, Could NFP Help?Markets are rather unconvinced by the triple central bank actions yesterday. Even though ECB and PBoC cut rates and BoE expanded the asset purchase program, European equities ended flat only while DOW was down -47 pts. Asian stocks followed and were broadly lower today. Dollar jumped over the board together with the Japanese yen on risk aversion. Spanish 10 year yield was back at 6.8%, the level before the EU summit while Italy 10 year yield was back pressing 6%. The developments highlighted markets deep concern on slowdown in the global economy. And indeed, PBoC's surprised second cut in a month was seen as an alarm in China, rather than something to cheer for. Focus will turn to job market data from US today which could trigger another round of volatility in risk markets. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 123.64; (P) 124.25; (R1) 124.65; More... Intraday bias in GBP/JPY remains neural for the moment with focus back on 122.86 minor support. Break there will indicate that corrective rise from 118.82 has completed and should flip bias back to the downside for retesting this low. But before there, rise from 118.82 could still continue higher. Break of 125.47 minor resistance should send GBP/JPY through 125.82 to 127.10 and above. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency has remained under pressure after yesterday's selloff but has traded narrowly as traders await the release of key U.S. job reports later today. At the moment, bids from Asian sovereign names are noted at 1.2350-60 with sell stop orders placed below 1.2345-50 but more buying interests are likely to emerge around 1.2300-10 with mixture of bids and stops tipped at 1.2280-90. On the upside, offers from various parties are lined up at 1.2400-10 and further out in the region of 1.2430-50 with some stops placed above 1.2455-60, followed by combination of offers and stops at 1.2500-10. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Buy at 0.9635Current firmness after yesterday’s post-ECB rally signals the rise from 0.9424 low is still in progress and further gain to 0.9718-20 (100% projection of 0.9424-0.9679 measuring from 0.9463) and possibly 0.9740-50 would be seen, however, near term overbought condition should prevent sharp move beyond recent high of 0.9771 and risk from there is seen for a retreat later. Trade Idea: EUR/USD – Sell at 1.2460As euro has remained under pressure after yesterday’s post-ECB selloff below previous support at 1.2408, suggesting recent decline is still in progress and further weakness to 1.2350 and possibly 1.2320-25 would be seen, however, near term oversold condition should limit downside and reckon recent low at 1.2288 would remain intact, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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