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Daily Report: Risk Sentiments Weak ahead of EU Finance Ministers MeetingRisk sentiments remained generally weak in Asia, following the disappointing employment from US on Friday. Asian equities are broadly lower with Nikkei down -127 pts while Hong Kong HSI is down over -300 pts at the time of writing. Investors are also cautious ahead of EU finance ministers' meeting today. Euro was broadly weak, dipping to a new two year low against dollar and hovered around record low against Aussie. Dollar and yen were firm for the moment even though they both pared some on Friday's gains. Dollar index is staying firm above 83 level for the moment and is set to challenge near term resistance at 83.54 soon. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.7911; (P) 0.7947; (R1) 0.7969; More. Intraday bias in EUR/GBP remains on the downside for the moment. Current decline, which is part of the whole fall from 0.9083, is expected to continue to 61.8% projection of 0.8505 to 0.7949 from 0.8156 at 0.7812 next. However, we'll be cautious on reversal signal as the cross approaches next long term fibonacci level at 0.7782. On the upside, above 0.7964 minor resistance will turn bias neutral and bring consolidation before staging another fall. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the sing currency extended recent selloff to a multi-year low of 1.2230, cross-related bids in EUR/JPY by Japanese names lifted the pair from low but offers are still noted at 1.2300, 1.2325-30 and also in good size at 1.2350, some stops are placed at 1.2370 but fresh offers from various parties should emerge around 1.2400-10. On the downside, cross-related buying interests remain at 1.2240-50 and also at 1.2220-25 with mixture of bids and stops located further out at 1.2200. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Sell at 1.5590Despite Friday’s resumption of the fall from 1.5722 to 1.5461, as cable has recovered after holding above said support today, suggesting consolidation above this level would take place and minor correction towards the Ichimoku cloud bottom (now at 1.5544) would be seen, however, renewed selling interests should emerge around 1.5590-92 (current level of the upper Kumo and 50% Fibonacci retracement of 1.5722 to 1.5461), bring another decline later. Trade Idea: EUR/USD – Sell at 1.2350Despite opening lower this morning, as the single currency has rebounded after brief drop to 1.2230, suggesting minor consolidation above this level would be seen and retracement to the Kijun-Sen (now at 1.2329) cannot be ruled out, however, renewed selling interest should emerge around 1.2350 and bring another decline. A break of said support would extend recent downtrend to 1.2200-10 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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