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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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Daily Report: Dollar Mildly Firmer on Risk Aversion, Investors Cautious ahead of Jackson HoleDollar is mildly firmer against other major currencies as the week starts. Asian equities didn't followed the rebound in US stocks on Friday and are broadly lower today. Investors are clearly cautious ahead of the highly anticipated Jackson Hole symposium this week. Fed chairman Bernanke's comment that "there is scope for further action by the Fed to ease financial conditions" raised the expectation that he's give concrete message of QE3 during the event. But investors hesitate to jump in at this stage. Nonetheless, we'd like to point out that the price actions in EUR/USD, GBP/USD, USD/CHF and USD/JPY are corrective looking so far. And thus, more downside is still generally favored in the greenback ahead. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 78.50; (P) 78.61; (R1) 78.78; More... USD/JPY continues to consolidate above 78.33 temporary low today and intraday bias remains neutral. As noted before, current development argues that price actions from 77.66 are either a consolidation pattern that's completed with three waves to 79.65, or is a five wave triangle pattern. In either case, recovery attempt should now be limited well below 79.65 resistance. Below 78.33 will turn bias to the downside for 77.90 support. Break and break will indicate that fall from 84.17 is finally resuming for 75.56/84.17 support zone. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency confined within narrow range this morning in Asia as some traders await the release of German IFO data, bids are still noted at 1.2480-90 with stops building up below 1.2475 but fresh demand from Asian and Middle East names are tipped further out at 1.2430-40 with more sizeable stops placed below there as well as 1.2400. On the upside, offers are reported at 1.2525-30 and 1.2550-60 with mixtures of offers and stops tipped at 1.2570-80 and also in good size at 1.2590-00 (related to 1.2600 barrier). | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Hold long entered at 1.5800As cable has remained under pressure after last week’s fall from 1.5912, suggesting near term downside risk remains for a deeper correction of recent rise, however, still reckon 1.5795 (50% Fibonacci retracement of 1.5674-1.5912) would limit downside and as long as support at 1.5765 holds, prospect of another rebound remains. Above 1.5840 (current level of the Ichimoku cloud bottom and this would penetrate the Kijun-Sen at 1.5833) would suggest low is possibly formed Trade Idea: EUR/USD – Buy at 1.2435Despite Friday’s brief bounce to 1.2562, failure to penetrate indicated resistance at 1.2590 and the subsequent retreat suggest near term downside risk remains for the fall from 1.2590 (last week’s high) to bring a deeper correction of recent upmove to 1.2470-75 (38.2% Fibonacci retracement of 1.2289-1.2590), however, downside should be limited to support at 1.2431 and bring another rise later. Above 1.2562 would bring a retest of last week’s high of 1.2590 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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