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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
| Calendar | Elliott Wave Trades | Markets Volatility | Pivot Points | Heat Map | Daily Fundamentals |
| Action Insight Market Overview | Markets Snapshot |
Daily Report: Consolidations Continue as Investors Remain Cautious on ESM Ruling and FOMCThe FX markets continue to consolidate in tight range so far today. Asian equities are broadly lower following late selling in DOW and S&P 500 but selling pressure is so far mild. Euro stays firmly in tight range against dollar and yen and markets look beyond today at German Constitutional Court's ruling on the EUR 500b permanent bailout fund ESM tomorrow. The ruling is on a preliminary injunction, requested by a group of conservative German politicians, that could prevent the parliament from ratifying the treaty governing the ESM. The ruling is particularly important at this timing as troubled Eurozone countries are expected to tap into ESM for qualifying into ECB's Outright Monetary Transactions bond buying program. Markets are so far optimistic based on the fact that the court has granted the parliament powers on EFSF last year. Nonetheless, there are chances that the court could impose a veto power over ESM by Germany. And any strings attached to ESM would be seen as mildly negative. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.7967; (P) 0.7989; (R1) 0.8000; More... With 4 hours MACD crossed below signal line, a temporary top is in place at 0.8009 and intraday bias is turned neutral first. Some consolidations could be seen seen but downside of retreat should be contained above 0.7886 and bring another rally. Rebound from 0.7755 is expected to continue and above 0.8009 will target 100% projection of 0.7755 to 0.7962 from 0.7886 at 0.8093 first. Break will target 0.8152 key resistance next. |
| Special Report |
China Watch: August Data Suggested China Needs More Easing from PBOCChina's macroeconomic data released for August indicated that growth in the world's second largest economy continued to slow. However, the government is trapped in a dilemma of whether to implement monetary easing as inflation rebounded during the month. Widening in trade surplus should not trigger a surge in RMB as China's other data remained sluggish. Yet, depreciation should also be limited as the US presidential election approaches. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency has rebounded again in European morning on rumors that the German Constitutional Court could delay preliminary ruling on the ESM and fiscal compact, offers at 1.2800-10 were filled and mixture of offers and stops at 1.2815-25 are now in focus (related to 1.2825 barrier), buy stop orders are expected above there but more selling interests should emerge around 1.2835-40 (for protection of another barrier at 1.2850) with stops building up above 1.2855-60. On the downside, bids are raised to 1.2760-70 with stops placed below 1.2750 and more buying interests are tipped further out at 1.2700-10 with stops building up below 1.2700 and 1.2650 (large). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.5965Although cable has rebounded after yesterday’s retreat to 1.5960, above Friday’s high of 1.6034 is needed to extend recent upmove to 1.6050 and possibly 1.6070, however, near term overbought condition should limit upside to 1.6090-00 and reckon previous resistance at 1.6124 would hold from here, risk from there is seen for another retreat later. Trade Idea: USD/CHF – Sell at 0.9500As dollar has remained under pressure after meeting renewed selling interests at 0.9484 yesterday, suggesting recent decline from 0.9972 top may extend further weakness to 0.9410-20 (61.8% projection of 0.9809-0.9504 measuring from 0.9607) but near term oversold condition should prevent sharp fall below 0.9390-00 and reckon 0.9350-60 would hold, risk from there is seen for a corrective bounce later. 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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