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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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Daily Report: FX Consolidations as Risk Sentiments Firm, Aussie UnderperformsRisk markets are generally firm in Asia today as supported by last week's QE3 boost. Some consolidations might be today but markets would likely stay in an overall risk-seeking mode. This week, nine Fed presidents would make public speeches and we will get a better understanding of their thinking on their monetary stance and the economic outlook. In the currency markets, European majors are trading close to last week's high for the moment but some retreats have been seen in commodity currencies. Indeed, Aussie is underperforming even Kiwi and Canadian dollar. And, we'd expect Euro and Sterling to outperform Aussie and Canadian ahead. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.2340; (P) 1.2395; (R1) 1.2497; More.... EUR/AUD edges higher to 1.2485 so far today and breaches mentioned 61.8% retracement of 1.3028 to 1.1602 at 1.2483. We'd remain cautious on reversal as EUR/AUD is also pressing medium term falling tend line. And break of 1.2291 will signal short term topping and flip bias back to the upside. Though sustained break of 1.2483 will have larger bullish implication and will pave the way to 1.3028 resistance. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency surged after the QE3 announcement overnight and barriers at 1.2950 and 1.3000 were tripped, the single currency has continued to move higher this morning in Asia, however, some offers are reported at 1.3070-80 and another layer of defensive sell orders are expected ahead of 1.3100 barrier. On the downside, bids from various parties are raised to 1.3000-10 and some light stops are tipped at 1.2980 but fresh demand should emerge from 1.2970 down to 1.2950 with more stops placed below 1.2930 and 1.2900 but sizeable stops only tipped below 1.2850. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Buy at 1.3000Last week’s rally in part on dollar’s broad-based rally in part due to the QE3 signals recent upmove is still in progress and further gain to 1.3180 and possibly 1.3200 would be seen, near term overbought condition should limit upside to 1.3220-30, reckon price would falter below 1.3250 and risk from there is seen for a minor correction to take place later. Trade Idea: GBP/USD – Buy at 1.6150Last week’s rally to 1.6255 on dollar’s broad-based weakness after QE3 suggests recent upmove is still in progress and further gain to 1.6265-70 and possibly 1.6290-00 would be seen, however, near term overbought condition should limit upside to 1.6320 and price should falter below 1.6350, risk from there is seen for another retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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