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Daily Report: European Majors Steady, Commodity Currencies WeakenedWhile European majors remain generally firm, commodity currencies are notably lower against since the week started. Asian equities are weighed down mildly by concern over the territorial dispute between China and Japan. China stocks dipped to two week low on concern that the dispute could worsen its economic slowdown. Nikkei also weakened as Fitch warned that the dispute could hit Japan's auto and technology manufacturers. Canadian dollar was also weighed down by the sharp pullback in crude oil and Aussie has some pressured from RBA minutes. Some volatility would likely be seen in European session as UK CPPI and German ZEW will be featured. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.2448; (P) 1.2492; (R1) 1.2564; More.... EUR/AUD jumped to as high as 1.2530 so far today and broke both the medium term falling trend line and 61.8% retracement of 1.3028 to 1.1602 at 1.2483. Such development has larger bullish implication. Intraday bias remains on the upside and current rally from 1.1602 should now target 1.3028 key resistance next. On the downside, break of 1.2291 support is needed to signal short term topping. Otherwise, outlook will remain bullish even in case of retreat. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency rose marginally to a fresh 4-month high of 1.3172 yesterday in New York morning, cross-selling against Japanese yen dragged the pair lower in overnight trade and bids at 1.3100 were filled, however, indicated buying interests are still noted at 1.3080 with stops remain below 1.3075, more buying interests are tipped at 1.3050 and further out at 1.3020-30 with more stop orders building up below 1.2990-00. On the upside, offers are lowered to 1.3130-50 region and more selling interests are tipped at 1.3165-75 with stops placed above 1.3180 barrier, a layer of defensive offers are still seen ahead of next barrier at 1.3200 with more buy stop orders above there but fresh offers should emerge further out at 1.3240-50. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Buy at 1.3025Despite yesterday’s marginal rise to 1.3172 (last Friday’s high was 1.3169), lack of follow through buying on break of previous resistance and the subsequent retreat suggest minor consolidation would be seen and pullback to 1.3070-80 cannot be ruled out, however, the Ichimoku cloud bottom (now at 1.3013) should limit downside, bring another rise. Above said resistance would extend recent upmove towards1.3190-00, however, near term overbought condition should limit upside to 1.3220-30 Trade Idea: USD/CHF – Sell 0.9355As dollar has remained weak after falling to 0.9240 last week on dollar’s broad-based weakness, suggesting the decline from 0.9972 top is still in progress and further weakness towards 0.9220-25 would be seen, however, loss of near term momentum would prevent sharp fall below 0.9200 and reckon 0.9170 would hold from here, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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