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Mid-Day Report: Markets Consolidate in Quiet TradingMarkets are generally steady today with Asian equities ended nearly flat while European stocks treaded water. US futures point to slightly lower opening but loss should be very limited. Spanish 10 year yield rose slightly back to 5.73% at the time of writing as markets are awaiting Spain to request to activate ECB's OMT later. In the currency markets, Euro consolidates last week's sharp rally against other major currencies with EUR/USD hovering below 1.28 and EUR/JPY gyrating around 100. While most pairs are quiet, mild weakness in seen in sterling, probably due to reverse safe haven flow back to Euro. On the data front, Eurozone Sentix investor confidence unexpectedly improved to -23.2 in September. Japan GDP was revised down to 0.2% qoq in Q2 while GDP deflator was revised higher to -0.9% yoy. Current account surplus narrowed to JPY 0.34T. Household confidence improved slightly to 40.5 in August. Australian home loans dropped -1.0% in July. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5940; (P) 1.5987; (R1) 1.6052; More... A temporary top should be in place at 1.6033 in GBP/USD and intraday bias is turned neutral for the moment. Deeper retreat could be seen back to 4 hours 55 EMA (now at 1.5889). But downside should be contained well above 1.5753 support and bring rally resumption. Whole rebound from 1.5260 is still expected to continue and above 1.6033 will target upper trend line resistance (now at 1.6131) |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound continued to move lower after retreating from 1.6034 (Friday's high) and bids at 1.5980-90 were filled, however, buying interests from Middle East names are still noted at 1.5940-50 with mixture of bids and stops located further out at 1.5920-30, followed by bigger stops below 1.5880. On the upside, offers from UK clearer are tipped at 1.6000 and selling interests from option players are expected at 1.6025-35 with some buy stop orders above there but more sell orders from same parties are reported at 1.6050 with more stops placed above 1.6055-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Buy at 1.5940Despite Friday’s rally to 1.6034, as cable has retreated after faltering below this level today, suggesting consolidation below this level would be seen and correction towards 1.5940-44 (previous resistance and the Ichimoku cloud top) cannot be ruled out but renewed buying interests should emerge there, bring another rise. Above said resistance at 1.6034 would extend upmove to 1.6050-60, however, near term overbought condition should limit upside to 1.6090-00 and reckon previous resistance at 1.6124 would hold Trade Idea: EUR/JPY – Buy at 99.20Euro’s rally after breaking indicated resistance at 99.19 (now turned support) confirms the upmove from recent low of 94.12 has resumed and gain to 100.50-55 and possibly 100.85-90 would be seen, however, near term overbought condition should limit upside to 101.20-30 and resistance at 101.40-50 should hold from here, risk from there is seen for a strong retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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