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Daily Report: Dollar and Yen Higher on Risk Aversion, US GDP WatchedDisappointing earnings reports from Apple and China Unicom sent Asian stocks sharply lower today and risk aversion lifted dollar and yen. Improvement in deflation reading also helped provide some support to the Japanese yen for recovery. The yen would likely be torn between expectation of BoJ easing next week and a bit of risk aversion and must go nowhere today. Meanwhile, we'd possibly see other major currencies weaken against dollar mildly today before Q3 GDP data from US, which might rock the markets. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 103.39; (P) 103.90; (R1) 104.36; More Intraday bias in EUR/JPY remains neutral for the moment and the consolidation from 104.58 is still in progress. Deeper decline cannot be ruled out. But after all, near term outlook will stay bullish as long as 100.14 support holds and we'd expect another rally ahead. Above 104.58 should target 111.43 key resistance. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency dropped again this morning in Asia and bids at 1.2920-30 were filled, hence stops below 1.2915 are now in focus, more sizeable stops are placed below 1.2900 barrier and 1.2890 but fresh demand from Middle East names should emerge around 1.2850-60 with bigger stops building up below 1.2820 and 1.2800. On the upside, offers from various parties are lowered to 1.2970-80 and also at 1.3000-20 area (from sovereign names) with buy stop orders tipped above 1.3025-30, followed by decent offers from same parties located further out in the region of 1.3050-70 and sizeable stops are placed around 1.3090-00. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Sell at 1.2990As the single currency has fallen again after meeting renewed selling interest at 1.3023 yesterday, suggesting recent decline from 1.3140 is still in progress and further weakness to next support at 1.2891 but as broad outlook remains consolidative, downside should be limited to 1.2850-60 and support at 1.2827 should remain intact, risk from there is seen for a strong rebound later. Trade Idea: USD/JPY – Sell at 80.20Despite intra-day marginal rise to 80.38, as the greenback has retreated sharply from there, suggesting a temporary top is possibly formed and consolidation with downside bias is seen but break of 79.70 support is needed to add credence to this view, bring weakness to previous resistance at 79.47, then 79.20, however, reckon support at 79.08 would hold from here, bring another rally later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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