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Mid-Day Report: Financial Markets Stay in Consolidative ModeFinancial markets are generally mixed in consolidative mode today. European equities dipped initially but pared much losses later in the session. US futures also point to flat opening. Dollar index had another attempt to break 80 but found no follow through buying above there and retreated. EUR/USD found some support ahead of 1.2802 but recovery is weak so far. USD/CHF also saw some resistance ahead of 0.9438. AUD/USD's recovery was a bit stronger as helped by cross buying in Aussie. But price actions are corrective looking. Overall, we'd expect markets to stay directionless for a while. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 78.12; (P) 78.28; (R1) 78.40; More... No change in USD/JPY's outlook as it is bounded in tight range so far. Intraday bias remains neutral and more sideway trading could still be seen in near term. Though, at this point, we're still favoring the case that fall from 84.17 is finished at 77.13 already. Hence, downside of the current retreat should be contained above 77.43 support. Also,, above 78.86 will turn bias back to the upside. Break of 79.22 will target 80.61 resistance (50% retracement of 84.17 to 77.13 at 80.65). |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency finally recovered after intra-day fall to 1.2839 and offers at 1.2880 were filled, however, selling interest from European names are still noted at 1.2900 and 1.2930-40 with stops building up above 1.2950 and 1.2970, mixture of offers and stops in good size remains at 1.2990-00. On the downside, some bids are tipped at 1.2840-50 and demand from Asian names remain at 1.2820-30 with some stops place below 1.2820, followed by mixture of bids and stops at 1.2800, more buying interests are likely to emerge further out at 1.2750-60. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 0.9450Although dollar retreated after faltering below resistance at 0.9437, reckon the Kijun-Sen (now at 0.9388) would limit downside and bring another rise, however, as broad outlook remains consolidative, upside should be limited to 0.9457 (38.2% Fibonacci retracement of 0.9809-0.9240) and price should falter well below 0.9473 (100% projection of 0.9240-0.9437 measuring from 0.9276), bring another decline later. Only below the Ichimoku cloud top (now at 0.9354) would suggest top is formed and bring test of lower Kumo Trade Idea: AUD/USD – Sell at 1.0320Aussie’s rebound after falling to 1.0149 earlier this week has retained our view that a minor low is formed there and consolidation with mild upside bias is seen for retracement to 1.0275 (Friday’s high), however, renewed selling interest should emerge around 1.0320-25 and bring another decline, a break of said support would extend the decline from 1.0625 top for a stronger retracement of early rise from 0.9581 to 1.0100 and possibly towards 1.0050-55 but reckon downside would be limited and psychological support at 1.0000 should hold. 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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