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Mid-Day Report: Sentiments Getting Support from US Q3 GDPDisappointing earnings reports weighed down on market sentiments for most of the day and provided some boost to dollar and yen. But sentiments seem to be supported by GDP report from US as European indices turned positive while US futures pared some earlier losses. The US economy expanded at a pace of 2% annualized rate in Q3, comparing to expectation of 1.8% and Q2's 1.3%. Meanwhile the GDP price index rose 2.8% versus consensus of 2.0%. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 79.92; (P) 80.13; (R1) 80.50; More... It looks like USD/JPY has formed a short term top at 80.37 with mild bearish divergence condition in 4 hours MACD. Intraday bias is now turned neutral for more consolidations. But downside would likely be contained by 38.2% retracement of 77.93 to 80.37 at 79.43 and bring another rally. Above 80.37 will target 80.61 resistance (50% retracement of 84.17 to 77.13 at 80.65). Sustained break there will open the way for 84.17 resistance next. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency fell to the fresh low of the week of 1.2883-84 but recovered in New York morning on short-covering ahead of weekend. At the moment, offers from various parties remain at 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. On the downside, although stops below 1.2915 and 1.2890 were tripped, indicated demand from Middle East names are reported at 1.2880 and also around 1.2850-60 with bigger stops building up below 1.2820 and 1.2800. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: 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. Trade Idea: AUD/USD – Sell at 1.0360Despite yesterday’s rebound to 1.0397, as aussie met renewed selling interests below indicated resistance at 1.0412, suggesting further consolidation within near term range would be seen and weakness to 1.0290-00 is likely, break there would bring another fall to support at 1.0236, once this support is penetrated, this would suggest the rebound from 1.0149 has ended and bring weakness to 1.0200, then towards this support which is likely to hold on first testing. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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