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Mid-Day Report: Risk Rallies as US Unemployment Dropped to 44 Month LowRisk markets jumped sharply in early US session after release of better than expected employment data from US. The non-farm payroll report showed 114k growth in the US job market in September versus expectation of 111k. However, August number was revised sharply up from 96k to 142k. Unemployment rate dropped sharply from 8.1% to 7.8% versus expectation of a rise to 8.2%. That's also the lowest number in 44 months. Among major currencies, Canadian dollar gained most, as additional boosted by its own employment data, which showed 52.1k growth in September versus expectation of 15k. Though unemployment rate edged up from 7.3% to 7.4%. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2934; (P) 1.2983 (R1) 1.3064; More..... EUR/USD rises further to 1.3041 so far today as rebound from 1.2803 continues. Intraday bias remains on the upside for a test on 1.3171 resistance first. Break will confirm resumption of resumption of recent rise from 1.2042 and target 1.3486 key resistance, which is close to 50% retracement of 1.4939 to 1.2042 at 1.3491. However, break of 1.2877 minor support will argue that the correction from 1.3171 is going to extend lower through 1.2803 support. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency surged in New York morning on risk appetite after the release of better-than-expected U.S. data, offers at 1.3040-50 and stops above there were cleared, however, selling interest are still noted further out at 1.3090-00 with bigger stops placed above there, more selling interests are tipped further out at 1.3140-50. On the downside, bids are raised to 1.3020-30 and mixtures of bids and stops are located at 1.2990-00 and further out at 1.2950-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 0.9375As the greenback has remained under pressure after yesterday’s selloff below indicated support at 0.9330, we are keeping our view that top has been formed at 0.9437 and downside bias remains for the fall from there to bring further weakness towards previous support at 0.9286, however, break there is needed to suggest the rebound from recent low at 0.9240 has ended and bring an eventual retest of this level which is likely to hold on first testing. Trade Idea: EUR/JPY – Buy at 100.50This week’s rally suggests the fall from 103.85 has possibly ended at 99.65 last week and consolidation with mild upside bias is seen for further gain to 102.50-60, then 103.00, however, near term overbought condition should limit upside to 103.50 and said resistance at 103.85 should hold from here, risk from there is seen for a strong pullback 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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