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Daily Report: Risk Appetite Dominates Despite Weak China and Australian DataWeak economic data out of China and Australia triggered mild retreat in risk markets in Asia today, but they're, after all, overshadowed by the stronger rally triggered by joint central bank actions, China's easing and solid US data. Asian equities are broadly higher following the sharp 490 pts rise in DOW overnight. In currency markets, Aussie and Kiwi are still the strongest currencies this week, up around 5% against dollar and yen as risk appetite dominates. Focus will turn to Spain and France bond auctions, as well as PMI data from US and UK today. Though, reactions to these events would be mild as markets prepare for tomorrow's NFP report. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 121.11; (P) 121.81; (R1) 122.59; More GBP/JPY edges higher to 122.54 so far and the development continues to affirm the case of short term bottoming at 119.37. Nonetheless, momentum remains unconvincing with 4 hours MACD now crossed below signal line. Hence, intraday bias will still remain neutral and we'll wait for clearer indications. On the upside, above 122.51 will further affirm the bullish case and sustained trading above 55 days EMA (now at 122.22), will likely send GBP/JPY through 127.30 to extend the whole rebound from 116.83. Nonetheless, break of 119.37 will extend the fall from 127.30 to retest 116.83 low instead. |
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Europe Session: Orders and Options WatchEUR: Although the single currency retreated after yesterday's rally from 1.3259 to 1.3533, bids from various parties are noted at 1.3420-30 and also 1.3400, then further out at 1.3350-60 with stops building up below there. On the upside, offers from U.S. names are tipped at 1.3500-10 and also 1.3530-40 with stops reported above 1.3550, however, more selling interest is located at 1.3600-10 with bigger stops seen at 1.3620 and 1.3650 (large). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Buy at 1.5600Although yesterday’s rally signals recent decline has ended at 1.5423 last week, as price has retreated from yesterday’s high of 1.5780, consolidation with mild downside bias is seen for retracement to the Kijun-Sen (now at 1.5653) but the Ichimoku cloud top (now at 1.5591) should limit downside and bring another rise later. A break of said resistance at 1.5780 would extend the rise from 1.5423 to 1.5800 and possibly towards 1.5830-35 Trade Idea: EUR/USD – Buy at 1.3400Euro’s yesterday’s rally from 1.3259 to 1.3533 signals recent decline has formed a low at 1.3213 last week and although price has retreated from 1.3533, reckon the Kijun-Sen (now at 1.3396) would limit downside and bring another rise later, a break of said resistance would extend the move from 1.3213 for at least a strong retracement of recent decline to previous resistance at 1.3568 and possibly towards 1.3600 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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