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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Dollar Steady after NFP Missed Expectation, Unemployment Rate DroppedDespite some knee-jerk reaction against Japanese yen, dollar remains steadily firm in early US session after release of a rather mixed employment report. Non-farm payroll showed a mere 115k growth in the US job market in April, way below expectation of 165k. However, March's figure was revised up from 120k to 154k. The combined two month figure was there at 269k, which is not too far from expectation of 285k even though it's still lower. Meanwhile, unemployment rate unexpectedly improved to 8.1% versus expectation of being unchanged at 8.2%. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 80.00; (P) 80.27; (R1) 80.46; More... Some volatility is seen in USD/JPY in early US session after NFP release. But it's, after all, staying in established range above 79.64. Intraday bias remains neutral for some more consolidations. As noted before, upside is expected to be limited below 81.77 resistance and bring fall resumption later. Below 79.64 will extend the decline from 84.17 to 61.8% retracement of 76.02 to 84.17 at 79.13 first. Break will pave the way to 75.56/76.02 support zone. Though, sustained break of 71.77 will indicate near term reversal and turn outlook bullish for 84.17 and above. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has rebounded from intra-day low of 1.3114 on dollar's broad-based weakness after the release of U.S. NFP data and mixture of offers and stops at 1.3180 is now in focus, more selling interests should emerge around 1.3200-10 (option related) with next stops seen above 1.3250 and 1.3290-00. On the downside, bids from Asian sovereign and Middle East names are noted at 1.3145-50 and also at 1.3115-20 with stops building up below 1.3110 as well as 1.3090 (large). Option expires today include 1.3100, 1.3150 and 1.3200 (NY cut). | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Hold long entered at 1.3130Despite intra-day brief fall to 1.3114, as the single currency has rebounded, retaining our bullishness and consolidation with upside bias remains for test of intra-day high of 1.3162, then yesterday’s high of 1.3180, break there would bring a stronger rebound to the Ichimoku cloud top (now at 1.3203), above there would add credence to our view that low is formed Trade Idea: EUR/JPY – Sell at 106.85Although euro has retreated after brief bounce to 106.14 yesterday, as long as 105.13 holds, prospect of another rebound cannot be ruled out, above said resistance would bring recovery to 106.55-60 but upside should be limited to 107.00 and bring another decline later. A break of said support would extend the fall from 108.00 towards previous support at 104.63 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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