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| Action Insight Market Overview | Markets Snapshot |
Risk Appetite Lifted by Solid NFP, Dollar TumblesDollar dives sharply in early US session as market risk appetite is given a strong boost by employment data from US. The non-farm payroll report showed 103k expansion in the job market in September, double of expectation of 53k. August's figure was also revised from the dismal 0k to 57k. Unemployment rate was unchanged at 9.1% as expected. European stocks respond positively with major indices turning black while US futures also pare earlier losses. Dollar index, on the other hand, dive sharply to as low as 78.11 and would possibly take out 78 level in today's session.Full Report Here... |    |
| Featured Technical Report | |
AUD/USD Mid-Day OutlookDaily Pivots: (S1) 0.9656; (P) 0.9712; (R1) 0.9802; MoreAUD/USD rises further to as high as 0.9876 in early US session and remains firm. Intraday bias stays on the upside for 0.9984 resistance first. Break will target upper channel resistance (now at 1.0469). On the downside, below 0.9621 minor support will turn bias neutral and bring retreat. Nevertheless, note that 0.9387 should be an important support in near term, with help fro 0.9404 and bullish convergence condition in 4 hours MACD. Hence, break of 0.9387 support is needed to confirm fall resumption. Otherwise, we'll now favor more rebound ahead in near term. Read more... |
| Special Report |
ECB Resumes Covered bond Purchases, Leaves Rates UnchangedThe ECB left the main refinancing rate unchanged at 1.5% in October. However, a series of liquidity provision measures, including LTROs, MROs and the most awaited covered bond purchases program, were announced. The central bank remained cautious towards the economic outlook as there are 'intensified downside risks'. Moreover, 'ongoing tensions in financial markets and unfavorable effects on financing conditions are likely to dampen the pace of economic growth in the euro area in the second half of this year'.Read more... BOE Increases Asset Bond Purchases to 275B PoundThe BOE surprised the market by increasing the bond purchase program by +75B pound to 275B pound in response to the dramatic deterioration in global economic outlook. The Bank rate was kept at 0.5%, though. The central bank was in a dilemma on whether to tighten or to ease as the UK’s economy has been torn between dismal growth and high inflation. Reactivation of bond purchases was based on the belief that inflation will undershoot the 2% target in the medium-term due to 'the deterioration in the outlook’.Read more... |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The release of better-than-expected U.S. non-farm payrolls data together with a big upside revisions of previous month’s number improved risk appetite and pushed euro higher, stops above 1.3500 were triggered, however, offers from various parties (some are option related 1.3500 NY cut) ahead of 1.3520 capped upside so far and price has eased from there. At the moment, bids are reported from 1.3440 down to 1.3410 with light stops seen below 1.3400 but more buying interest should emerge around 1.3350-60. On the upside, some stops are tipped above 1.3520 but more selling interest should emerge further out at 1.3550 and 1.3590/00 (where more option expiry is located) with sizeable stops placed above 1.3600.Read more... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Buy at 1.5455As the British pound has risen again after brief pullback, suggesting near term reversal from 1.5270 low is likely to bring retracement of recent decline to 1.5600 and possibly towards 1.5630, however, reckon resistance at 1.5666 would limit upside and near term overbought condition should prevent sharp move beyond there and price should falter well below resistance at 1.5716.Read more... Trade Idea: EUR/JPY – Buy at 101.80The single currency retreated to as low as 101.69 (just missed our long entry at 101.65 within 5 points) and the pair then rallied from there to above 103.00, adding credence to our view that a temporary low has possibly been formed at 100.77 earlier this week and bullishness remains for retracement to 103.30/35 but break of this previous support is needed to confirm and bring retracement to 103.90/00 and later towards 104.50.Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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