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| Action Insight Market Overview | Markets Snapshot |
Sterling Weakened on Weale Comments, Yen Loss LimitedMarkets are relatively steady today. While yen dived initially on reaction to G20, there was no follow through selling. USD/JPY is still limited below last week's high of 94.45. And indeed, dollar is seen mildly softer into early US session. Sterling continues to be the weakest European majors and dipped to seven month low against dollar as weighed down by a BoE official. Euro on the other hand, is mildly firmer together with Aussie and Canadian dollar. Euro is supported by ECB Nowotny's comments on exchange rates.Full Report Here... |    |
| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 92.50; (P) 93.16; (R1) 94.11; More..At this point, USD/JPY is still limited below 94.45 and intraday bias remains neutral with focus on this resistance. Break will confirm resumption of recent rally from 77.13 and should target 94.98 medium term level first. Sustained break there will pave the way to the important psychological level at 100. In any case, consolidation fro 94.45 should be relatively brief as long as 92.16 minor support holds and up trend should resume soon. Though, below 92.16 will indicate near term reversal and would bring deeper pull back to 90.24 support and below to extend the correction. Read more... |
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| Orders and Options Watch | |||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound slipped again in London morning and option barrier at 1.5450 together with stops below there were cleared, however, indicated demand from Middle East names emerged and lifted cable from 1.5438. At the moment, offers are still seen at 1.5505-10 and also at 1.5530 as well as 1.5550 (large) with stops building up above 1.5550 and 1.5575-80 but fresh offers are expected around 1.5600 and 1.5640-50. On the downside, bids from same names are reported at 1.5435-30 and also at 1.5410-20 with more stops placed below 1.5400.Read more... | |||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||
Trade Idea Update: EUR/USD – Sell at 1.3450Despite last week’s anticipated resumption of recent decline, as the single currency rebounded after falling marginally to 1.3307 on Friday, suggesting consolidation above this level would take place and another corrective bounce to Friday’s high of 1.3394 cannot be ruled out, however, the upper Kumo (now at 1.3415) should limit upside and renewed selling interests should emerge around 1.3450, bring another decline later.Read more... Trade Idea: EUR/JPY – Buy at 124.00Despite last week’s late fall to 122.90, the subsequent rebound from there suggests low is possibly formed there and consolidation with upside bias is seen for further gain to 125.95-00, above there would extend credence to this view and extend rise to 126.55-60 but a daily close above there is needed to retain bullishness and suggest the correction from 127.71 has possibly ended at 122.90. Looking ahead, only breach of resistance at 126.94 (last week’s high) would confirm this viewRead 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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