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Action
Insight Market Overview
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Markets
Snapshot
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Dollar Surges Against Yen Despite ISM Manufacturing
Miss
Dollar rallies against the
Japanese yen in early US session even though ISM manufacturing index missed
expectations. Though, the greenback is steady elsewhere as the movement is
mainly triggered by yen's own weakness. US equities open higher with S&P
500 now heading back to its historical high. The ISM manufacturing index rose
to 53.7 in March but was below consensus of 54.0. Improvements were seen in
production and new orders. However, it should be noted that the employment
component dropped to 51.1, down from 52.3, which is a negative factor for
Friday's NFP. Also released in US session, US construction spending rose 0.1%
mom in February. Canadian IPPI rose 1.0% mom in February while RMPI rose 5.7%
mom.
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Featured
Technical Report
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USD/JPY Mid-Day Outlook
Daily Pivots: (S1) 102.86; (P)
103.15; (R1) 103.50; More...
The rebound from 101.20 is still
in progress and could extend higher. As note before, price actions from
105.41 are viewed as a correction pattern, with those from 100.75 as the
second leg. Current development argues that such second leg isn't completed
yet. Further rise could be seen above 103.75. But in that case, we'd expect
strong resistance below 105.41 to limit upside and start the third leg.
Meanwhile, below 102.68 minor support will turn bias back to the downside for
101.20 and then 100.75 low.
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Economic
Indicators Update
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Orders
and Options Watch
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US Session: Orders and Options Watch
EUR: The single currency continued
to move higher and offers at 1.3810 were filled but sell orders are still
noted from 1.3820 up to 1.3850 (stops above latter level), mixtures of offers
and stops are located at 1.3870 and 1.3900. On the downside, bids are raised
to 1.3785, 1.3750-65 and in good size at 1.3725-35, more buy orders are
reported at 1.3695-10, buying interest is tipped at 1.3660-70 with bigger
stops placed below 1.3650.
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Forex
Trade Ideas
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Trade Idea Update: USD/JPY - Buy at 102.70
Although the greenback has
rebounded again, break of yesterday's high of 103.44 is needed to signal
recent rise from 101.21 has resumed and extend gain towards previous
resistance at 103.76, having said that, as broad outlook remains
consolidative, upside should be limited and price should falter below 104.00.
If said resistance continues to hold, then further consolidation is in store
and another corrective fall to 102.80 cannot be ruled out
Trade Idea Update: GBP/USD - Buy at 1.6600
As the British pound has retreated
after holding below yesterday's high of 1.6684, suggesting minor
consolidation would bee seen but downside should be limited to 1.6597-00 and
bring another rise, above said resistance would extend the rise from 1.6460
to 1.6700 and possibly test of resistance at 1.6718, however, loss of upward
momentum should prevent sharp move beyond latter level
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