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| Action Insight Market Overview | Markets Snapshot |
Risk Recovered But Vulnerable to EU Summit UncertaintiesSentiments improved a bit earlier today news of EFSF guideline document, which showed that there are proposals for the fund to buy bonds on the secondary markets. Spain also carried out solid mid-term bond auctions with lower yield while UK economic data beat expectation. US jobless claims showed modest improvement to 403k while the four week moving averaged dropped to a six month low. Major European indices pared much of earlier loss while US futures point to higher open and dollar weakens mildly. Nevertheless, sentiments are clearly not positive enough yet and markets are generally stuck in range. There are still much skepticism over the outcome of this weekend's EU summit.Full Report Here... |    |
| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5695; (P) 1.5771; (R1) 1.5848; More.GBP/USD continues to stay in tight range of 1.5631/5851 so far and intraday bias remains on neutral. On the downside, below 1.5631 minor support will revive the case that choppy rebound from 1.5271 is finished and will flip bias to the downside for retesting 1.5271 low first. On the upside, though, above 1.5851 will extend such rebound towards 61.8% retracement of 1.6618 to 1.5271 at 1.6103. Read more... |
| Special Report |
US Economic Condition Improved Slightly, Far from OptimisticThe US monthly Beige Book covering the period on the before October 7 indicated that many districts described the pace of growth as 'modest' or 'slight' and there was higher uncertainty for business decision making, although economic activities continued to expand. Consumer spending improved 'slightly' in most districts as driven by auto sales and tourism. Business spending also increased due to the rise in expenditure in construction and mining equipment and auto dealer inventories. Yet, restraints in hiring and capital spending remained. While the October report may be slightly better than the previous one, economic outlook on the US remained uncertain and is highly determined by global factors.Read more... BOE Voted Unanimously To Expand Asset Purchase, May Add Depending On Economic ConditionsMPC members voted unanimously to expand the asset purchase program by +75B pound to 275B pound as well as to leave the Bank rate at 0.5% in October. The minutes also unveiled that policymakers considered a range of asset purchases of between 50B-100B pound, signaling more buying may come after the current program expires in February. The pound fell against the euro after the report as extension of BOE's QE2 would trigger depreciation in the pound.Read more... |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchCHF: Despite rising initially to 0.9082 earlier in Asia, the greenback ran into heavy offers there and tumbled on the back of sharp fall in EUR/CHF (stops below 1.2350 and 1.2300 were triggered and the pair slipped to a low of 1.2280), the release of strong Swiss Oct ZEW survey (4-month high) also helped lifting the Swiss franc, stops at 0.9020, 0.9000 and 0.8940 were all tripped, however, bids from French and Swiss names are still noted at 0.8900-10 and mixture of bids and stops is tipped further out at 0.8870-80. On the upside, offers are lowered to 0.8990-00 and further out at 0.9050 with stops building up above said resistance at 0.9082.Read more... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Hold long entered at 1.5720As cable has eased after intra-day rebound from 1.5690 to 1.5803, suggesting further consolidation would be seen but reckon the Ichimoku cloud bottom (now at 1.5740) would limit downside and bring another rebound. Above said resistance would extend gain to 1.5848 (yesterday’s high) but break of recent high of 1.5853 is needed to confirm recent upmove has resumed and extend gain towards 1.5890/00Read more... Trade Idea: AUD/USD – Buy at 1.0130Despite yesterday’s rise to 1.0354, the subsequent retreat from there has retained our view that further consolidation below indicated resistance at 1.0372 would take place and pullback to 1.0130/40 cannot be ruled out, however, indicated previous support at 1.0102-07 should hold, bring another rebound later. A break of said resistance is needed to extend the rise from 0.9388 low in wave B to 1.0434Read 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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