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Daily Report: Risk Aversion Dominates and Yen SurgesThe financial markets are haunted by another round of risk selloff. DJIA lost -312.78 pts, or -1.92% to close at 16001.89. It barely held on to 16000 handle after dipping to as low as 15981.85. S&P 500 also lost -49.57 pts, or -2.57% to close at 1881.77. Asian markets followed with Nikkei trading down -660 pts, or -3.7% at the time of writing, and says pressured below 17000 handle. Hong Kong HSI is trading down -660 pts too, or -3.1%. Gold continues to stay soft and is trading at around 1125 in spite of risk adverse sentiments. Crude oil, nonetheless, remains in recently established tight range. In the currency markets, yen is so far the strongest major currency this week, as it usually does in risk aversion. Commodity currencies are generally pressured. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 181.30; (P) 182.30; (R1) 182.96; More..... The break of 181.60 indicates resumption of fall from 188.28. Intraday bias is mildly on the downside for 180.36 low first. Break will confirm resumption of whole fall from 195.86 and deeper decline would be seen to test 174.86 key support level. On the upside, above 184.41 resistance will extend the sideway trading from 180.36 with another rise. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly today, bids are still noted at 1.1165, 1.1150 and 1.1135, buy orders are reported at 1.1120-25, 1.1100 and 1.1085, buying interest is tipped at 1.1065, 1.1050 and 1.1030, mixture of bids and stops is located at 1.1000. On the upside, offers are seen at 1.1200, 1.1220-25 and 1.1245, sell orders are expected at 1.1275 and 1.1300. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Hold long entered at 0.7320The single currency found renewed buying interest at 0.7303 late last week and has rebounded, retaining our bullishness for gain towards last month's high of 0.7423, however, break there is needed to confirm upmove has resumed and extend the rise from 0.6936 low (wave v trough) to 0.7450-55 and later towards 0.7490-00 which is likely to hold Trade Idea: USD/CAD - Buy at 1.3235The pair ran into resistance at 1.3417 last week and has retreated, retaining our view that consolidation below this level would be seen and pullback to 1.3270-75 cannot be ruled out, however, reckon 1.3235-40 would limit downside and bring another upmove later, above said resistance at 1.3417 would extend recent upmove to 1.3450 and then towards 1.3490-00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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