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Mid-Day Report: Stock Markets Rebound Continues, CAD Range Bound after BoCRebound in global stock markets extends to US session as DJIA and S&P 500 opened sharply higher. Nonetheless, DJIA is starting to feel heavy above 16600 hand and is struggling to extend gains beyond. At the time of writing, major European indices are broadly higher with FTSE up 1.8%, DAX up 1.4% and CAC up 2.4%. In other markets, crude oil continues to consolidate above 45 handle for the moment. Gold weakens notably and is pressing 1110. Dollar index continues to consolidation around 96. Japanese yen remains the weakness currency on risk appetite while commodity currencies are generally high. | |
Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 1.3159; (P) 1.3233; (R1) 1.3283; More... USD/CAD dips mildly today as consolidation from 1.3353 short term top continues. Intraday bias remains neutral first. As long as 1.2951 support holds, further rally is expected. Above 1.3353 will target next long term retracement level at 1.3469. However, break of 1.2951 will confirm near term reversal and bring deeper pull back. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency ran into heavy offers just above 1.1200 and has slipped, bids at 1.1170-75 and 1.1140 were filled but buy orders are still noted at 1.1120 and 1.1100, buying interest should emerge around 1.1070 and 1.1050. On the upside, offers are now seen at 1.1160-70 and 1.1200-10, sell orders are reported at 1.1220-30 (stops above), 1.1270 and 1.1300, selling interest is tipped at 1.1320 and 1.1350. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF - Buy at 0.9705Although the greenback has rebounded after finding support at 0.9716, break of intra-day high of 0.9824 is needed to signal recent rise from 0.9259 has resumed and extend gain to 0.9835 (61.8% projection of 0.9259-0.9690 measuring from 0.9569) but loss of near term upward momentum should prevent sharp move beyond 0.9850-60 and price should falter below 0.9903 resistance. Trade Idea Update: USD/JPY - Buy at 120.25The greenback has surged again after finding renewed buying interest at 119.66 and broke above indicated previous resistance at 120.70, adding credence to our view that correction from 121.75 has ended at 118.59 earlier and bullishness remains for the rise from there to extend further gain to 121.25-30, however, reckon upside would be limited to 121.45-50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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