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Daily Report: Asian Markets Lower as Stock Rebound Faces ResistanceAsian equities open lower as the rebound in US stocks lost momentum. DJIA closed slightly lower by -49.97 pts, or -0.29%, at 17081.89. S&P 500 closed down -13.77 pts, or -0.68%, at 2003.69. Nikkei is is trading down -363 pts, or -2% at the time of writing. Slowdown in China remains a concern in investors' mind. China CPI slowed more than expected to 1.6% yoy in September, versus expectation of 1.8% yoy and down from August's 2.00%. PPI was unchanged at -5.9% yoy, inline with expectation. Also released in Asian session, JPY domestic CGPI dropped -3.9% yoy in September. M2+CD rose 3.8% yoy in September. Australia Westpac consumer confidence rose 4.2% in October. | |
Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.7405; (P) 0.7448; (R1) 0.7505; More... EUR/GBP's rebound from 0.6935 resumed and extends to as high as 0.7492 so far, breaching 0.7482 resistance. Further rise is still expected and the cross would target next medium term retracement level at 0.7650. In any case, near term outlook will stay bullish as long as 0.7391 support holds. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency met indicated offers at 1.1400 and slipped again, sell orders are still noted at 1.1400, 1.1425-30 and 1.1450, selling interest is tipped at 1.1475, 1.1500 and 1.1520-30, mixture of offers and stops is located at 1.1550. On the downside, bids are seen at 1.1350-55, 1.1330 and 1.1300, buy orders are expected at 1.1285, 1.1270 and 1.1250, buying interest should emerge around 1.1230 and 1.1200. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Stand asideThe single currency rallied on broad-based weakness in sterling, dampening our near term bearishness and signaling the erratic rise from 0.6936 low (wave v trough) is still in progress, hence upside risk remains for this move to bring a stronger retracement of early decline to 0.7500, however, near term overbought condition should limit upside to 0.7550-55 Trade Idea: USD/CAD - Stand asideAlthough the greenback has retreated after meeting resistance at 1.3081, early rebound from 1.2901 suggests further consolidation above this level would be seen, hence downside should be limited to 1.2950-60 and said support at 1.2901 should continue to hold, bring another rebound later. Above said resistance at 1.3081 would add credence to this view, bring retracement of recent reversal from 1.3457 top to 1.3100 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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