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Daily Report: Markets Steady as Heavy Weight Events AwaitedAsian markets are generally higher as the week opened, in response to the rate cut by China's central bank on Friday. Nonetheless, there is no follow through buying seen after initial jump. In the currency markets, dollar pares back some of last week's gain but remains generally firm. Euro is still feeling the pressure from last week's dovish ECB press conference and is trading soft. German Ifo business climate will be the main focus today while UK will release BBA mortgage approvals, CBI trends total orders, US will release new home sales. But these events might not trigger much reactions in the markets. Traders will be cautiously awaiting the heavy weight events later in the week. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.3074; (P) 1.3135; (R1) 1.3232; More... Intraday bias in USD/CAD remains on the upside for the moment as rebound from 1.2834 is expected to extend to retest 1.3456 resistance. At this point, there is no clear sign of up trend resumption yet and thus, we'd be cautious on strong resistance from there to bring another falling leg to extend the consolidation. On the downside, below 1.3039 minor support will turn bias back to the downside for 1.2830. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency tumbled today after ECB, bids at 1.1250, 1.1230, 1.1200, 1.1185 and 1.1165 were filled, however, some buy orders are still noted at 1.1150 and 1.1130, fresh demand is located at 1.1100 and 1.1070-75. On the upside, offers are lowered to 1.1220, 1.1250 and 1.1300, sell orders are expected at 1.1325-30 and 1.1350, selling interest should emerge around 1.1385-90 (stops above) and 1.1415-20, selling interest should emerge around 1.1450 and further out at 1.1490-00. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Sell at 0.7240Euro's selloff after meeting renewed selling interest at 0.7373 confirms top has indeed been formed at 0.7493 and downside bias is seen for this fall to extend further weakness to 0.7145-50 (61.8% Fibonacci retracement of 0.6936-0.7493) and possibly towards 0.7120-25, however, near term oversold condition should limit downside to 0.7100 Trade Idea: EUR/JPY - Sell at 134.70The single currency tumbled in line with our bearish expectation, adding credence to our view that rebound from 133.16 has ended and decline from 136.96 is still in progress, hence bearishness remains for this fall to extend weakness towards 133.16, however, break there is needed to retain downside bias and bring subsequent fall towards support at 132.23 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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