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Daily Report: Asian Markets Lower on China, Eventful Week aheadAsian markets open generally lower following weak economic data from China. Released over the weekend, the official China PMI manufacturing was unchanged at 49.8 in October, below expectation of 50.0. That's the third straight month of contractionary reading. The official PMI non-manufacturing also dropped to 53.1 and hit the lowest level since December 2008. Released today, the China Caixin PMI manufacturing rose to 48.3 versus expectation of 47.6 but stayed well below 50. Some economists noted that the manufacturing sector in China is still in contraction even though the pace stabilized. Some expected a modest rebound by the end of the year due to infrastructure investments but overall momentum would likely remain sluggish. | |
Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.3016; (P) 1.3104; (R1) 1.3153; More... Intraday bias in USD/CAD remains neutral for the moment. Overall, price actions from 1.3456 are viewed as a consolidation pattern and could extend. Below 1.3039 will start the third leg for 1.2830 and below. Above 1.3278 will target 1.3456 but we'd be cautious on strong resistance from there to bring another falling leg to extend the consolidation. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency recovered but offers are still noted at 1.0980, 1.1000 and 1.1020-25, selling interest is tipped at 1.1050, 1.1075-80 and 1.1100. On the downside, bids are seen at 1.0915-20, 1.0900 and 1.0885, buy orders are expected at 1.0850, 1.0830 and 1.0800, buying interest should emerge around 1.0785, 1.0765 and 1.0750. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Sell at 0.7275As the single currency has recovered after falling to 0.7144 yesterday, suggesting consolidation above this level would be seen and recovery to 0.7225-30 and possibly resistance at 0.7250 cannot be ruled out, however, reckon 0.7275-80 would limit upside, bring another decline. A break of said support would add credence to our bearish view that the decline from 0.7493 (wave v top) is still in progress Trade Idea : USD/CAD - Sell at 1.3210As the greenback retreated after meeting resistance at 1.3238 yesterday, suggesting consolidation would be seen with downside bias but break of support at 1.3090 is needed to signal top has been formed at 1.3280, bring at least a retracement of recent rise to support at 1.3040. Looking ahead, once this level is penetrated, this would signal the rebound from 1.2835 has ended Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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