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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
| Calendar | Elliott Wave Trades | Markets Volatility | Pivot Points | Heat Map | Daily Fundamentals |
| Action Insight Market Overview | Markets Snapshot |
Daily Report: Dollar Soft ahead of Non-Farm PayrollDollar is generally soft, in particular against European majors, as markets await today's non-farm payroll report. Consensus expects -110k contraction in the job market in US in June while unemployment rate is expected to climb fro 9.7% to 9.8%. Leading indicators for NFP were generally disappointing. ADP private report missed expectations badly and record just 13k expectation comparing to consensus of 60k. Employment component of ISM manufacturing dropped from 59.8 to 57.8. Initial jobless claims remained elevated in June. It's possible that the job number would miss expectations. More importantly, note that conference board consumer confidence plunged sharply by nearly 10pts to 52.9, which posted some risk to an even worse unemployment rate. Looking ahead, other data to be watched include UK PMI construction, Eurozone unemployment rate, PPI and US factory orders. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 131.77; (P) 132.42; (R1) 133.56; More GBP/JPY's strong recovery from 131.27 and break of 133.59 minor resistance dampened the immediate bearish view and turn bias neutral again. With 130.42 support intact, recovery from 126.73 might still be in progress and above 135.99 will target 61.8% retracement of 145.94 to 126.73 at 138.60. On the downside, though, below 131.27 will revive the case that recovery from 126.73 is finished and will flip bias back to the downside for retesting this low first. |
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| Special Report |
Euro To Resume Weakness After Brief Rebound, ECB On Hold Until 2H11The euro has rebounded broadly since early June despite continued concerns about sovereign crisis in the Eurozone and uncertainty about the banking system. In our opinion, the rebound has been driven by well-received auctions for peripheral European bonds and the fact that the ECB has not been required to purchase a large amount of bonds in the secondary market. At the same time, squaring of extended short euro positions has also helped the currency. |
| Economic Indicators Update |
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Trade Idea: GBP/USD – Buy at 1.5070Despite intra-day brief rise to 1.5199, lack of follow through buying and the retreat from there suggest consolidation would be seen and pullback to 1.5130 (previous resistance) is likely, below would bring retracement towards 1.5070/74 (38.2% Fibonacci retracement of 1.4873 to 1.5199) but reckon the Kijun-Sen (now at 1.5036) would hold and bring another rally. Trade Idea: EUR/USD – Buy at 1.2400As the single currency has retreated after yesterday's rally to 1.2540, suggesting consolidation below this level would take place and retracement to 1.2430/35 is likely, however, renewed buying interest should emerge around 1.2398-1.2407 (previous resistance and 38.2% Fibonacci retracement of 1.2193 to 1.2540) and the Kijun-Sen (now at 1.2368) should hold, bring another upmove later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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