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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Markets in Tight Range, Awaiting Non-Farm PayrollMarkets are generally staying in tight range as traders cautiously await the highly anticipated non-farm payroll report from US. NFP is expected to show -105k contraction in August but that's mainly due to dismissal of temporary workers hired by government. The private payroll is indeed expected to show around 40k expansion, still in mild recovery despite slowing from July's 71k. Unemployment are is expected to climb from 9.5% to 9.6%. The leading indicators to NFP were quite mixed. On the one hand, the employment component of ISM manufacturing was impressively strong and breached 60 level to 60.4 for the first time since 2004. Consumer confidence also posted some improvements. However, ADP employment report disappointed markets and showed -10k contraction while jobless claims remained stubbornly high. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8288; (P) 0.8317; (R1) 0.8356; More. With 4 hours MACD crossed below signal line, an intraday top should be in place at 0.8346 and bias is turned neutral. Some consolidations could be seen below 0.8346 first. But downside is expected to be contained by 0.8247 support and bring another rise. As discussed before, the fall fro 0.8530 is possibly finished at 0.8141 already. Above 0.8346 will bring another rise to retest 0.8530 high. However, break of 0.8247 will argue that rebound from 0.8141 is finished and turn focus back to this support. |
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| Special Reports |
ECB Extends Refinancing Operations, Raises Growth and Inflation OutlooksAt today's ECB meeting, President Trichet announced to provide unlimited liquidity at least until mid-January 2010 while leaving the main refinancing rate unchanged at 1% for a 17th month. Meanwhile, ECB economists raised GDP growth and inflation forecasts for 2010 and 2011, providing a more upbeat outlook for the 16-nation region. |
| Economic Indicators Update |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Hold long entered at 1.2780Despite yesterday's cross-inspired decline to 1.5350, as the British pound has rebounded from there on short-covering, retaining our view that further choppy consolidation above recent low at 1.5327 would take place and gain to 1.5450/60 cannot be ruled out, however, resistance at 1.5492 should hold from here and gyration within 1.5327-1.5492 range would continue. Trade Idea: USD/JPY – Buy at 83.80Dollar's near term sideways trading is expected to continue and although marginal weakness below yesterday's low of 84.00 cannot be ruled out, as broad outlook is still consolidative, recent 15-year low of 83.58 should hold, bring rebound later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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