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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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Mid-Day Report: Euro and Aussie Extend Rally; Dollar, Sterling WeakOverall outlook in the forex markets remains unchanged. Dollar is soft and in particular, under much pressure against Euro, Aussie and Swissy. Continuous speculation on more quantitative easing from Fed will limit any recovery attempt of the greenback. Sterling is also facing similar situation as BoE might extend the asset purchase program down the road. Euro, on the other hand, is supported by solid confidence data today and continues to ignore risk of peripheral Eurozone countries downgrade as well as the ECB loan rollover this week. Aussie is the strongest commodity currencies as boosted by solid China economic data and it's own fundamentals. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3445; (P) 1.3520 (R1) 1.3659; More. EUR/USD's rise is still in progress and extends to 1.3642 so far in early US session. Intraday bias remains on the upside and current rally is targeting 100% projection of 1.1875 to 1.3330 from 1.2587 at 1.4024, which is close to 1.4 psychological level. On the downside, below 1.3552 minor support will turn intraday bias neutral and bring retreat first. But in such case, we'd expect strong support from 1.3286 to contain downside and bring another rise. |
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Trade Idea Update: GBP/USD – Took profit on short and stand asideAlthough the intra-day anticipated retreat from 1.5875 to 1.5762 (our short position entered at 1.5860 met downside target at 1.5780 with 80 points profit), as cable has just rebounded in part due to intra-day strength in euro, suggesting further choppy consolidation within recent 1.5718-1.5896 range would take place. Only above said intra-day resistance at 1.5875 would signal upmove has resumed for retest of 1.5896, then towards 1.5920/30. Trade Idea Update: EUR/USD – Buy at 1.3560As the single currency has rebounded again after brief pullback, suggesting bullishness remains for recent upmove to resume and extend gain to 1.3660, however, loss of near term upward momentum should prevent sharp rise beyond there and reckon previous resistance at 1.3692 would hold on first testing. | Suggested Readings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fundamental Highlights
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