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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Dollar Weakness Continues; Swissy, Aussie, Gold at Record HighsDollar remains broadly pressured in early US session, with EUR/USD staying comfortably above 1.4 level. Swissy and Aussie both make new record high against greenback today with AUD/USD just shy of parity. Even the weak sterling managed to climb against greenback and is trading above 1.6 level. Gold retreats mildly after jumping to new record high above 1388 level. Data from US saw stronger than expected producer inflation but provide little support to the greenback. Headline PPI accelerated to 4.% yoy in September while core PPI rose to 1.6% yoy, both were above consensus. Trade deficit widened more than expected to -46.3b. Jobless claims rose back to 462k. Canadian trade deficit narrowed to CAD -1.3b. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 81.65; (P) 81.82; (R1) 81.98; More. Intraday bias in USD/JPY remains on the downside with 81.54 minor resistance intact. Current fall is expected to target 61.8% projection of 92.87 to 82.86 from 85.92 at 79.73, which is close to 79.75 low. On the upside, above 81.54 minor resistance will turn intraday bias neutral and bring consolidations. But break of 83.15 resistance is needed to be the first signal of bottoming. Otherwise, outlook will remain bearish. |
| Special Report |
Record FX Reserve And Elevated Trade Surplus In China Evidence Global ImbalancesThe new set of trade and money data from China gave more evidence on global economic imbalance and heightened worries about a currency war. While the Chinese government will continue to increase the flexibility of the RMB, it will allow the currency to appreciate gradually, instead of an abrupt leap. Meanwhile, the government will step up measures, such as reduction in tariffs and quotas, to encourage imports so as to narrow trade surplus. |
| CitiFX Pro Survey Results |
The rapidly expanding foreign exchange (forex) markets have attracted a new, sophisticated breed of individual trader focused almost entirely on forex, according to the first phase results of the CitiFX Pro Forex Trader Survey 2010. This first-ever industry wide survey of forex traders was sponsored by CitiFX Pro and conducted in partnership with major forex media outlets including FXstreet.com, ActionForex, ForexPros and ForexTV. Detailed survey results can be found here. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell again at 0.9570Dollar's rebound after intra-day brief fall to 0.9463 suggests a minor low has been formed and further consolidation above this level would take place with mild upside bias for retracement to previous support at 0.9544, however, renewed selling interest should emerge around 0.9564/70 (38.2% Fibonacci retracement of 0.9728 to 0.9463), bring another decline later. Trade Idea Update: GBP/USD – Buy at 1.5965As the British pound has retreated after intra-day rally to 1.6067, suggesting a minor top is possibly formed and consolidation below this level would take place with mild downside bias for retracement to 1.5966-67 (previous resistance and 38.2% Fibonacci retracement of 1.5806 to 1.6067) but renewed buying interest should emerge there and bring another rise. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | Suggested Readings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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