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Mid-Day Report: Dollar and Yen Pare Gains as Citigroup Earnings Lift Risk SentimentsYen and dollar pare some gains in early US session and risk aversion recedes after reports show Citigroup earnings topped estimate in Q3. Major European stock indices turn positive after initial loss while US stock futures also recovered earlier losses. But still, we mentioned before, dollar should have found a short term bottom last week and hence, we'd expect some more consolidations in near term. Dollar would likely trade with a generally upside bias for stronger recovery as the week goes. |
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| Featured Technical Report | |
GBP/JPY Mid-Day OutlookDaily Pivots: (S1) 129.92; (P) 130.30; (R1) 130.62; More GBP/JPY's break of 128.97 confirms that choppy fall from 135.03 has resumed and intraday bias remains on the downside for 127.63 low. Again, the structure of fall from 135.03 still looks corrective and we'd continue to cautiously look for a bottom above 127.63 low. On the upside, above 130.68 minor resistance will flip intraday bias back to the upside. Further break of 132.99 should bring stronger rally to 135.03 and above. |
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BOC To Leave Rates Unchanged At 1%The Bank of Canada will very likely leave the overnight rate unchanged at 1%, after raising it thrice, each by +25 bps, since June 2010. The market currently factors in only 9% chance of a +25 bps hike in October as both global and domestic economic developments justify the pause. The policy statement may be more dovish that the September one as Governor Mark Carney may echo the cautious comments he made 3 weeks ago. The BOC will update its growth outlook on October 20, a day after the BOC meeting, and downgrades on economic forecasts are anticipated. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9540Despiet intra-day brief rise to 0.9850, lack of follow through buying after breaking resistance at 0.9643 and the subsequent retreat from there suggest consolidation would be seen and retracement to the upper Kumo (now at 0.9553) cannot be ruled out, however, the Ichimoku cloud bottom now at 0.9535) would limit downside and bring another rebound later. Trade Idea Update: GBP/USD – Sell at 1.6000As cable has rebounded after intra-day fall to 1.5838, the 'hammer' candlestick pattern formed there suggests a temporary low has possibly been formed there and consolidation with mild upside bias is seen for retracement to the Ichimoku cloud bottom (now at 1.5936), then the Kijun-Sen (now at 1.5972) but renewed selling interest should emerge below the upper Kumo (now at 1.6012) and bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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