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Daily Report: Sentiments Weak as US Super Committee Set to Announce FailureSentiments were a bit weak as the week started on news that the US Super committee co-chairs are set to announce the panel's failure today, barring highly unexpected last minute development. The bipartisan supercommittee of 12 members of Democrats and Republicans, are formed to lay out a plan to compromise on spending cuts and tax hikes to reduce deficit by at least $1.2T in the coming decade. But the politicians are still in deadlock just ahead of the November 23 target date for reaching a deal. Failure to reach an agreement will trigger an automatic cut in military and domestic programs to start in 2013, which worth $1.2T. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 121.14; (P) 121.45; (R1) 121.86; More The break of 120.88 temporary low suggests that GBP/JPY's fall from 127.30 is resuming. Intraday bias is mildly on the downside for 119.98 support first. Break there will also confirm that whole choppy rebound from 116.83 is finished at 127.30 already. In that case, deeper fall should be seen to 116.83 and below to extend the whole fall from 140.02. On the upside, above 121.75, though, will delay the bearish case and bring another recovery to 4 hours 55 EMA (now at 122.32) and above before staging another fall. |
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| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency traded narrowly but with a relatively weak undertone in part due to negative comments from Chinese official saying that a global recession could be prolonged, however, decent demand is still noted at 1.3500, more bids are tipped at 1.3465-70 with mixture of bids and stops seen around 1.3430-40, followed by sizeable stops placed below 1.3420 and 1.3400 barrier. On the upside, offers are lining up at 1.3540-50 and also further out at 1.3600-10 with stops building up above Friday's high of 1.3615 and also 1.3650. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Sell at 1.5800Despite last week’s rebound from 1.5692 to 1.5888, the subsequent selloff from there suggests correction has ended there and consolidation with downside bias is seen for weakness to 1.5710/15, however, break of said support at 1.5692 is needed to confirm early corrective decline form 1.6167 top has resumed and extend weakness to 1.5650 but reckon 1.5600 would limit downside and bring rebound later. Trade Idea: USD/CHF – Buy at 0.9135Despite Friday’s anticipated decline to 0.9086, as the greenback found good support there and staged a strong rebound, suggesting the correction from 0.9237 has possibly ended there and consolidation upside bias is seen for test of the Ichimoku cloud (now at 0.9188-98), however, break of last week’s high of 0.9237 is needed to confirm recent rise from 0.8568 has resumed and extend gain to 0.9261 (61.8% projection of 0.8954-0.9237 measuring from 0.9086) Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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