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Daily Report: IMF's New Credit Line Ignored, Risk Selloff Continues on China Manufacturing DataDollar remains firm today as markets are still dominated by risk aversion. IMF announced over night a set of measures to offer short-term credits as insurance for nations. That helped stabilized sentiments a bit. But markets were then sold off again as data from China showed the manufacturing sector might contract in near term. EUR/USD is staying in tight range but remained soft and vulnerable to a break of 1.34 level. Aussie remains the weakest currency this week on risk aversion, and on it's strong tie to China, where the stock markets dropped for the longest losing streak since May. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9800; (P) 0.9850; (R1) 0.9886; More AUD/USD drops further to as low as 0.9750 so far and intraday bias remains on the downside for further decline. As noted before, whole rebound from 0.9387 is completed at 1.0752 and current fall from there is targeting a retest on this low. On the upside, above 0.9894 minor resistance will turn bias neutral and bring consolidations. But break of 1.0202 support turned resistance is need to signal completion of such fall. Otherwise, outlook will remain cautiously bearish in near term. |
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European Session: Orders and Options WatchEUR: The single currency dropped again this morning in Asia on risk aversion and rising European countries’ bond yields, U.S. and Asian names were seen selling the pair quite actively, although some fair size bids are noted at 1.3445/50, sizeable buy orders only emerging around 1.3420-30 with big stops remain below 1.3420 and 1.3400 option barrier. On the upside, offers from same parties are reported at 1.3490-00, 1.3530 and 1.3560-70 with stops building up above latter level but mixture of offers and stops remains at 1.3610-20. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Sell at 1.3545Despite yesterday’s rebound to 1.3568, the single currency ran into heavy offers there and retreated quite sharply, suggesting a retest of recent low at 1.3421 cannot be ruled out, however, break there is needed to signal decline from 1.4248 top has resumed and extend weakness to 1.3400 and possibly towards 1.3370/75 (61.8% projection of 1.3815-1.3421 measuring from 1.3615) but reckon 1.3343 (61.8% projection of 1.4248-1.3484 measuring from 1.3815) would hold Trade Idea: USD/CHF – Buy at 0.9100Despite intra-day brief bounce to 0.9165, as the greenback has retreated after faltering below the Ichimoku cloud top, retaining our view that near term downside risk remains for the retreat from 0.9209 to bring marginal weakness, however, as broad outlook is still consolidative, support at 0.9086 should hold and bring another rebound later. Above the upper Kumo (now at 0.9175) would bring a stronger rebound to yesterday’s high of 0.9187 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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