| Action Insight Mid-Day Report |
Sterling Tumbles in Otherwise Quiet Market Sterling tumbles sharply in an otherwise quite market on talk that UK would slump into a Japan-style "lost decade". There are speculation that BoE will use the Quarterly Inflation Report to be released this Wednesday to signal the risk of falling into a trap debt deflation and that was the main reason that the bank extended its asset purchase program last week. Former MPC member Wadhwani also said that US is tracking the path trodden by Japan in the 90s. He said that the bounces in three to four quarters of decent bounce would be seen by the bounces are driven by temporary factors only. He expects second half of 2010 would be even more difficult in UK. Full Report Here... |
| Elliott Wave Analysis |
USD/JPY Elliott Wave Analysis Friday's rally above indicated resistance at 97.00-20 suggests the wave 2 is still unfolding and only A leg of wave 2 ended at 101.45 and the decline from there is now treated as wave B, a double three with fist set of a-b-c ended at 93.85, followed by wave x at 98.90, then another set of a-b-c brought the currency pair down to 91.73 to end the wave B. Full Report Here... EUR/USD Elliott Wave Analysis Despite resuming recent rise last week to 1.4448 as expected, the sharp retreat from there suggests the wave v from 1.3878 has possibly ended there and consolidation with downside bias is seen but break of 1.4007 support is needed to confirm this view and bring further decline towards 1.3878, then 1.3747. Full Report Here... |
| Candlesticks & Ichimioku Analysis |
EURUSD Candlesticks and Ichimoku Analysis Although the single currency did resumed recent upmove has expected in our previous update and almost reached our indicated upside target of 1.4474 (last week's high was 1.4448), the sharp retreat from there on dollar's broad-based rebound due to the release of stronger-than-expected U.S. jobs report left a shooting star candlestick pattern on the weekly chart, suggesting a temporary top is possibly formed there and test of the Tenkan-Sen (now at 1.4097) is under way, however, a weekly close below 1.4000/07 support is needed to confirm and add credence to our view of further broad consolidation, bring subsequent fall to 1.3832, then 1.3747. Full Report Here... USDJPY Candlesticks and Ichimoku Analysis Last week's late rally on better-than-expected U.S. jobs data signals the fall from 101.45 has ended at 91.73 earlier and upside bias is seen for gain to 98.90 resistance, this level is also exactly the same as the current flat ground Ichimoku cloud top). Having said that, it is necessary to see a weekly close above there to signal the rise from 87.10 (2009 low) has resumed for re-test of 101.45, a clear break there would signal the major decline from 124.14 (2007) has ended at 87.10, then stronger correction towards 105.62 (50% Fibonacci retracement of 124.14 to 87.10) would follow. Full Report Here... |
| Featured Technical Report | Market Highlights |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6613; (P) 1.6720; (R1) 1.6790; More GBP/USD's fall from 1.7043 extends to as low as 1.6581 so far today and at this point, intraday bias remains on the downside for further decline. As discussed before, with 4 hours MACD staying negative, a short term top should be in place at 1.7043 already. Break of 1.6338/6582 support zone will confirm this case and target 1.5983 support next. On the upside, above 1.6717 minor resistance will turn intraday outlook neutral and bring recovery. But another fall is still in favor as long as 1.7043 resistance holds. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | GBPJPY | 161.11 | 162.74 | -163 | -1.01% | | GBPAUD | 1.9764 | 1.9915 | -151 | -0.76% | | GBPUSD | 1.6575 | 1.6683 | -108 | -0.65% | | CADJPY | 89.61 | 90.17 | -56 | -0.62% | | EURGBP | 0.8549 | 0.8498 | +51 | +0.60% | Last Updated: Aug 10, 13:35 GMT Currency Heat Map Daily View
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| Last Updated: Aug 10, 13:35 GMT |
| Economic Indicators Update |
| GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:50 | JPY | Current Account (JPY) Jun | 1.80T | 1.42T | 1.02T |
| | 23:50 | JPY | Machine Orders M/M Jun | 2.70% | 2.60% | -3.00% |
| | 6:00 | JPY | Economy Watchers Sentiment Jul | 42.4 | 43.4 | 42.2 |
| | 8:30 | EUR | Eurozone Sentix Investor Confidence Aug | -17.0 | -26.0 | -31.3 |
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| Suggested Readings |
Fundamental Highlights Technical Highlights |
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