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Mid-Day Report: Risk Selloff Resuming after US GDP Downward Revision, Surging Spain YieldsWhile markets attempted to stabilize after S&P and Moody's affirmed US's rating after the supercommittee failed to agree on the $1.2T deficit reduction plan, fresh risk selling is seen in early US session after Q3 GDP downward revision. Q3 GDP growth was revised down to 2.0% annualized rate, comparing to initial estimate of 2.5% and expectation of no change. Also, sentiments are weighed down by surging yields in Spain's T-bill auctions. Major European indices are turning red in early US session while US stocks are set to open lower. Dollar is attempting to rally again sterling, Aussie and Canadian dollar. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5569; (P) 1.5682; (R1) 1.5753; More. GBP/USD's fall from 1.6165 resumes after brief consolidation and reaches as low as 1.5581 so far in early US session. Intraday bias remains on the downside for a test on 1.5271 support next. On the upside, above 1.5691 minor resistance will turn bias neutral and bring recovery. But break of 1.5887 is needed to signal completion of the fall from 1.6165. Otherwise, near term outlook will remain cautiously bearish. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has continued to find decent demand from Middle East names below 1.3500 and rebounded in European session, stops above 1.3545-55 were triggered, however, offers from European and Asian names are still noted at 1.3570/75 and further out at 1.3600-10 with stops building up above 1.3615-20. On the downside, buying interests from same name and big corps remain at 1.3500 and also 1.3470/75 with light stops tipped below 1.3465 but sizeable bids remain at 1.3420-30 with big stops placed below 1.3420 and 1.3400 option barrier. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Sell at 1.5750Despite intra-day retreat from 1.5692, as indicated support at 1.5612 has continued to hold, retaining our view that further consolidation would be seen and above said minor resistance would bring retracement to 1.5715-20 (38.2% Fibonacci retracement of 1.5888-1.5612), however, renewed selling interest should emerge below the Ichimoku cloud bottom (now at 1.5748) and bring another decline. Trade Idea: EUR/JPY – Hold short entered at 104.20Although the single currency fell to as low as 103.22 yesterday, the subsequent rebound suggests consolidation would be seen but as long as 104.45/50 holds, bearishness remains for recent decline to resume after consolidation, break of said support would extend the decline from 111.57 (a leg top) to 102.50-60, however, as this move is still viewed as correction of the rise from 100.77, downside should be limited to 102.00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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