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Daily Report: Market Sentiments Still Down on Greece Drama, FOMC Watched TodayWorld markets are still troubled by the Greek drama as Asian equities are broadly lower following the near -300pts fall in DOW overnight. Dollar index once reached as high as 77.67 before turning sideway and is currently hovering above 77 level. After a marathon seven hour cabinet meeting, Greek prime minister Papandreou got support from his ministers for the initiative on a referendum on EU's rescue package. And, the referendum would be held "as soon as possible". Papandreou has now made it very clear that the referendum is about 'yes or no to the agreement', 'yes or no to Europe', 'yes or no to the euro.' |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0047; (P) 1.0127; (R1) 1.0281; More. USD/CAD's break of 1.0212 minor resistance argue that fall from 1.0656 is finished at 0.9891, just ahead of 61.8% retracement of 0.9406 to 1.0656. The corrective structure of such decline in turn argue that rebound from 0.9406 might not be over. Intraday bias is cautiously on the upside for a retest on 1.0656 first. On the downside, below 1.0086 minor support, though, will flip bias back to the downside with focus back to 0.9891 support. Break there will confirm resumption of decline from 1.0656 and should send USD/CAD through 0.9725 support. |
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| Featured Technical Report |
Fed to Hold Policy Stance Unchanged, Focus on Improving CommunicationAt the November FOMC meeting, the Fed will likely leave the policy rate unchanged at 1% and will not announce additional easing measures as recent economic data improved. Yet, the focus lies on policymakers' discussion about ways of increasing transparency and tools to boost growth when needed. At the post-meeting press conference, Chairman Ben Bernanke will assure the market that the stimulus currently in place is sufficient and the Fed will promptly implement further easing measures should the recovery disappoint. |
| Economic Indicators Update | Top trading expert speakers, analysts and exhibitors. Discover the Newest Comer to the market, analyze latest market trends explore different trading platforms, and explore a wide opportunity on future investments. The 9th ME Forex & Investment Summit 2011 Don’t miss this year’s World MoneyShow London, 11-12 November 2011 at the Queen Elizabeth II Conference Centre. Be there as recommendations and advice are revealed for how to best position your portfolio for profit—in 2011 and beyond. Don't miss out... Register Free Today! | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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European Session: Orders and Options WatchEUR: The single currency tumbled yesterday after Greek PM Papandreou called for a referendum on the bailout plan, price plunged to as low as 1.3608 before recovering on rumors of the referendum being cancelled, offers at 1.3700 were cleared and some stops at 1.3725 were triggered, however, more selling interest is tipped at 1.3750-60. As Greek government spokesman confirmed the referendum is still going ahead, euro is likely to remain under pressure. More selling interest is tipped further out at 1.3800 and 1.3850 with stops building up above 1.3875/80 whilst on the downside, bids are reported at 1.3700, 1.3650 with stop sell orders seen below 1.3630 and 1.3600. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Sell at 1.6030Cable’s recovery after yesterday’s euro-led selloff to 1.5889 suggests consolidation with mild upside bias would be seen and above 1.6000would bring retracement of the fall from 1.6167 to 1.6028-30 (50% Fibonacci retracement of 1.6167-1.5889) where renewed selling interest should emerge, bring another decline later. A break of said support at 1.5889 would extend the decline from 1.6167 top for a stronger correction of recent upmove to 1.5848-53 Trade Idea: EUR/USD – Sell at 1.3795Euro’s recovery after yesterday’s selloff to 1.3608 suggests consolidation above this level would take place and above 1.3764 resistance would bring retracement to previous support at 1.3798 but renewed selling interest should emerge there and bring another decline later. A break of said support would extend the decline from 1.4248 top towards 1.3565-66 (previous support and 61.8% Fibonacci retracement of 1.3145-1.4248) Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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