Sample Category Title
Trade Idea : USD/CHF – Sell at 0.9920
USD/CHF - 0.9871
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 0.9885
Kijun-Sen level : 0.9920
Ichimoku cloud top : 0.9963
Ichimoku cloud bottom : 0.9956
Original strategy :
Sell at 0.9940, Target: 0.9840, Stop: 0.9975
Position : -
Target : -
Stop : -
New strategy :
Sell at 0.9920, Target: 0.9820, Stop: 0.9955
Position : -
Target : -
Stop : -
As the greenback has fallen again after brief recovery, suggesting the erratic decline from 1.0038 top is still in progress for at least a retracement of early upmove, hence bearishness remains for this fall to extend further weakness to support at 0.9869, then previous resistance at 0.9837, break of latter level would encourage for subsequent decline towards 0.9795-00 which is likely to hold on first testing due to near term oversold condition.
In view of this, we are looking to sell dollar on subsequent recovery but at a lower level as 0.9922 (previous support) should limit upside. Above 0.9940-45 would defer and risk test of 0.9970-75 but price should alter below resistance at 0.9987, bring another decline later.
Trade Idea : GBP/USD – Buy at 1.3130
GBP/USD - 1.3174
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3156
Kijun-Sen level : 1.3131
Ichimoku cloud top : 1.3146
Ichimoku cloud bottom : 1.3092
New strategy :
Buy at 1.3130, Target: 1.3230, Stop: 1.3095
Position : -
Target : -
Stop : -
As the British pound has rebounded again after holding above support at 1.3062 (this week’s low), retaining our view that further consolidation would take place and another bounce to 1.3200, then towards resistance at 1.3230 would be seen, however, as broad outlook remains consolidative, reckon upside would be limited to 1.3250 and price should falter below 1.3275-80.
In view of this, we are looking to buy cable on dips. Below 1.3100 would risk test of said support at 1.3062 but break there is needed to suggest a downside break of recent broad range has taken place, bring retest of strong support area at 1.3027-39, only break there would confirm and extend recent decline to psychological support at 1.3000 first.
Trade Idea : EUR/USD – Buy at 1.1745
EUR/USD - 1.1816
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1801
Kijun-Sen level : 1.1741
Ichimoku cloud top : 1.1663
Ichimoku cloud bottom : 1.1651
Original strategy :
Buy at 1.1710, Target: 1.1810, Stop: 1.1675
Position : -
Target : -
Stop : -
New strategy :
Buy at 1.1745, Target: 1.1845, Stop: 1.1710
Position : -
Target : -
Stop : -
As the single currency has continued moving higher after yesterday’s rally, adding credence to our bullish view that the rise from 1.1554 low is still in progress, this also suggest early correction from 1.2093 top has ended at 1.1554, hence upside bias remains for this move to extend further gain to 1.1835-40, then test of resistance at 1.1858, however, reckon previous resistance at 1.1880 would hold on first testing due to near term overbought condition.
In view of this, would not chase this rise here and we are looking to buy euro on pullback as the Kijun-Sen (now at 1.1741) should limit downside. Below 1.1715-20 would defer and risk test of previous resistance at 1.1678 (now support) but only break there would abort and signal top is formed instead, bring correction to 1.1650-55 first.
Trade Idea : USD/JPY – Buy at 112.60
USD/JPY - 113.03
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 113.23
Kijun-Sen level : 113.44
Ichimoku cloud top : 113.57
Ichimoku cloud bottom : 113.47
Original strategy :
Buy at 112.90, Target: 113.90, Stop: 112.55
Position : -
Target : -
Stop : -
New strategy :
Buy at 112.60, Target: 113.60, Stop: 112.25
Position : -
Target : -
Stop : -
The greenback has fallen again and broke below previous support at 113.09, near term downside risk remains for the erratic decline from 114.74 top to extend weakness to 112.80-85 (61.8% Fibonacci retracement of 111.65-114.74), near term oversold condition should limit downside to 112.50-60 and bring rebound later, above 113.60 would suggest low is formed, bring another bounce towards 113.91 resistance first.
In view of this, we are inclined to buy dollar on further subsequent decline as 112.50-60 should limit downside. Below support at 112.30 would signal the fall from 114.74 top is still in progress for weakness towards 112.00-05 before prospect of another rebound.
Australia’s Westpac Consumer Confidence Dipped In November
For the 24 hours to 23:00 GMT, the AUD rose 0.13% against the USD and closed at 0.7628.
LME Copper prices rose 0.8% or $54.5/MT to $6822.5/MT. Aluminium prices declined 0.7% or $15.0/MT to $2085.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7586, with the AUD trading 0.55% lower against the USD from yesterday's close.
Overnight data indicated that Australia's Westpac consumer confidence index eased 1.7% in November, compared to a gain of 3.6% in the previous month.
The pair is expected to find support at 0.7558, and a fall through could take it to the next support level of 0.7530. The pair is expected to find its first resistance at 0.7632, and a rise through could take it to the next resistance level of 0.7678.
Looking forward, market participants would closely monitor Australia's jobs report for October, slated to release overnight, to gauge the strength in Australian labour market.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
German Economy Grew Faster-Than-Expected In 3Q 2017
For the 24 hours to 23:00 GMT, the EUR rose 1.12% against the USD and closed at 1.1796, boosted by robust economic growth in Germany.
In economic news, second estimate of the Euro-zone's seasonally adjusted gross domestic product (GDP) climbed 0.6% on a quarterly basis in the third quart of 2017, confirming the preliminary print. The region had registered a revised advance of 0.7% in the prior quarter. Additionally, the region's ZEW economic sentiment index rose to a level of 30.9 in November, compared to a reading of 26.7 in the prior month. On the contrary, the region's seasonally adjusted industrial production retreated 0.6% MoM in September, dropping for the first time in three months. Industrial production had climbed 1.4% in the preceding month.
Separately, preliminary data indicated that German economic growth accelerated 0.8% QoQ in the three months to September, outstripping market expectations for an expansion of 0.6%, thus suggesting that the German economy will continue to be a bellwether for growth in the common currency bloc.
Another set of data revealed that mood among German investors improved to a 6-month high in November, after the ZEW economic sentiment index climbed to a level of 18.7, as growth prospects for the economy remain encouragingly positive. However, the index fell short of market expectations for a rise to a level of 19.5, compared to a level of 17.6 recorded in the previous month. Also, the nation's current situation index jumped to a six-year high level of 88.8 in November. In the prior month, the index had registered a level of 87.0. Further, the nation's final consumer price index advanced 1.6% on an annual basis in October, in line with the preliminary estimate and following a gain of 1.8% in the previous month.
Macroeconomic data released in the US showed that producer price index (PPI) climbed more-than-expected by 2.8% on an annual basis in October, posting its largest increase since February 2012. Market participants had anticipated the PPI to gain 2.4%, after registering a rise of 2.6% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.1796, with the EUR trading flat against the USD from yesterday's close.
The pair is expected to find support at 1.1706, and a fall through could take it to the next support level of 1.1615. The pair is expected to find its first resistance at 1.1846, and a rise through could take it to the next resistance level of 1.1895.
Moving ahead, investors would look forward to the Euro-zone's trade balance figures for September, slated to release in a few hours. Later in the day, traders would focus on crucial US inflation and retail sales data, both for October.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
UK’s Annual Inflation Missed Market Expectations In October
For the 24 hours to 23:00 GMT, the GBP rose 0.37% against the USD and closed at 1.3162.
Data indicated that British consumer price index (CPI) climbed less-than-expected by 3.0% on an annual basis in October, signalling that the impact of the Pound's steep depreciation on inflation may have begun to wane. However, the index retained its 5-year high level. In the previous month, the CPI had registered a rise of 3.0%, while markets were anticipating for an increase of 3.1%.
In the Asian session, at GMT0400, the pair is trading at 1.3142, with the GBP trading 0.15% lower against the USD from yesterday's close.
The pair is expected to find support at 1.3082, and a fall through could take it to the next support level of 1.3023. The pair is expected to find its first resistance at 1.3194, and a rise through could take it to the next resistance level of 1.3247.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average
Japan’s Economic Growth Slowed In 3Q 2017
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the JPY and closed at 113.45.
In the Asian session, at GMT0400, the pair is trading at 113.16, with the USD trading 0.26% lower against the JPY from yesterday's close.
Overnight data showed that Japan's flash gross domestic product (GDP) climbed 0.3% on a quarterly basis in the third quarter of 2017, undershooting market consensus for a rise of 0.4%. The nation's GDP had risen 0.6% in the previous quarter.
Early morning data revealed that the nation's final industrial production dropped less than initially estimated by 1.0% on a monthly basis in September, while the preliminary figures had recorded a drop of 1.1%. In the prior month, industrial production had climbed 2.0%.
The pair is expected to find support at 112.82, and a fall through could take it to the next support level of 112.49. The pair is expected to find its first resistance at 113.70, and a rise through could take it to the next resistance level of 114.25.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Switzerland’s Producer And Import Prices Advanced In October
For the 24 hours to 23:00 GMT, the USD declined 0.69% against the CHF and closed at 0.9896.
On the data front, Switzerland's producer and import price index climbed 0.5% on a monthly basis in October, following a similar rise in the prior month.
In the Asian session, at GMT0300, the pair is trading at 0.9887, with the USD trading 0.09% lower against the CHF from yesterday's close.
The pair is expected to find support at 0.9856, and a fall through could take it to the next support level of 0.9824. The pair is expected to find its first resistance at 0.9945, and a rise through could take it to the next resistance level of 1.0002.
With no macroeconomic releases in Switzerland today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Loonie Trading A Tad Higher, Ahead Of Canada’s Existing Home Sales Data
For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD and closed at 1.2736.
In the Asian session, at GMT0400, the pair is trading at 1.2734, with the USD trading slightly lower against the CAD from yesterday's close.
The pair is expected to find support at 1.2699, and a fall through could take it to the next support level of 1.2664. The pair is expected to find its first resistance at 1.2771, and a rise through could take it to the next resistance level of 1.2808.
Going ahead, Canada's existing home sales data for October, set to release later today, will attract significant amount of investor attention.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
