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Daily Report: Asian Markets Down on Korea Tensions, Forex SteadyForex markets are pretty steady as markets enter into a holiday-shortened but busy week. Asian equities are broadly lower on escalating Korea tensions. South Korea said it will proceed with artillery drill and the move will likely trigger retaliation for North Korea. North Korea warned of a "catastrophe" if South Korea goes ahead with the drills. Meanwhile, United Nations Security Council failed to agree on steps to ease tensions between the two Koreas. Major Asian indices are all in red but losses are limited to within -1% so far except China. Reaction in the currency markets is muted though. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 129.81; (P) 130.60; (R1) 131.20; More Intraday bias in GBP/JPY remains on the downside for the moment. Current development suggests that whole decline from 134.19 is still in progress. Break of 129.32 will confirm this bearish case and target 100% projection of 134.19 to 129.32 from 133.03 at 128.16. next. On the upside, above 131.61 minor resistance will turn intraday bias neutral first and bring consolidations. But risk will now remain on the downside as long as 133.03 resistance holds. |
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Trade Idea: USD/CHF – Sell at 0.9750Although Friday's rally from 0.9558 suggests a temporary low has been formed there and consolidation with mild upside bias is seen for retracement to 0.9735/37 (previous resistance and 50% Fibonacci retracement of 0.9916-0.9558), reckon upside would be limited to 0.9750/56 and reckon 0.9779 (61.8% Fibonacci retracement) would hold, bring another decline later. Trade Idea: EUR/USD – Sell at 1.3270Despite intra-day marginal fall to 1.3125 (Friday's low was 1.3133), lack of follow through selling and the rebound from there suggest consolidation would take place and retracement to the Ichimoku cloud bottom (now at 1.3233) and the Kijun-Sen (now at 1.3242) cannot be ruled out, however, renewed selling interest should emerge below the upper Kumo (now at 1.3282) and bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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