Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Daily Report: As Trump Seeks Attentions With Trade Tensions Escalation, Markets are Looking Forward to Non-Farm Payrolls Instead Trade war comes back to headline as US President Donald Trump announced his intention to triple down on the tariffs on Chinese imports. But so far, market reactions are muted. Major forex pairs are trapped in yesterday's range, just with some notable weakness in New Zealand Dollar. Swiss Franc is so far the strongest for the say with Yen trading mixed. But as the range is tight so far, the picture of who's stronger and who's weaker can change easily. In the stock markets, Nikkei is trading nearly flat at the time of writing, after fluctuating between gain and loss most of the day. Hong Kong HSI is up 1.26%. Gold is hovering slightly below 1330 as recent sideway trading continues. China Announced Tariff on US Soybean Exports. What Next? Announcement of soybean tariff came earlier than we, as well as the majority of market participants, had anticipated. What else can China do after this weapon has already been used? Some suggest that China can shift from tariff to financial markets, e,g.: to deliberately depreciate renminibi and reduce purchase of US government bonds. Action Insight | Market Overview | Central Bank Views | China Watch | Special Topics | Oil N' Gold | Live Comments Technical Outlook USD/CAD Daily Outlook Daily Pivots: (S1) 1.2728; (P) 1.2767; (R1) 1.2790; More.... USD/CAD's downside momentum diminished a bit as seen in 4 hour MACD. But intraday bias stays on the downside for deeper fall. As noted before, near term trend should have reversed with head and shoulder top pattern (ls: 1.3000; h: 1.3124; rs: 1.2942). Decline from 1.3124 should target 61.8% retracement of 1.2246 to 1.3124 at 1.2581 next. Also, noted that current development suggest rejection by 1.3065 fibonacci level. And deeper decline could be seen back to 1.2246 and below eventually. On the upside, above 1.2846 minor resistance will turn bias neutral first. But break of 1.2942 is needed to confirm completion of the decline. Otherwise, outlook will stay cautiously bearish in case of recovery. Suggested Readings Elliott Wave Analysis: Further Strength In USDJPY USD/JPY Poised For Further Gains, NFP Next Trade War Fears Make Way For US Employment Report NFP Preview: Wage Growth Remains Key Focal Point How Costly Would a Full-Blown Trade War Be? The Most Important Chapter in the Trade Saga is the Upcoming One Dollar Looks To Jobs Data & Fed Chair Powell's Speech For Direction Canadian Employment Report Due With Possibility For A NAFTA Deal Soon Economic Data
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