Tuesday, 3 September 2013

Awaiting signals....

Follow through sell pressure from the weak close last week should see E$ continue to probe the downside but one cannot get overly bearish when nearer the support band 1.3100-30. Upside handle 1.3230, if cleared, should open up for 1.3300.

These are the rest of economic data for the day (timing in Sin/HK):
2100   US Final Manufacturing PMI
2200   US ISM Manufacturing PMI
Of course, the market's main focus is the US employment numbers this Friday.

CFTC COT report: Speculator's accounts as of 27 Aug 13
EUR   +36,746 vs  +40,081
AUD   -63,183 vs  -71,117
JPY     -71,721 vs  -78,353
Specs are still adding on to long Euro positions!

Europe order book:
Stop loss: 1.3250/60, 1.3310/20 and 1.3345
Limit: 1.3150/45

Primary trend: Bullish
Intermediate trend: Bearish
Minor trend: Initial downside pressure but susceptible to shortcovering

Technically, shorter intraday momentum is suggesting consolidation but longer intraday is still pointing lower. Do note that bullish convergence signal has emerged but still premature to ascertain a bottom yet. I expect minor whipsaw price action and prefer to trade from the long side. Shall observe how the momentum unfold in the next 4-8hrs for more confirmation.

E$ 8hourly chart 

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