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Daily Report: Risk Appetite Capped by Weak China DataRisk appetite was given a lift overnight on solid US data but was capped in Asian session following China manufacturing data. The preliminary reading of HSBC manufacturing PMI stayed in contraction region at 48.7 in December. Weakening external demand is starting to impact exports and the manufacturing sector. This was also reflected in exports which slowed in November for the third month. There are prospects of further easing measures from PBoC as markets are speculating a reserve ratio cut in early January. Focus will turn to the official PMI to be released this weekend. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 100.13; (P) 100.52; (R1) 101.00; More Intraday bias in EUR/JPY remains on the downside with 100.72 minor resistance intact and current fall is expected to continue lower. Sustained break of 100 psychological level should pave the way to 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62 next. On the upside, above 100.72 minor resistance will turn bias neutral and bring consolidations. But break of 102.53 resistance is needed to signal near term bottoming. Otherwise, outlook will remain bearish and recent fall should continue after brief consolidation. |
| Economic Indicators Update | Don’t miss the largest investor and trader gathering in the World—The World MoneyShow Orlando, February 9-12, 2012 at the Gaylord Palms Resort. Be there as recommendations and advice are revealed for how to best position your portfolio for profit—in 2012 and beyond. Register Free Today! | |||||||||||||||||||||||||||
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Merry X'mas and a Happy New Year, no update next week, next Candlesticks and Ichimoku Trade Idea update will be made on 2 January 2012 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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2012 Outlook
Fundamental Highlights
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