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Daily Report: Manufacturing Data Boost Risk Appetite as 2012 StartsSolid manufacturing data from China and Australia gives risk appetite a boost as the year 2012 starts. New Zealand dollar and Australian dollar gain most broadly while Aussie makes another record high against Euro. The official China Manufacturing PMI released over the weekend climbed back to expansion level of 50.3 in December. The dip to contraction region below 50, at 49 in November seemed to be brief so far and the manufacturing industry is steady ahead. Improvement across the components was also broadly based. Details suggested that the slowdown in domestic demand has stabilized with 'new order' gaining 0.9 points to 49.5 and 'new export order' rising to 49.4 from 47.1 in November. Meanwhile, the 'overstock order' gained modestly to 46.0 in December from 45.7 in November. Note that these three readings remained in contraction but the improvements signaled stabilization in domestic demand. Meanwhile, China's non-manufacturing PMI also rose impressively from 49.7 to 56.0 in December. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.2608; (P) 1.2651; (R1) 1.2678; More. EUR/AUD drops to new record low of 1.2593 so far today and broke mentioned target of 61.8% projection of 1.3808 to 1.2962 from 1.3150 at 1.2627. Intraday bias remains on the downside and current fall should now target 100% projection at 1.2304 next. On the upside, above 1.2687 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited by 4 hours 55 EMA (now at 1.2819) and bring fall resumption. |
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| 2012 Elliott Wave Forecast | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency rebounded in part due to the release of better-than-expected data from eurozone and Germany and also on dollar’s broad-based weakness as traders await the meeting between French and German leaders, Sarkozy and Merkel, euro jumped from day’s low of 1.2930-33 to as high as 1.2990 and mixture of offers (by model funds) and stops at 1.3000 is now in focus, however, more selling interest should emerge around 1.3050-60 with stops building up above 1.3090-00. On the downside, bids from same parties are tipped at 1.2950 and 1.2930 with some stops placed below 1.2930 with bigger stops building up below 1.2900 but decent bids from European names are noted further out from 1.2880 down to 1.2850. Traders are also anticipating the release of German employment data at 08:55GMT. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/JPY – Buy at 76.40Although the greenback has remained under pressure and recent decline may extend weakness to previous support at 76.58, loss of downward momentum should prevent sharp fall below 76.50 (61.8% projection of 78.04-76.90 measuring from 77.20) and bring a rebound later today. Above intra-day resistance at 76.97 would bring test of 77.17-20 (current level of the Ichimoku cloud bottom and previous resistance) Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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2012 Outlook
Fundamental Highlights
Technical Highlights | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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