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Daily Report: Risk Rally Takes a Breath, Dollar Recovers MildlyDollar recovers mildly today as risk rally takes a breath in Asia. Overall sentiment continues to favor more upside in stocks, commodities and commodity currencies. European majors will ride on risk rallies and there is room for extending the rebound against dollar. However, investors would likely remain cautious as concerns on the European debt crisis, now with attention on Italy, persist. Hence even in case of further risk rally, we'd expect Euro and Sterling to underperform Aussie and Loonie. And, that would possibly help dollar index stay above 78 level even though stocks are set to take on last year's high in near term. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0273; (P) 1.0329; (R1) 1.0433; More AUD/USD rose to as high as 1.0385 so far and remains firm. Intraday bias is still on the upside for further rally. The break of 1.0377 resistance indicates that whole rebound form 0.9663 has resumed. AUD/USD should target upper trend line resistance (now at 1.0520) and then 100% projection of 0.9663 to 1.0377 from 0.9860 at 1.0574 On the downside, below 1.0267 minor support will turn bias neutral and bring retreat. But another rise would remains mildly in favor as long as 1.0043 minor support holds. |
| Special Report |
Fed Strives to Improve Transparency this YearThe FOMC minutes for the December meeting suggested the Fed will focus on communication strategy at meetings this year. Members agreed to include their “projections of appropriate monetary policy” into the Summary of Economic Projections (SEP) beginning in January. The SEP will also unveil “participants' current projections of the likely timing of the first increase in the target rate” given their projections of future economic conditions. Moreover, there will be “qualitative information regarding participants' expectations for the Federal Reserve's balance sheet” and introduction of a more formal inflation-targeting framework. |
| 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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| 2012 Elliott Wave Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency drifted lower after running into indicated heavy offers at 1.3080 and cross-selling against Japanese yen put extra pressure this morning in Tokyo, however, bids from Asian names are reported at 1.3000 and also 1.2970-80 with stops building up below 1.2950. On the upside, some offers from Japanese names (cross-related) are tipped at 1.3050-60 and sizeable sell orders remain at 1.3080-90 with stops seen above 1.3100, followed by mixture of offers and stops at 1.3120. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Hold long entered at 0.9315Despite overnight marginal fall below 0.9309-14, as dollar has rebounded after holding right at indicated support at 0.9305, suggesting as long as this level holds, consolidation with mild upside bias remains for another rebound to the Ichimoku cloud (now at 0.9385-87), break there would bring test of 0.9425 but only above there would signal the retreat from 0.9470 has ended, then further rise to 0.9450 would be seen Trade Idea: EUR/USD – Buy at 1.3000Although euro has retreated after faltering below previous resistance at 1.3080 and consolidation below yesterday’s high of 1.3077 would be seen and pullback to 1.3000 (previous resistance) cannot be ruled out, however, renewed buying interest should emerge there and bring another rise later. Above resistance at 1.3077-80 would extend the rebound from 1.2858 would extend to 1.3095/00 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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