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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Dollar Mildly Higher ahead of FOMC, Rates Projection AwaitedDollar is mildly firmer today on risk aversion as traders are awaiting the FOMC meeting. Fed is widely expected to keep rates and the quantitative easing program unchanged. Nonetheless, today's meeting will market a historical change in Fed communications. A main focus is the new fed fund rates projection based on individual member's forecast. Fed released two templates of the charts last week which should show when FOMC members expect to have the first rate hike, and expectation of the target rate of at the end of the next three years and the longer run. The projections could show the first hike at end of 2013. Next in Asian session, RBNZ is expected to announce unchanged interest rates at 2.50%. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5562; (P) 1.5594; (R1) 1.5655; More. The break 1.5533 minor support suggests that a temporary top is at least formed. Also the corrective rebound from 1.5234 might be completed at 1.5627 too. Intraday bias is flipped back to the downside for 4 hours 55 EMA (now at 1.5494). Sustained break there will affirm this case and target a test on 1.5234 low first. On the upside, above 1.5627 will bring another rise. But still, we'd stay bearish as long as 1.5773 resistance holds and favor eventual fall resumption for below 1.5234. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency continued to find demand from Middle East names and edged higher to 1.3052, once again euro ran into a wall of heavy offers below yesterday's high of 1.3063, price quickly retreated from there and bids at 1.3000-10 were filled and stops below 1.2950 were also triggered, more buying interests are reported at 1.2930 and also 1.2900 with bigger stops placed below 1.2850. On the upside, offers from U.S. investment banks are lined up at 1.2990-00 and also 1.3050-60 with stops building up above 1.3070-80 and 1.3100 (option barrier). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Hold long entered at 0.9270As the greenback has risen again after finding renewed buying interest at 0.9270, retaining our view that low is possibly formed at 0.9236 yesterday and consolidation with upside bias remains for retracement of recent decline to 0.9350/55 and possibly towards resistance at 0.9393, however, previous support at 0.9449 should cap upside, bring another decline later. Trade Idea: AUD/USD – Buy at 1.0400Aussie’s retreat after faltering below yesterday’s high of 1.0536 suggests consolidation would take place and retracement to 1.0400 cannot be ruld out, however, renewed buying interest should emerge there and bring another rise later. A breach of said resistance would extend the rise from 0.9664 towards 1.0590-00 and possibly towards 1.0650 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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