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Mid-Day Report: Risk Rally Extends after Solid ISM Manufacturing, Dollar PressuredRisk appetite is given a strong boost in the first trading day of 2012 by a string of solid manufacturing data around the world. DOW opens strongly today and is up over 200pts within the first 30 minutes of trading. Sentiments are still firm after release of better than expected US ISM manufacturing index, which rose to 53.9 in December comparing to expectation of 53.2. Dollar is broadly lower on its inverse correctional with risk sentiments. Aussie and Kiwi continue to be the strongest currencies today with EUR/AUD extending decline to new record low. Dollar index failed to sustain above 80 psychological level again and the development continues to suggest short term topping and we'd likely see the index back towards 79 and below. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 76.77; (P) 76.97; (R1) 77.09; More. USD/JPY dips further to 76.64 so far today and intraday bias remains on the downside for 76.57 support. Break will extend the whole fall from 75.56 next. At this point, we'd expect some strong support above 75.56 to contain downside and bring another rebound in near term. On the upside, above 77.12 minor resistance will turn bias neutral an bring recovery. But break of 78.22 is needed to confirm reversal or another fall will remain mildly in favor. |
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| 2012 Elliott Wave Forecast | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: PMI data around the world (including Swiss, UK and China) all came in better than expected, improved risk appetite sentiment (Dow Future rose over 200 points) and the single currency continued to move high in European session to an intra-day high of 1.3059, stops above 1.3000 and 1.3020 were triggered and offers at 1.3050 were also filled, however, bigger sell orders are reported ahead of 1.3070-80 (for protection of stops above 1.3090-00). On the downside, bids from various parties are still noted at 1.2990-1.3000 and also at 1.2950-60 with stops building up below 1.2900-10. Some traders are starting to unload long position ahead of the release of U.S. PMI data later today at 15:00GMT. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY – Buy at 76.40Although dollar has remained under pressure and near term downside risk remains for recent decline to 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 77.13-20 Trade Idea: EUR/GBP – Sell at 0.8450Although the single currency retreated after last week’s brief bounce to 0.8422, as price has recovered after holding above recent low at 0.8302, suggesting further consolidation would take place and another corrective bounce to said resistance cannot be ruled out, however, renewed selling interest should emerge around 0.8450 and bring another decline later. A breach of said support at 0.8302 would extend recent decline to 0.8280 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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