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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Extends Pull Back on Greece, French Transaction TaxEuro extends its broad based pull back as it's looking unlikely that Greece would agree on anything solid today ahead of the EU summit and the negotiation would possibly drag on for at least a few more days. Meanwhile, Greek Finance minister Venizelos firmly rejected Germany's proposal for EU to take control over Greece's budget on national sovereignty. Risk markets are also facing some pressure from selloff in European banks stocks. Dollar index managed to recover but after all it's still staying well below 80 psychological level. US equities are set to open lower today and DOW is expected to extend it's pull back after failing 12876 key resistance last week. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 76.38; (P) 76.93; (R1) 77.22; More.... USD/JPY dips further to as low as 76.58 in early US session and intraday bias remains on the downside for 76.55 support. Decisive break there will confirm the whole decline from 79.52 has resumed and should target test on 75.56 low. On the upside, though, above 77.17 minor resistance will turn bias neutral and would likely bring more consolidative trading between 76.55/78.28. |
| Special Reports |
2012 Forecast: AUD Boosted By Speculations Over Fed's QE3 In The Near-TermThe dovish January FOMC statement thrilled investors and boosted higher-yield currencies. Australian dollar was one of the beneficiaries. AUD soared against USD after the Fed pushed back the first expected rate hike to late-2014, from mid-2013 as projected in previous statements. Moreover, renewed speculations on QE3 have boosted AUD as well as other cyclical currencies. Australian dollar is expected to rise further in the near-term amid rising likelihood of monetary easing. In the medium- term, AUD will likely trade sub-parity against the USD but upside risks remain there for the commodity currency and any accommodative policy from China should help push the currency higher. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has continued to move lower since Asian morning from the high of 1.3233 bids at 1.3140-50 were filled and although buy orders from U.S. custodial names are still noted at 1.3090-00, mixture of bids and stops in good size at 1.3070-80 is now in focus, however, more buying interest is expected to emerge further out at 1.3050 and 1.3000-10. On the upside, offers are lowered to 1.3140-50 and also 1.3190-00 with some stops placed above latter level and selling interest from various parties (including funds) remains from 1.3230 up to 1.3250 option barrier. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9140Despite intra-day initial brief fall to 0.9112, the subsequent strong rebound from there suggests a temporary low is possibly formed and consolidation with mild upside bias is seen for test of the lower Kumo (now at 0.9197), then Friday’s high of 0.9228, however, a sustained breach of the Ichimoku cloud top (now at 0.9248) is needed to confirm this view and bring retracement of recent decline to 0.9300 but reckon resistance at 0.9340 would hold from here. Trade Idea: AUD/USD – Buy at 1.0450Aussie’s retreat after last week’s rise to 1.0688 adds credence to our view that consolidation would be seen and pullback to 1.0500 is likely, however, still reckon renewed buying interest would emerge around 1.0450 and bring another rally later. A break of said resistance would extend recent upmove in c leg for further gain to 1.0700-10, however, loss of near term upward momentum should prevent sharp move beyond 1.0753 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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