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Mid-Day Report: Strong US Job Data Offset European Debt WorriesRisk markets were sold off deeply earlier today after French borrowing jumped in today's bond auctions even though demand was solid. In addition, Markets are in deep worry of the situation in Hungary and the possible impact on European banks. However, risk markets are staging a strong rebound in early US session afte strong employment data. The ADP report showed an impressive 325k expansion in the private job sector in December, nearly double of expectation of 175k. That's also the strongest number since ADP survey began in 2001. Planned layoff, according to the Challenger report, dropped -1.6% mom in December, making the lowest number since June. Initial jobless claims also dropped slightly to 372k in the week ended December 31. |
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| Featured Technical Report | |
EUR/AUD Mid-Day OutlookDaily Pivots: (S1) 1.2550; (P) 1.2593; (R1) 1.2617; More. EUR/AUD's decline continues today and reaches new record low at 1.2456 so far. Intraday bias remains on the downside and current fall should now target 100% projection of 1.3808 to 1.2962 from 1.3150 at 1.2304 next. On the upside, above 1.2545 minor resistance will turn bias neutral and bring recovery. But strong resistance should be seen at 4 hours 55 EMA (now at 1.2690) to limit upside and bring fall resumption. |
| Special Report |
2012 Forecast: USD to Strengthen Further in First Half of 2012The US dollar is expected to outperform other major currencies in the first half of 2012. The key reasons for the greenback's glitter are the ongoing sovereign debt crisis in the Eurozone and the relatively strong economic improvement in the US. It is, however, rather difficult to forecast the outlook of the US dollar in the second half of the year as uncertainties related to the pace of recovery in European economies, fiscal tightening in the US and the FED's implementation of QE3 heighten. Moreover, the ability for China to avoid hard landing would be another factor affect USD's outlook. |
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| 2012 Elliott Wave Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency tumbled again today and stops below 1.2850 option barrier were triggered and despite market talk of ECB buying Italian debt and European corps buying euro, the pair extended decline to 1.2803 and mixture of bids (from semi-official account in good size) and stops at 1.28000 (option barrier) is now in focus but more buying interest is tipped further out at 1.2750. On the upside, offers are now reported at 1.2850-1.2870 and also 1.2890-00 with stops building up above 1.2950. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Buy at 0.9410Dollar’s rally and the breach of previous resistance at 0.9470 add credence to our bullish view that low has been formed at 0.9305 and bullishness remains for the rise from 0.9245 to extend headway to 0.9500-10, however, near term overbought condition should prevent sharp move beyond recent high of 0.9549 and price should falter well below 0.9590-00, bring correction later. Trade Idea: AUD/USD – Buy at 1.0175As aussie has continued to move lower after retreating from this week’s high of 1.0387, suggesting further consolidation below this level would take place and near term downside risk remains for retracement of recent rise to 1.0250 and possibly to 1.0190-00, however, renewed buying interest should emerge around 1.0175-80 and bring another rise later. Above said resistance at 1.0387 would extend the move from 0.9667 for gain towards 1.0450/55 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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