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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Euro Extends Rally Against Dollar and YenEuro extends it's rally against dollar and yen today and continues to recover against commodity currencies. The G20 meeting in Mexico City at the weekend will be a main focus as European Union leaders would likely call for significant increase in the resources available to the IMF to help the region fight the debt crisis. IMF spokesman said that a global financial fire is needed to protect countries against contagion risks and that include "increase in IMF resources" to "supplement resources that the European authorities would put on the table." China, Japan and Brazil have made clear their willingness to contribute more, but US is still reluctant to commit. The negotiation could likely drag on until at least next meeting in April. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 106.39; (P) 106.70; (R1) 107.26; More EUR/JPY rises further to as high as 107.50 so far today, just inch below mentioned target of 161.8% projection of 97.03 to 102.20 from 99.24 at 107.60. Recent development argues that fall from 123.31 is finished at 97.03 with bullish convergence condition in daily MACD. Further rise is now in favor to 111.57 resistance for confirmation. On the downside, below 106.16 minor support will turn bias neutral and bring retreat before staging another rise. |
| Special Reports |
BOE Minutes Unveiled 2 Member Favored More Asset PurchasesThe BOE minutes for the February meeting unveiled that 2 (Adam Posen and David Miles) out of 9 members opted for more expansion in asset purchases than decided. The 2 dissenters to the current monetary policy saw a risk of a prolonged period of depressed demand which would cause inflation to fall materially below target in the medium-term. Also, the expected that further easing would alleviate the risks of increasing unemployment. The news raised speculations that the central may increase the amount of asset buying in May. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency rallied again in New York yesterday on back of renewed risk appetite and stops above option barrier at 1.3350 were tripped, however, selling interest from Asian CBs are reported at 1.3380-90, probably for protection of more stops above 1.3400 and fresh sell orders should emerge further out at 1.3440-50. On the downside, bids from various parties (including Middle East names) are tipped at 1.3325-30 and also 1.3290-00 with stops building up below 1.3270 and also 1.3235-40 (large). however, decent demand remains located further out at 1.3190-00 with sizeable stops placed below 1.3180. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Hold long entered at 0.9015The greenback dropped again and reached indicated downside projection target at 0.9008 (61.8% projection of 0.9300-0.9083 measuring from 0.9145), however, loss of near term downward momentum should prevent sharp fall below 0.9000 and bring rebound later. Above the Kijun-Sen (now at 0.9051) would suggest low is possibly formed and bring test of resistance at 0.9080-83 Trade Idea: GBP/USD – Hold short entered at 1.5755Although cable has risen again after yesterday’s retreat to 1.5682 (just around the Kijun-Sen), as this move is viewed as retracement of the decline from 1.5880, upside should be limited to the Ichimoku cloud top (now at 1.5756) and previous support at 1.5764 should hold, bring another decline later, below the Kijun-Sen (now at 1.5713) would bring test of the lower Kumo (now at 1.5698) but break of said support at 1.5682 is needed to signal the rebound form 1.5648 has ended. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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