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Daily Report: Reactions to G20 MutedThe G-20 meeting over the weekend triggered little reactions in the markets today. The main topic of the G-20 summit was on resolving the sovereign debt crisis in the Eurozone. Whilst the countries pledged that would review options to ensure that the IMF has sufficient funding to supply in a timely matter, countries outside the Eurozone requested that the 17-nation region to take further steps to strengthen its own firewall before reviewing these options further at the next G-20 meeting in April. UK Finance Minister, George Osborne, stated that, 'We have to see the color of the eurozone's money first - and, quite frankly, that hasn't happened. Until it does, there's no question of extra IMF money from Britain or probably anyone else'. Yet, Germany’s Chancellor Angela Merkel argued that there is already enough money pledged and the Germany policymakers would decide in March on whether it would contribute more to the EFSF. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 80.34; (P) 80.77; (R1) 81.62; More... USD/JPY's rally continues today and intraday bias remains on the upside for 61.8% retracement of 85.51 to 75.56 at 81.70. Sustained break there will pave the way to retest 85.51 key resistance level next. On the downside, break of 79.85 minor support is needed to indicate short term topping. Otherwise, we'll stay bullish even in case of retreat and expect further rise ahead. |
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Orders and Options Watch | ||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite surging to as high as 1.3486 last Friday, the single currency has retreated today after meeting selling interest at 1.3480, however, bids from various accounts (including Asian names) are still noted at 1.3420 with stops placed below 1.3400 but more buying interest from Middle East names are lined up from 1.3380 down to 1.3350, followed by bigger stops below 1.3340. On the upside, offers from funds and option players are reported at 1.3480-90 for protection of 1.3500 option barrier with stops building up above there and also 1.3530 with more selling interest tipped ahead of next barrier at 1.3550. | ||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Sell at 0.9025 or buy at 0.8890Although the greenback has recovered after falling to 0.8931 last Friday and consolidation would be seen, upside should be limited to 0.9000 and renewed selling interest should emerge below 0.9027-34 (previous resistance and current level of the Ichimoku cloud bottom), bring another decline. A break of said support would signal the decline from 0.9595 top is still in progress and extend weakness to weakness to 0.8900 Trade Idea: USD/JPY – Buy at 80.50Despite intra-day initial rally to 81.66, the subsequent retreat on profit-taking suggests a minor top is formed and consolidation below this level would be seen and retracement to 80.70/75 is likely, however, previous resistance at 80.41 should turn into support and limit downside, bring another rise later. A break of said resistance would signal recent upmove has resumed, bring a stronger retracement of early downtrend towards 81.90/00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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