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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Markets Tread Water ahead of NFPMarkets are trading in tight range as traders await the employment data from US today. Economist expect the data to show 150k job growth in January, down from December's 200k. Unemployment rate is expected to be unchanged at 8.5%. Looking at the leading indicators. ADP employment showed 170k growth in private sector, down from December's 292k. Employment component of ISM manufacturing dropped slightly from 54.8 to 54.3 in January. 4 week moving average of initial claims was largely unchanged at 376k. Conference Board consumer confidence dropped from 64.8 to 61.1 in January. Hence, the overall picture is inline with the view that job growth has moderated slightly in January. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0675; (P) 1.0715; (R1) 1.0752; More AUD/USD turned sideway after hitting 10752 key resistance and intraday bias is turned neutral for the moment. At this point, another rally is still expected with 1.0525 minor support intact. Sustained break of 1.0752 will be taken as the first signal of larger up trend resumption and should target a test on 1.1079 high. However, note that AUD/USD is still bounded in range of 0.9387/1.1079. Break of 1.0525 support will argue that rebound from 0.9663 is finished and another falling leg inside the consolidation pattern could have started for the lower side of the range. |
| 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. |
| Economic Indicators Update | Don’t miss the largest investor and trader gathering in the World—The World MoneyShow Orlando, February 9-12, 2012 at the Gaylord Palms Resort. Be there as recommendations and advice are revealed for how to best position your portfolio for profit—in 2012 and beyond. Register Free Today! | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite rebounding from yesterday's low of 1.3085, the single currency ran into indicated offers from Asian CBs and sovereign names at 1.3180-90 and retreated again as traders avoid taking big positions ahead of U.S. NFP later today, so further choppy consolidation would take place ahead of U.S. opening. At the moment, offers from same parties are still noted at 1.3180-90 with some stops placed above 1.3200, followed by mixture of offers and stops located at 1.3230-40 with more stops building up above option barrier at 1.3250. On the downside, some bids are noted at 1.3110-15 and also 1.3085-90 with stops placed below 1.3080, 1.3050 and also below 1.3020 with bigger stops planted below 1.3000. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/JPY – Hold long entered at 76.05Dollar’s near term sideways trading is expected to continue and although downside risk remains for recent decline to extend marginal weakness, loss of near term downward momentum should prevent sharp fall below 76.00 and reckon 75.70/75 would hold from here, bring a strong rebound to later. A sustained breach above 76.67 (previous support) would bring a stronger rebound to 76.87 Trade Idea: EUR/USD – Stand asideAs the single currency rebounded after yesterday’s retreat to 1.3085, retaining our view that further choppy consolidation would take place and another corrective fall to 1.3075-80 cannot be ruled out, however, only break of support at 1.3026 would revive our bearishness for a stronger retracement of the rise from 1.2624 to 1.3000 (38.2% Fibonacci retracement of 1.2624-1.3233) and possibly to 1.2970 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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