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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Dollar Reversed as Sentiments lifted by European Data, Auctions, and Greek RumorDollar reversed earlier gains today as market sentiments are lifted by solid manufacturing data as well as rumors that Greece PSI deal could be announced as early as this week. Also, German and portuguese auctions were solid. Dollar index dropped sharply and broke yesterday's low of 78.74 and invalidated that double bottom reversal scenario. Sterling and aussie broke yesterday's high against dollar while EUR/USD is set to test 1.3233. Released from US, ADP employment showed 170k expansion in the private job sector in January versus expectation of 185k. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5707; (P) 1.5751; (R1) 1.5805; More. GBP/USD's rally resumed after brief consolidations and intraday reaches as high as 1.5868 in early US session. As discussed before, the fall from 1.6746 might be finished at 1.5234 already. Further rise would be seen to 1.6165 key cluster resistance for confirmation (61.8% retracement of 1.6746 to 1.5234 at 1.6168). On the downside, below 1.5706 minor support will turn intraday bias neutral and bring consolidations first before staging another rally. |
| 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 staged a strong rebound in European session on better-than-expected PMI data, offers at 1.3100 and 1.3150 were absorbed and although more selling interest is located at 1.3190-00, stops above 1.3120 and 1.3235-40 are now in focus, mixture of offers and stops is located further out at 1.3250 option barrier. On the downside, first bids are seen at 1.3110-15 and also 1.3085-90 with stops building up below intra-day low of 1.3026 and bigger stops are placed below 1.2990-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Hold long entered at 0.9170Despite intra-day brief rise to 0.9250, the subsequent sharp retreat from there suggests caution on our long position entered at 0.9170 and 0.9135-40 needs to hold to retain bullishness for another rebound later, above 0.9225-30 would signal the retreat from 0.9250 has ended and bring another test of this level. Having said that, break of 0.9250 is needed to add credence to our bullish view for a stronger retracement of recent decline to 0.9289 Trade Idea: AUD/USD – Buy at 1.0470The single currency ran into renewed selling interest at 1.3213 and tumbled from there in line with our expectations, our short position entered at 1.3180 met indicated target at 1.3080 (with 100 points profit) and the breach of indicated support at 1.3077 reinforces our view that top has been formed at 1.3233, hence consolidation with downside bias is seen for retracement of recent 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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