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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Sterling Tumbles after BoE Minutes, Euro DirectionlessSterling was sold off sharply earlier today after BoE minutes unexpectedly revealed that two policy makers favored more expansion in the asset purchase program. GBP/USD is back pressing 1.57 level while EUR/GBP jumped through 0.84. Elsewhere, Euro is generally soft as Eurozone PMIs disappointed. Weakness in European equities also exerted some pressures on Aussie which limited AUD/USD's recovery below 1.07 level. Meanwhile, Yen's weakness continues as USD/JPY is staying firm above 80 psychological level. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5745; (P) 1.5804; (R1) 1.5837; More... GBP/USD dropped sharply to as low as 1.5679 today so far but remains bounded in range of 1.5643/5928. Intraday bias remains neutral. Again, note that 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234 at 1.6168) remains intact. Thus, there is no confirmation of completion of fall from 1.6746. Below 1.5643 will flip bias back to the downside for 1.5234. On the upside, above 1.5928 will extend the rebound from 1.5234 towards 1.6165 key resistance. |
| 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. EU Agrees On Second Greek Bailout Package Worth Of 130B EuroThe latest news is that EU finance ministers have eventually reached an agreement on the second Greek bailout package. The deal requires Greece to bring its debt down to 120.5% of GDP by 2020 from over 164% currently. The agreed reduction was similar to what was requested by the IMF. Moreover, according to Jean-Claude Juncker, the prime minister of Luxembourg, private sector bondholders were expected to incur losses of 53.5% of nominal face value of their Greek bond holdings, up from the previously expected 50.0% nominal write-down. Investors welcomed the news and the euro jumped against the US dollar after the announcement. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The dovish BOE MPC vote outcome, 2 members voted for more QE, hammered the British pound, stops below 1.5750-60 and 1.5700 were triggered and more stops below 1.5650 and 1.5640 are now in focus, however, fresh bids are likely to emerge further out at 1.5590-00 and 1.5550. On the upside, offers are now noted at 1.5700 and 1.5720-25, mixture of offers (from Asian CBs) and stops is now reported at 1.5765-70 but more selling interest should emerge around 1.5800-10 with stops building up above 1.5820. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY – Hold short entered at 80.25Although the greenback has risen again on cross-selling in Japanese yen and recent rise may extend marginal gain, loss of near term upward momentum should prevent further sharp move and reckon 80.50 would hold from here, bring retreat later. Below the Ichimoku cloud top (now at 79.65) would suggest top is possibly formed and bring test of 79.35-44 Trade Idea: AUD/USD – Hold long entered at 1.0650Aussie’s intra-day brief breach of previous support at 1.0629 (last week’s low) suggests caution on our long position entered at 1.0650 and intra-day low at 1.0610 needs to hold to retain bullishness for another rebound, above 1.0755 (yesterday’s high) would suggest the retreat from 1.0817 (this week’s high) has possibly ended and bring another test of this level. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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