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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Lifted by Solid German Ifo, Breaks 1.33 against DollarEuro strengthens today and breaches near term resistance against dollar with help from stronger than expected Germany Ifo. The business climate index rose to 109.2 in February, strongest number since last July and was above consensus of 108.8. The expectation component, which is a measurement of expectation for the coming six months, rose more than expected to 102.3 while the current assessment component also beat expectation and rose to 117.5. Economists said that the expectation index points to around 2% annual growth in the Germany economy. Meanwhile Q1 growth could be above 1% qoq. That is, the -0.2% contraction in Q4 was temporary and Germany is not in a technical recession. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3219; (P) 1.3242 (R1) 1.3274; More... The break of 1.3321 resistance indicates that EUR/USD's rebound from 1.2625 has resumed. Intraday bias is back on the upside and further rally should be seen to 61.8% retracement of 1.4246 to 1.2625 at 1.3627 next. On the downside, below 1.3186 minor support will turn bias neutral and bring consolidations. But retreat should be contained above 1.2974 support and bring 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. |
| 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: After hitting this year’s high of 1.3343 in European session, the single currency has retreated on disappointing eurozone GDP data and talk of Asian CBs selling ahead of 1.3350 (for protection of option barrier there) and offers from them are still noted from 1.3330 up to 1.3350 with stops building up above there but more selling interest is likely to emerge further out at 1.3390-00. On the downside, bids from Middle East names are expected at 1.3270 and also 1.3240-50 with stops building up below 1.3230 and 1.3200-10, sizeable stops remain below 1.3170-80. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9015Although dollar has recovered after intra-day selloff to 0.9035 (just 1 tick above indicated projection level at 0.9034 - 50% projection of 0.9300-0.9083 measuring from 0.9145), reckon the Kijun-Sen (now at 0.9085) would limit upside and bring another decline, below said support would extend one more fall, however, loss of near term downward momentum should prevent sharp fall below 0.9008 (61.8% projection) and bring rebound later. Trade Idea: AUD/USD – Hold long entered at 1.0650Despite intra-day marginal fall to 1.0597, lack of follow through selling and the subsequent rebound after holding above indicated support at 1.0590 has retained our bullishness and consolidation with upside bias remains for test of 1.0755 minor resistance but break of 1.0817 (this week’s high) is needed to confirm correction from 1.0845 has ended and bring a retest 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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