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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: EUR/USD Breaks 1.34 as Focus Turning to G20The trend continues today as Euro strengthens while yen weakens broadly. ECB's LTRO II and G20 meeting are the main talks of the markets. The expectation on ECB's second 3-year LTRO next Wednesday continues to change. Markets are now expecting around EUR 500b to be tapped by banks, halved from the EUR 1T expectations just a few days ago. This is more inline with ECB president Draghi's comment that the second LTRO would be at similar size as the first one. Governing Council member Nowotny said that he doesn't see any need for more LTRO after next week's operation. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3274; (P) 1.3326 (R1) 1.3421; More... EUR/USD's rally extends to as high as 1.3425 so far in early US session and intraday bias remains on the upside for 61.8% retracement of 1.4246 to 1.2625 at 1.3627 next. Decisive break there will also have near term falling trend line resistance firmly taken out and would be a signal of completion of whole fall from 1.4939. On the downside, below 1.3343 minor support will turn bias neutral and bring consolidations. But downside of 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. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has continued to rise on dollar's broad-based weakness against European currencies and stops above 1.3400 option barrier were also triggered, more stops are reported at 1.3430 with offers are reported ahead of this level, followed by another option barrier at 1.3450, bigger sell orders are located at 1.3500. On the downside, bids are raised to 1.3380-85 and also 1.3355-60 with some stops placed below 1.3340 but fresh demand is expected to emerge around 1.3300 with sizeable stops tipped below 1.3270. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Buy at 1.3300As the single currency has risen again after finding renewed buying interest at 1.3270 yesterday, suggesting recent rise is still in progress and further gain to 1.3440-50 would be seen, however, loss of near term upward momentum should prevent sharp move beyond 1.3470-75 and reckon 1.3500 would hold from here, risk from there remains for a strong pullback to take place later. Trade Idea: AUD/USD – Hold long entered at 1.0650Aussie’s rebound after yesterday’s initial brief fall to 1.0597 has retained our bullishness and consolidation with upside bias remains for test of 1.0755-60 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. Looking ahead, a break of resistance at 1.0845 would extend recent rise in wave c to 1.0900 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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