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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: NFP Rose 243k, Unemployment Dropped to 8.3%, Dollar Mixed in Initial ReactionNon-farm payroll report showed much larger than expected expansion in US job market by 243k in January, versus consensus of 150k. That's the beset number in nine months and even better than December's impressive 203k, revised up from 200k. Unemployment rate dropped again for the fifth straight month to 8.3%, lowest in three years. In spite of the strong data, dollar is mixed, staying in range against European majors, up against yen. The upcoming US session will be interesting in deciding whether risk rally would take off again, in particular in whether DOW could take out 12876 high decisively, and take commodity currencies higher with it. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3087; (P) 1.3141 (R1) 1.3198; More. EUR/USD continues to stay in tight range initially after release of stronger than expected NFP data. Intraday bias remains neutral for the moment. On the upside, sustained break of 38.2% retracement of 1.4246 to 1.2625 at 1.3244 will resume the rebound from 1.2625 and target 61.8% retracement at 1.3627. On the downside, break of 1.2931 minor support will suggest that corrective rise from 1.2625 was already finished and the larger decline from 1.4939 is likely resuming for a new low below 1.2625. |
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: The greenback quickly jumped after the release of stronger-than-expected U.S. job data, both nonfarm payrolls number and unemployment rate exceeded analysts’ anticipation (NFP at 243K vs forecast of 150K and jobless rate at 8.3% vs market consensus of 8.5%), stops above 76.40-50 were triggered but more stops are reported at 76.70 and 76.90 with fresh offers likely to emerge around 77.10-20 and further out at 77.50-60. On the downside, bids are now noted at 76.20-30 and also 76.05-10 with stops remain below indicated option barrier at 76.00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: 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/JPY – Hold long entered at 99.60Despite slipping to 99.62 yesterday, renewed buying interest emerged there and the single currency has rebounded again and another bounce to 100.70 is likely, however, break of indicated resistance at 100.88 is needed to signal the retreat from 102.21 has ended and bring a stronger rebound to 101.40-50, Looking ahead, a break of resistance at 102.21 is needed to extend the rise from 97.04 low (wave v bottom) for major correction of recent decline in wave (iv) to 102.50-55 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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