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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Sentiments Weighed Down by China Trade Data, Dollar Mildly HigherSentiments in Asian markets was weighed down by the trade data from China released over the weekend, which some analysts described as poor. China reported a trade deficit of $31.5b in February, much worse than market expectation and was the largest deficit since 1989. Some people might people to Lunar New Year holiday as the cause of disruption in trade. However, note that the combining deficit of January and February was at $4.25b which was enormous comparing to the coming figure of $0.89b in the first two months of 2011. Also, looking at January's and February's figures together, overall exports rose 6.9% and import grew 7.7%. But note that exports to EU, the largest trading partner of China, dropped -1.1% yoy even though exports to US maintained double digit growth at 14.9% yoy. |
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| Featured Technical Report | |
EUR/USD Daily OutlookDaily Pivots: (S1) 1.3054; (P) 1.3166 (R1) 1.3235; More.... EUR/USD dips to 1.3018 today and intraday bias remains on the downside for 1.2974 support next. As noted before, firstly, rebound from 1.2625 has likely completed with three waves up to 1.3486 already. Secondly, EUR/USD maintains a pattern of lower highs, lower lows since 1.4939 and such decline is still in progress. Break of 1.2974 will affirm this bearish view and should target 1.2625 and below. On the upside, break of 1.3290 resistance is needed to signal completion of fall from 1.3486. Otherwise, we'll stay cautiously bearish even in case of recovery. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency has remained under pressure after last week's late selloff on dollar's broad-based strength and stops below 1.3090 and 1.3080 were triggered, fresh demand from Asian names is seen form 1.3070 down to 1.3050 (where another option barrier is located) and more buying interests from sovereign accounts are tipped from 1.3030 down to 1.3000. On the upside, some offers are tipped at 1.3120 and also 1.3150-60 with stops placed above 1.3200 and also further out at 1.3250. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Sell at 1.5740Despite intra-day brief fall to 1.5656, current rebound suggests a minor low is possibly formed there and consolidation with mild upside bias would be seen for retracement to previous support at 1.5698, however, renewed selling interest should emerge around the Kijun-Sen (now at 1.5766) and bring another decline later. A break of said support would extend the fall from 1.5993 top for test of previous support at 1.5644-48 Trade Idea: USD/CHF – Buy at 0.9140Despite intra-day marginal rise to 0.9219, lack of follow through buying on the break of previous resistance at 0.9202 and current retreat suggest consolidation would be seen and pullback to the Kijun-Sen (now at 0.9160) would be seen, however, the Ichimoku cloud top (now at 0.9137) should limit downside and bring another rise later. A break of said resistance would extend the upmove from 0.8931 low for further gain to 0.9240-50 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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