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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Euro Rises after Greece Bailout Passed Parliament, UK in Focus TodayEuro resumes recent rebound against dollar and strengthens against yen after Greece parliament approved the terms of the second international bailout. The EUR 130b rescue loan package contract was cleared with 213 voted for and 79 voted against out of a total 292 present members. Based on current momentum, EUR/USD would have a take on 1.33 level today. But overall outlook in the markets are rather mixed. In particular, risk sentiment is uncleared for the moment as deeper pull back in equities is favored which could provide some support to dollar. Though, in either case, European majors could likely have upper hands against commodity currencies in near term, as talk of China slow down stays. That is, for example, while current development doesn't warrant stronger recovery in EUR/USD, near term rise in EUR/AUD is anticipated. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 110.37; (P) 110.59; (R1) 110.92; More EUR/JPY rises further to as high as 111.16 so far and intraday bias remains on the upside for 111.57 resistance. As noted before, break of 111.57 will affirm the bullish that that fall from 123.31 has completed at 97.03 on bullish convergence condition in daily MACD. In such case, the current rally would likely extend to retest 123.31 key resistance next. On the downside, below 110.27 will now argue short term topping, with mild bearish divergence condition in 4 hours MACD and bring pull back. But after all, we'll stay bullish as long as 105.64 support holds and expect stronger rally ahead. |
| Special Report |
RBA Left Interest rates Unchanged due to Less Downside RisksThe RBA unveiled in the March minutes a more optimistic outlook. The reason for leaving the policy rate unchanged was lessened downside risks in global economic outlook. Moreover, policymakers appeared to have weighed the gains from the mining investment boom again strength in Australian dollar. Overall, the central bank has moved to a neutral monetary bias from an easing one in previous meetings. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency has maintained a firm undertone after breaking previous resistance at 1.3265 on dollar’s broad-based weakness, however, offers are still noted ahead of 1.3291 (8 Mar high) and option barrier at 1.3300 are in focus with stops expected above there but fresh offers are tipped further out at 1.3320 and 1.3340-50. On the downside, bids from various parties are lined up at 1.3230-40 with mixture of bids and stops located at 1.3210-15 but bigger buy orders are likely to emerge further out at 1.3170-80, followed by sizeable stops below 1.3140-50. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Buy at 1.3175Euro found renewed buying interest at 1.3172 yesterday and current breach of previous resistance at 1.3265 confirms recent upmove has resumed, suggesting the rise from 1.3005 low would extend further gain to previous resistance at 1.3291, however, loss of momentum should prevent sharp move beyond there and reckon 1.3340-50 would hold from there, risk from there has increased for a retreat later. Trade Idea: USD/JPY – Buy at 82.40Despite yesterday’s rebound to 83.84, as the greenback has retreated after faltering below indicated resistance at 83.95 (Friday’s high), retaining our view that further consolidation would take place and another corrective fall towards 83.02 (yesterday’s low) cannot be ruled out, below there would bring retracement to 82.35-40 (50% Fibonacci retracement of 80.59-84.19), however, reckon 82.10-20 would hold, bring another rise later. 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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