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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Aussie Lower on China Manufacturing Data, Yen Rebounds on TradeAussie and Kiwi are both weighed down by economic data in Asian session. The HSBC/Markit manufacturing PMI in China dropped from 49.6 to 48.1 in March, staying in contraction region and was the lowest number since last November. An HSBC economists noted that growth momentum in China could slow further on sluggish export new orders and softening domestic demand. On the other hand, Q4 GDP data from New Zealand showed 0.3% qoq growth only, half of expectation of 0.6% qoq. Traders are paring bet for a rate hike from RBNZ this year after the data. AUD/USD broke through recent support and resumed the fall from 1.0852. NZD/USD is back pressing recent support of 0.8063. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 83.05; (P) 83.31; (R1) 83.59; More... USD/JPY dips mildly today as consolidation for 84.17 continues. Near term outlook remains unchanged though. Deeper retreat cannot be ruled out. But we'd expect downside to be contained above 81.86 resistance turned support and bring rally resumption. Above 84.17 should extend the rise from 76.02 to retest 85.51 key resistance level next. |
| Special Report |
BOE Members Remained Divided On Asset ProgramThe BOE's minutes for the March meeting indicated that policymakers remained split in the asset buying program. Adam Posen and David Miles supported more stimulus (adding an additional 25 pound) as it was 'warranted to reduce the risk that persistently weak growth would damage the future supply capacity of the economy'. Yet, the proposal was overruled by the remaining 7 members to maintain the program as it was. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite retreating rather sharply yesterday on selling by U.S. names, however, fresh demand emerged just above previous support at 1.3172 and price has rebounded from there since late New York as ECB's Draghi said the worst of eurozone debt crisis is over. Having said that, offers are still noted at 1.3255-65 and also at 1.3285-95 with stops remain above 1.3300 option barrier, followed by next barrier at 1.3350. On the downside, bids are reported at 1.3210-20 and some stops are placed below 1.3200 with mixture of bids and stops remains at 1.3170-80, bigger stops are building up below 1.3140. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Sell at 1.5895Despite yesterday’s brief rise to 1.5924, the subsequent sharp retreat from there to 1.5817 suggests a temporary top is possibly formed there and consolidation with downside bias is seen for another test of said support, break there would bring retracement of recent upmove to 1.5779 (50% Fibonacci retracement of 1.5634-1.5924) but reckon 1.5745-49 (61.8% Fibonacci retracement and previous resistance) would remain intact Trade Idea: EUR/USD – Sell at 1.3265Although the single currency has rebounded after holding above previous support at 1.3172 and consolidation with mild upside bias is seen, as long as resistance at 1.3286 holds, further sideways trading is in store and another fall to said support would be seen, break there would signal a temporary top is formed, bring retracement of recent upmove to previous support at 1.3142 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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