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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Markets Staying in Range as Sentiments StabilizedMarkets are stuck in range as sentiments stabilized in Asian session today. Fed Chairman Bernanke said yesterday that economic recovery in US still lacks sustainable strength. Bernanke remained cautious on the economic outlook, citing consumer spending, currently taking up 70% of the US GDP, is not robust enough to sustain growth. He stated that "every country needs to have an appropriate balance of consumption, capital formation, exports and government spending, and that's an important task for us going forward... In terms of debt and consumption and so on, we're still way low relative to the patterns before the crisis'. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 131.88; (P) 132.68; (R1) 133.18; More GBP/JPY's pull back from 133.48 extended and reached as low as 130.08. Deeper fall could be seen. But after all, we'd expect strong support from 126.54/130.13 support zone. to contained downside and bring rally resumption eventually. Break of 133.48 will extend the rise form 117.29 to retest 140.02 key resistance level. |
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped again in European session on risk aversion after the releases of soft China manufacturing PMI and eurozone PMI, stops below 1.3170 and 1.3140 were triggered, however, fresh demand from Eastern European names emerged again and bids from them are still noted at 1.3120-30 with more stops tipped below 1.3120 and 1.3090-00. On the upside, offers are lowered to 1.3190-00 and 1.3240-50 with stops building up above 1.3255-60, followed by mixture of offers and stops in very good size at 1.3280-90 with stops building up above 1.3300 option barrier. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Buy at 0.9100Despite yesterday’s rebound to 0.9179, failure to penetrate previous resistance and the subsequent retreat suggest further consolidation would take place and test of the Ichimoku cloud (now at 0.9114-16) is likely, however, yesterday’s low at 0.9096 should limit downside and bring rebound later. A break of said resistance at 0.9179 would confirm a temporary low has been formed at 0.9078 and bring a stronger bounce to 0.9202 Trade Idea: EUR/USD –Hold short entered at 1.3210As the single currency has rebounded after yesterday’s selloff to 1.3134, suggesting consolidation would be seen, however, if our view that a top has been formed at 1.3286 is correct, the Ichimoku cloud (now at 1.3228-30) should limit upside and bring another decline later. A break of said support at 1.3134 would bring retracement of recent upmove from 1.3005 to previous resistance at 1.3120 and then 1.3110-12 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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