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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Dollar Weakens as Risk Appetite Returns on Bernanke and MerkelDollar index broke 79 handle overnight as sentiments were boosted by Fed Bernanke's comment on policy stimulus and German Merkel's comment on Eurozone bailout funds. Asian equities are broadly higher following the 160pts rally in DOW. Gold also rebounded strongly on QE3 speculations and is heading back to 1700 level. The Japanese yen is also broadly weaker today as strengthen of last week's rebound faded. As noted yesterday, EUR/USD's break of 1.33 resistance cleared the near term picture and should trigger further selling in the greenback against European majors. Dollar index's break of 79 also affirm this near term view. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9878; (P) 0.9938; (R1) 0.9970; More... USD/CAD's sharp fall suggests that rebound from 0.9860 is finished. Also, the development argues that price actions from 0.9841 are merely a consolidation pattern and has finished with three waves to 1.0034 already. Intraday bias is cautiously on the downside for 0.9860 support. Break there will resume the whole decline from 1.0552 and would target 0.9725 support next. On the upside, above 0.9939 will mix up the outlook and turn bias neutral again. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite falling to 1.3190 in European session yesterday, the single currency found decent demand there and rallied on dovish comments from Fed’s Bernanke, option barriers at 1.3300 and 1.3350 were triggered, some offers (some cross-related) are reported at 1.3370-75 and also at 1.3395-00 (for protection of 1.3400 barrier) with stops building up above 1.3400 and 1.3450. On the downside, bids from Asian and Eastern European names are lined up at 1.3315-20 and also 1.3295-00 with some stops placed below 1.3285-90 but more buying interests should emerge around 1.3250-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.5860Yesterday’s rally after breaking resistance at 1.5909 and 1.5924 confirms recent rise from 1.5603 low has resumed and further gain to 1.5980 and possibly previous resistance at 1.5993 would be seen, however, near term overbought condition should prevent sharp move beyond the psychological resistance at 1.6000 and reckon 1.6040-50 would cap upside Trade Idea: EUR/USD – Buy at 1.3255Although euro has eased after faltering below yesterday’s high of 1.3368 and consolidation with mild downside bias is seen for retracement to previous resistance at 1.3294, reckon the Ichimoku cloud top (now at 1.3254) would attract renewed buying interest and bring another rise later, above said resistance would extend the rise from 1.3005 low to 1.3380 and possibly 1.3400 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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