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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Dollar Steady as Risk Rally Halts, Aussie DivesRisk rally took a breathe as markets are reassessing Bernanke's comment and the chance of further stimulus from Fed. S&P 500 pared gains and ended yesterday lower after reaching to highest level in four years. Asian equities opened lower and deeper selloff was seen on worries on China's industrial profits. The National Bureau of Statistics reported that China's industrial profits dropped -5.2% in the first two months this year. Some of the largest metal products also reported slumping earnings. In the currency markets, Australian dollar is hit hard on it's close trade tie with and AUD/USD is possibly set to revisit recent low of 1.0336. Dollar is relatively steady against European majors. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0420; (P) 1.0488; (R1) 1.0525; More The break of 1.0426 minor support suggests that AUD/USD's recovery from 1.0336 is finished. Intraday bias is flipped back to the downside first. Note again that AUD/USD is staying well inside near term falling channel and fall from 1.0852 is still in progress. Break of 1.0336 will confirm decline resumption. Also, another falling leg inside the consolidation pattern from 1.1079 could have started at 1.0852 and would target 0.9663 and possibly below eventually. Meanwhile, above 1.0557 should dampen this bearish view and bring stronger rise to 1.0636 resistance and above. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency has remained confined within narrow range after rising to 1.3385 yesterday, bids at 1.3300-10 are still limiting downside and stops are placed below 1.3300, 1.3280 and 1.3260, however, fresh demand should emerge around 1.3240-50 and also at 1.3210-20 with bigger stops building up below 1.3190. On the upside, some fair size offers are noted at 1.3345-50 and option defensive offers remain at 1.3380-90 (for protection of 1.3400 barrier) with stops expected around 1.3400-10 but fresh offers should emerge around 1.3440-50. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.5875Despite yesterday’s brief rise to 1.6002, lack of follow through buying on break of previous resistance at 1.5999 and the subsequent retreat suggest consolidation would be seen and test of the Ichimoku cloud top (now at 1.5926) cannot be ruled out, below would bring retracement to previous resistance at 1.5909, however, the Ichimoku cloud bottom (now at 1.5888) should limit downside, bring another rally later. Trade Idea: EUR/USD – Buy at 1.3255Despite yesterday’s brief rise to 1.3385, lack of follow through selling and the subsequent retreat suggest a temporary top is possibly formed (with a shooting star on the hourly chart), hence consolidation with downside bias is seen for pullback to previous resistance at 1.3294 and then the Ichimoku cloud bottom (now at 1.3280), however, 1.3255-60 should limit downside, 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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