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Daily Report: Yen Recovers on Risk Aversion as China Lowered GDP TargetThe Japanese yen recovers broadly on profit taking and risk aversion today. Meanwhile, dollar is also mildly firmer against other major currencies. Asian equities are broadly lower today as China lowered GDP target for 2012. At the annual meeting of the National People's Congress in Beijing, China's Premier Wen Jiabao announced the country's economic growth target is reduced to 7.5% this year while inflation target will stay at 4%. The Chinese government also reiterated to maintain a 'proactive' fiscal policy and a 'prudent' monetary policy. This is the first time that China forecasts its growth at below 8% since 2005. While this may disappoint some investors, the goal is a signal that the government policy has shifted the composition of growth to consumption from exports and investment. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 128.89; (P) 129.24; (R1) 129.73; More As noted before, with 126.68 minor support intact, there is no clear sign of topping in GBP/JPY yet and another rally could be seen. But GBP/JPY has been clearly losing upside momentum with bearish divergence condition in 4 hours MACD. Hence even in case of another rise, strong resistance would likely be seen at 61.8% retracement of 140.02 to 116.83 at 131.16 to limit upside at first attempt and bring consolidations before staging another rally. Meanwhile, break of 126.68 support will indicate short term topping and bring deeper pull back. Overall, Overall, the decline from 140.02 should have finished at 116.83 already. Break of 131.16 fibo level will target a test on 140.02 next. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency has remained under pressure after last week's selloff and although stops below 1.3200 were tripped, bids from Asian names are still noted at 1.3180 with stops placed below and more buying interests from Middle East names are expected to emerge around 1.3150-60 (also with stops below 1.3150) and further out at 1.3110-20. On the upside, offers from various parties (including European names and funds) are lined up from 1.3250 up to 1.3280 and also at 1.3320-30 with stops building up above 1.3350-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Buy at 0.9050Last week’s rally signals recent decline has ended at 0.8931 earlier and bullishness is seen and a sustained breach of 0.9150 would extend near term rise from 0.8931 for further gain to 0.9185 (38.2% Fibonacci retracement of 0.9595 to 0.8931) and then 0.9205/08, however, near term overbought condition should limit upside and reckon 0.9250-60 would hold from here, bring retreat later. Trade Idea: GBP/USD – Buy at 1.5780 or sell at 1.5880Although cable has recovered from intra-day low of 1.5810, last week’s euro-led selloff suggests bearishness remains for the fall from 1.5993 top to bring retracement of recent upmove to previous support at 1.5801, then 1.5780 (61.8% Fibonacci retracement of 1.5648-1.5993), however, oversold condition should limit downside to 1.5755-60, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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