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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Euro Off Low But Greece Uncertainties Limit RecoveryRisk aversion continues to dominate as Asian equities are broadly in red following the over 200 pts fall in DOW overnight, which was the worst day in three months. Major currencies are mildly off lows against dollar but remains pressured. Situation is Greece is weighing on sentiments and all eyes remains on the development in the participation in the PSI debt swap deal. It's reported that four Greek pension fund refused to join the bond exchange arrangement that would involve 53.5% in face value, longer repayment schedule and lower rates that would mean around 75% of the overall values. The four pensions fund were under pressure from unions on worry that the debt write down would affect the viability of the funds. These four pension funds fold around EUR 2b of Greek debt. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9135; (P) 0.9165; (R1) 0.9217; More.... Intraday bias in USD/CHF remains on the upside with 0.9105 minor support intact and current rise from 0.8903 is expected to continue for 0.9300 resistance. Break there will confirm completion of the whole decline from 0.9594. Also, the corrective three wave structure will in turn argue that whole rally from 0.7065 is still in progress for another high above 0.9594. On the downside, below 0.9105 minor support will turn bias neutral first. |
| Special Report |
China Watch: China To Seek Lower Growth, Widen RMB Floating BandWhile we are just in the beginning of the annual National People's Congress in Beijing (started on March 5 and is expected to last for 10 days), several surprises have already been delivered. First, regarding the economic outlook, Premier Wen Jiabao announced moderate goals for economic growth, inflation and money supply. GDP growth for 2012 will be around 7.5%, faltering below the 8% target over the past 8 years. Inflation will stay at around 4% while M2 growth at 14%. The set of targets signals that the Chinese government accepts slower growth in the medium-term. Meanwhile, the PBOC governor Zhou Xiaochuan indicated that China is considering 'appropriately' widening the trading band for the RMB. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency extended recent fall to 1.3103 yesterday in part due to Greek PSI news, however, option defensive bids (for protection of 1.3100 barrier) lifted the pair this morning in Asia, however, offers from various parties are still noted at 1.3170-80 and also 1.3200 with mixture of offers and stops seen around 1.3240-50. On the downside, bids from Asian sovereign names are still noted at 1.3110-20 and more buying interests from same parties are tipped further out around 1.3060-70 with more stops placed below next barrier at 1.3050. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Sell at 1.3250As the single currency has rebounded after falling to 1.3103 yesterday, suggesting consolidation above this level would be seen and break of the Kijun-Sen (now at 1.3156) would bring retracement to the Ichimoku cloud bottom (now at 1.3204) and possibly towards resistance at 1.3242 but previous support at 1.3282 should hold, bring another decline later. A break of said support at 1.3103 would extend the fall from 1.3486 top to 1.3080 Trade Idea: GBP/USD – Sell at 1.5840As cable has recovered after yesterday’s selloff to 1.5698, suggesting consolidation would be seen and retracement to 1.5778-82 (current level of the Kijun-Sen and previous support) would be seen, however, upside should be limited to the Ichimoku cloud bottom (now at 1.5850) and bring another decline later. A break of said support would extend the fall from 1.5993 top for further fall to next minor support at 1.5682 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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