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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Dollar Rebounds as Risk Sentiments Turned on China WorryDollar rebounds strongly today against most major currencies on risk aversion. Worries on China slowdown weighed down on global equities markets and sent major European indices down more than -1% while US futures point to lower opens. Australian dollar and New Zealand dollar are hardest hit today and down around -1.2% at the time of writing. Technically, as stated in our reports, firstly, EUR/USD and AUD/USD are held below near term resistance while USD/CHF is kept above near term support level in spite of the selloff in dollar since last week. There is no confirmation of reversal. AUD/USD takes the lead by breaking a minor support level to suggest that last week's recovery is finished and is pointing to extension of recent decline. We'll see if other dollar major pairs follow. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3164; (P) 1.3215 (R1) 1.3288; More.... EUR/USD's recovery lost momentum after hitting 1.3265 and retreats sharply today. Near term outlook remains unchanged. With 1.3290 resistance intact, we're still slightly favoring the bearish case that fall from 1.3486 is not finished. Below 1.3141 minor support will flip bias back to the downside and break of 1.2974 will confirm completion of rebound from 1.2625. However, sustained break of 1.3290 will suggest that fall from 1.3486 is finished. More importantly, this will indicate that rise from 1.2625 is still in progress for another high above 1.3486. |
| Special Report |
RBA Left Interest rates Unchanged due to Less Downside RisksThe RBA unveiled in the March minutes a more optimistic outlook. The reason for leaving the policy rate unchanged was lessened downside risks in global economic outlook. Moreover, policymakers appeared to have weighed the gains from the mining investment boom again strength in Australian dollar. Overall, the central bank has moved to a neutral monetary bias from an easing one in previous meetings. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped in European session and bids from Asian sovereign names at 1.3200 and 1.3180 were filled, some stops below 1.3160-70 are now in focus, however, fresh demand is likely to emerge around 1.3145-50 with stops building up below 1.3140 and further out at 1.3100-10. On the upside, offers are lined up from 1.3230 up to 1.3250 and mixtures of offers from U.S. names and UK clearer and stops are located at 1.3260-70 and also further out at 1.3290-00. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9075Although dollar has recovered after falling to 0.9093 yesterday and consolidation would be seen, reckon 0.9179-84 (yesterday’s high and current level of the Ichimoku cloud bottom) would limit upside and near term downside risk remains for the fall from 0.9335 to extend one more decline to 0.9085 (61.8% Fibonacci retracement of entire rise from 0.8931-0.9335) but loss of downward momentum should prevent sharp fall below previous support at 0.9072 and bring rebound later. Trade Idea: AUD/USD – Sell at 1.0670Although the Australian dollar has retreated after rising to 1.0637 yesterday, as long as support at 1.0422 holds, further consolidation would be seen and another corrective bounce to said resistance cannot be ruled out, however, still reckon 1.0670 resistance would limit upside and bring another decline later. A break of said support at 1.0422 would extend the fall from 1.0857 top to 1.0400 and then previous resistance at 1.0382-87 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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