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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: EUR/USD Rally Short Lived, Failed Below 1.33Euro's rally was rather short lived as EUR/USD failed to take out 1.3290 resistance and retreated, after European major indices pared gains and turned red. US existing home sales rose slightly less than expected to 4.59m annual rate in February but the data provides little inspiration to the markets. We'd anticipate some more selloff in equities later today as S&P 500 and DOW's pull back extends. Meanwhile, in the FX markets, we'd favor rally in European commodity crosses. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9092; (P) 0.9123; (R1) 0.9146; More.... USD/CHF dipped to 0.9077 earlier today but held above 0.9071 support and recovered. With 0.9071 support intact, we're still slightly favoring the bullish case. That is, fall from 0.9594 is finished with three waves down to 0.8930 after hitting lower channel support. Above 0.9177 should flip bias back to upside. Break of 0.9334 will target 0.9594 and above. However, sustained break of 0.9071 will suggest that rebound from 0.8930 is finished and would possibly extend the fall from 0.9594 to another low below 0.8930. |
| Special Report |
BOE Members Remained Divided On Asset ProgramThe BOE's minutes for the March meeting indicated that policymakers remained split in the asset buying program. Adam Posen and David Miles supported more stimulus (adding an additional 25 pound) as it was 'warranted to reduce the risk that persistently weak growth would damage the future supply capacity of the economy'. Yet, the proposal was overruled by the remaining 7 members to maintain the program as it was. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: Despite rising to as high as 1.5924, the British pound dropped shortly after the release of dovish BOE MPC meeting minutes (Posen and Miles still looking for expansion of QE), U.S. investment bank and Eastern European names were seen selling sterling aggressively in London session, stops at 1.5870 and 1.5830 were tripped, however, some bids are still noted at 1.5810-20 with more stops placed below 1.5800 and further out at 1.5740-50. On the upside, offers are noted from 1.5880 up to 1.5900 with mixtures of offers and stops seen at 1.5920-30 and further out at 1.5950-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Buy at 1.3155Despite intra-day resumption of upmove to 1.3286, the subsequent retreat after faltering below previous chart point at 1.3291 suggests a minor top is formed and retracement to the Ichimoku cloud top (now at 1.3210), then previous support at 1.3172 would be seen, however, the Ichimoku cloud bottom (now at 1.3157) should limit downside and support at 1.3142 should remain intact, bring another rise later. Trade Idea: AUD/USD – Sell at 1.0670Despite aussie’s retreat from this week’s high of 1.0637, 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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Fundamental Highlights
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