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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Risk Markets Recovered after Brief Selloff, ISM Services Provides SupportRisk assets and higher yield currencies dipped earlier today on weak China's growth outlook, European data and Greece. But the selloff was rather brief as European stock indices pared much of the earlier losses at the time of writing. Solid US data also provide some support. ISM non-manufacturing index unexpectedly rose to 57.3 in February versus expectation of a drop to 56.1. Factory orders dropped less than expected by -1.0% in January. DOW was nearly flat after the release. Released earlier today, UK PMI services dropped more than expected from 56 to 53.8 in February. Eurozone PMI services was revised lower to 48.8 in February. Sentix investor confidence improved to -8.2 in March but missed expectation of -5. Retail sales rose 0.3% mom in January. Swiss retail sales, though, rose more than expected by 4.4% yoy in January. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3143; (P) 1.3238 (R1) 1.3289; More.... EUR/USD's recovery suggests that a temporary low is in place at 1.3159 and intraday bias is turned neutral. As noted before, as long as EUR/USD staying inside the near term rising channel (support at 1.3152), there is no indication of reversal yet and rise from 1.2625 could extend higher. Above 1.3332 minor resistance should flip bias back to the upside for 1.3486 and above. Nonetheless, sustained break of the channel support will suggest that whole rise from 1.2625 is finished at 1.3486 already. In such case, deeper fall should be seen to 1.2974 support for confirmation. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency extended last week's fall to 1.3160, bids to protect stops below 1.3150 option barrier lifted the pair in European session and offers at 1.3210-15 were filled, stops above 1.3230-35 are now in focus, however, some option related offers are tipped further out at 1.3270-80 with more stops placed above 1.3285-90, followed by bigger sell orders at 1.3330-40. On the downside, bids from U.S. names are noted at 1.3175-80 with stops remain below indicated barrier at 1.3150 and also 1.3130. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Buy at 1.5780 or sell at 1.5880Although cable has recovered after falling to 1.5782, last week’s euro-led selloff suggests bearishness remains for the fall from 1.5993 top to bring retracement of recent upmove to 1.5780 (61.8% Fibonacci retracement of 1.5648-1.5993), however, oversold condition should limit downside to 1.5755-60, bring rebound later. Above 1.5845 would bring rebound to the Kijun-Sen (now at 1.5862) but reckon previous support at 1.5895 would limit upside, bring another decline later. Trade Idea: EUR/GBP – Sell at 0.8400Last week’s selloff adds credence to our view that correction from 0.8222 has ended at 0.8506 earlier and consolidation with mild downside bias remains for weakness to 0.8300, however, a sustained breach of 0.8264 support is needed to confirm and bring resumption of recent decline for a retest of 0.8222 and possibly towards 0.8200, otherwise, further choppy trading would take place. 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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