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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Dollar Soars after Solid Non-Farm Payroll, Euro Pares Gain Despite Greece PSIDollar jumps sharply in early US session on solid employment data. Non-farm payroll report showed 227k expansion in the job market in February, above expectation of 210k. The bigger surprise was found in January's figure, which was revised up from 243k to 284k. Unemployment rate was unchanged at 8.3%. USD/JPY resumes recent rally and breaks 82 handle. Meanwhile, European majors are sharply lower against the greenback even though respective pairs are still bounded in tight range. Aussie also weakens mildly but is being supported by buying in European crosses. Price actions in USD/CAD is mixed though. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 81.18; (P) 81.45; (R1) 81.84; More... USD/JPY soars in early US session and the strong break of 81.86 resistance against confirm that recent rise fro 76.02 has resumed. Intraday bias is back on the upside for key resistance level at 85.51 next. On the downside, break of 80.58 support is needed to signal short term topping. Otherwise, we'll stay bullish even in case of retreat. |
| Special Report |
Review of Central Bank Meetings of the WeekECB - As expected, the ECB also left the main refinancing rate unchanged at 1.0%. President Draghi, however, delivered a less dovish monetary stance at the policy statement as well as at the press conference, with the focus on upside risks to inflation. Draghi stated that the market condition has 'improved enormously' and confidence on the euro has returned. Policymakers have not signaled further easing. It appeared that the next move, despite uncertain timing, would be a reversal of the ultra accommodative policy. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar finally penetrated 82.00 level and stops above this option barrier were tripped on dollar's broad-based strength after NFP, stops at 82.25 were also triggered and next barrier at 82.50 is now in focus but fresh offers are likely to emerge around 82.70-75, followed by another barrier at 83.00. On the downside, bids are raised to 81.70-80 with stops building up below 81.30-40 and also 81.00. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Stand asideAlthough cable has retreated after rising to 1.5834 yesterday and marginal weakness below intra-day support at 1.5751 cannot be ruled out, reckon downside would be limited to 1.5720-25 and support at 1.5698 should hold, bring another rebound later. A break of said resistance at 1.5834 would bring a stronger retracement of recent decline from 1.5993 top towards 1.5880-84 (61.8% Fibonacci retracement of 1.5993-1.5698 and previous resistance) Trade Idea: EUR/JPY – Buy at 107.25Although euro has retreated after rising to 108.65 today, the strong rebound from 105.65 suggests correction from 109.95 has possibly ended there and consolidation with upside bias is seen, break of said resistance would extend gain to indicated resistance at 108.74 but break there is needed to add credence to this view and bring further gain to 109.00 later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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