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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: Yen Broadly Lower as Risk Appetite Returns on Easing Spain WorriesYen weakens broadly while dollar remains soft as yesterday's risk rallies carried on to today's Asian session. Asia equities are generally higher following the 194 pts rise in DOW overnight. Worries on Spain was eased after successful bill auction with strong demand and 10 year yield dipped back below 6% again. Sentiments are positive for the moment even though Spain will face a bigger test of sales of 2- and 10-year bonds tomorrow. Note that the strong rally in US equities invalidate the bearish view that they're topped earlier in the month and indeed, DOW would now likely make at least another high above 13297 in near term. And the development would likely give some pressure to dollar and yen . |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 127.86; (P) 128.41; (R1) 129.27; More. GBP/JPY's rebound from 127.10 extends further today and the break of 129.57 minor resistance suggest that choppy decline from 133.48 has finished at 127.10 already. Stronger support was seen at 38.2% retracement of 117.29 to 133.48 and above 126.54 support, thus retaining the bullish case that rally from 117.29 is not finished. Intraday bias is flipped back to the upside for 133.48 first. |
| Special Reports |
BOC Turns Hawkish as Economic Backdrop ImprovesThe Bank of Canada, while leaving the policy rate unchanged at 1% since September 2010, delivered a more hawkish tone at the April meeting. Citing stronger momentum in domestic growth, better US outlook and the Eurozone's possible emergence from recession are adding confidence to policymakers. Yet, the downside risks on the world economic recovery would be due to high oil prices. Weighing all upside and downside risks, it's likely for the central bank to begin a rate hike by the first half of 2013. RBA's May Decision Depends on CPI DataThe April RBA minutes signaled that policymakers did not consider cutting interest rates appropriate at the meeting, despite softer employment market and downward revision in economic assessments. The possibility of a rate cut appears lower than what is priced in the market. Yet, the CPI print for 1Q12 would be a key determining factor for the monetary decision. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchJPY: The greenback surged against the Japanese yen on comments from BOJ's Nishimura that the central bank may take further easing steps if necessary to boost economy, stops above 81.20 were filled, however, offers from corporates are still noted at 81.45-50 and also at 81.85-90 with more stops placed above 81.90-00. On the downside, bids from Japanese investors raised to 81.00, 80.70-75 as well as 80.50 with stops remain below 80.20-25 and more buying interest should emerge above barrier at 80.00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Hold short entered at 1.5950Despite yesterday’s rally to 1.5972, the subsequent retreat has retained our consolidative view and further choppy trading within recent established range of 1.5805-1.5985 would be seen with downside bias for weakness to the Ichimoku cloud bottom (now at 1.5876), then yesterday’s low at 1.583 but reckon this week’s low at 1.5819 would contain downside and bring another rebound. Trade Idea: USD/CHF – Buy at 0.9100Although dollar has rebounded after falling to 0.9126, a firm breach of 0.9181-83 (yesterday’s high as well as current level of the upper Kumo) is needed to confirm low is formed and bring a stronger rebound to 0.9220 but still reckon this week’s high of 0.9251 would cap upside, bring further choppy trading within recent established range. 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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