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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Dollar and Yen Mildly Higher as Risk Recedes on Earnings, China Data and French ElectionRisk sentiments are weak as the week starts as Asian equities are weighed down by poor earning reports from Daewoo Engineering & Construction, Tokyo Steel Manufacturing and China Mobile. Also, while the HSBC China manufacturing PMI improved to 49.1 in April, it stayed in contraction region. The news that IMF chief Lagarde secured over $430b funding for its warchest was ignored by investors. Dollar and yen are both mildly higher as risk appetite recedes. Aussie is also additionally hit as PPI unexpectedly dropped in Q1. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0330; (P) 1.0357; (R1) 1.0405; More AUD/USD dips mildly today but is staying in range of 1.0304 and 1.0452 and intraday bias remains neutral. At this point, price actions from 1.0452 still looks like a triangle and that favors rebound from 1.0225 to continue Above 1.0452 will target 61.8% retracement of 1.0852 to 1.0225 at 1.0612 next. However, break of 1.0304 will dampen this week and will flip bias back to the downside to send AUD/USD through 1.0225 low to extend the fall from 1.0852. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite rising to 1.3225 last Friday in part due to the release of better-than-expected German data, the single currency opened lower today on French presidential election results (moved to final vote on May 6), however, some bids are still noted at 1.3160-70 and also 1.3130 with stops building up below 1.3100-10 and further out at 1.3050-55. On the upside, mixture of offers and stops is located at 1.3220-30 but fresh offers are likely to emerge around 1.3250 and also at 1.3270-80. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Sell at 1.6125Despite intra-day brief rise to 1.6155, the subsequent retreat suggests a temporary top is possibly formed and consolidation with downside bias is seen for test of the Ichimoku cloud top (now at 1.6049) break there would bring retracement towards previous support at 1.6009, however, the flat ground Ichimoku cloud bottom (now at 1.5986) should hold, bring another rise later. Trade Idea: USD/CHF – Buy at 0.9060Despite Friday’s breach of previous support at 0.9092, lack of follow through selling and the subsequent rebound from 0.9085 suggest consolidation would be seen and test of the Ichimoku cloud bottom (now at 0.9153), then the upper Kumo (now at 0.9169) would be seen, break there would add credence to this view and bring a stronger rebound towards resistance area at 0.9196-0.9210 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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