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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Sentiments Weak but Risk Markets Off Lows With Help from ChinaMarket sentiments remains generally weak today, still weighed down by fading hope on additional stimulus from Fed and worry on Spain after yesterday's poor bond auction. The poor bond auctions reminded investors that peripheral countries are still facing the challenges of recession and austerity. And the debt crisis is not going away yet even with recent progress in concluding to raise the firewall. As Greek secured the second bailout while Italy, Portugal and Ireland seem to be doing well, focus is shifting to Spain. Nonetheless, selling pressure as somewhat eased in pre-holiday trading. Also, strong rebound in China stock markets helped stabilized Asian markets in general and lifted major indices off lows. Meanwhile, traders are also cautious ahead of tomorrow's non-farm payroll report from US. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 107.59; (P) 108.64; (R1) 109.39; More EUR/JPY's correction from 111.43 extended lower to as low as 107.89 so far and deeper decline could be seen. But after all, we'd expect downside to be contained by 105.64 support and bring rebound. Rally from 97.03 is expected to resume sooner or later. Above 109.81 will flip bias back to the upside for 111.43 first. Decisive break of 111.57 resistance will confirm that fall from 123.31 has completed and should target a test on this key resistance next. |
| Special Reports |
ECB Leaves Rates Unchanged, Needs Time to Assess Impacts of LTROsThe ECB left the main refinancing rate unchanged at 1.0% in April. The accompanying statement contained little change with the risk assessment of growth and inflation largely the same as March. Policymakers needed more time gauge the overall effect of the LTROs. While there was no signal of any further non-standard measures, exit is considered as premature for the time being. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency rebounded after falling to 1.3108 yesterday in part due to soft data out of Germany and poor auction result from Spain, stops at 1.3120 were tripped but bids to protect stops below 1.3100 option barrier contained downside so far and more stops are placed below 1.3080 and 1.3050. On the upside, offers from funds are noted at 1.3170-80 and also at 1.3200 with mixture of offers and stops tipped at 1.3240-50 but sizeable stops only emerging above 1.3280. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Buy at 0.9105As the greenback has retreated after rallying to 0.9183 yesterday, consolidation below this level would be seen and retracement to 0.9114 (38.2% Fibonacci retracement of 0.9002-0.9183) is likely, however, reckon 0.9092-93 (current level of the Ichimoku cloud top, previous resistance as well as 50% Fibonacci retracement) would limit downside and bring another rise later. Trade Idea: EUR/USD – Sell at 1.3235As the single currency has finally rebounded after falling to 1.3108 yesterday, suggesting consolidation would be seen and recovery to 1.3205-10 (38.2% Fibonacci retracement of 1.3368-1.3108) is likely, however, renewed selling interest should emerge around 1.3238 (50% Fibonacci retracement) and the Ichimoku cloud bottom (now at 1.3244) should hold, bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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