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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Rebounds on ECB Talk, Weak Auctions IgnoredEuro and European equities rebounded strongly today as ECB signaled that the asset purchase program could be resumed. Spanish yield dipped back just as it edged closer to 6% yesterday and is back at around 5.8% level. ECB executive board member Coeure noted that the "securities markets program" hasn't been used recently "but it still exists". It's reported that ECB has stopped bond purchase for a month since the second three year LTRO. Coeure also noted that Spain's situation showed that "markets remain nervous". But he noted that Spain has taken "very strong deficit measures" and the "political will is enormous". |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5803; (P) 1.5866; (R1) 1.5925; More... At this point, the choppy price actions form 1.5804 still look corrective and intraday bias remains neutral in spite of today's rebound. Focus continues to be con 1.5769 support. Break there will be an early sign of near term reversal and will flip bias to the downside for 1.5602 support for confirmation. However, before that, another rally could still be seen and above 1.6060 will target 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234 at 1.6168). |
| Special Report |
China Watch: Confidence In Chinese Growth ReturnsMarket sentiment over China's economy has turned more optimistic since the beginning of April, after the encouraging report on March manufacturing PMI. Higher-than-expected inflation and improvement in bank lending have provided more evidence of a return of growth strength. Concerning the macroeconomic policy, the PBOC indicated a mild change in the monetary statement after the monetary policy meeting held on March 31. Yet, while the government policies would be less tight, there's no signal of a very accommodative stance in coming months. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchCHF: The greenback slipped throughout the day on dollar’s broad-based weakness against European currencies and stops below 0.9140 were triggered, however, bids from Swiss names are still noted at 0.9120-25 with mixtures of bids and stops located further out at 0.9090-00 and 0.9070. On the upside, offers from German names are lined up at 0.9175-80 and also in the region of 0.9200-20 with stops building up above 0.9225-30 as well as 0.9255-60 (offers expected ahead). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Hold short entered at 1.5915As the British pound has risen again after intra-day brief retreat, suggesting caution on our short position entered at 1.5915 and 1.5950 needs to hold to retain bearishness for another retreat, below the Kijun-Sen (now at 1.5873) would suggest the rebound from 1.5808 has ended and bring another test of 1.5805-08 support. Trade Idea: EUR/JPY – Sell at 107.45As the single currency has fallen again after meeting renewed selling interest at 107.47 yesterday, suggesting the decline from 111.43 top is still in progress and further weakness to 105.10-20 would be seen, however, loss of near term momentum should limit downside to 104.65 and reckon 104.20-25 (50% Fibonacci retracement of 97.04-111.43) would remain intact. 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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