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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Markets Mixed after Global Manufacturing DataMarkets remains generally mixed in early US session. ISM manufacturing index improved to 53.4 in March, better than consensus of 53.1, indicating stronger pace of expansion. Prices paid component dropped to 61, suggesting lower inflationary pressure. Construction spending dropped -1.1% mom in February. But the economic data provide little inspiration to the markets so far. US stocks opened lower following weakness in European equities but quickly recovered. Dollar index attempted a recovery on risk aversion today but lost steam above 79 level as gold also rebounded. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 82.11; (P) 82.49; (R1) 83.16; More... Despite initial rally, USD/JPY failed to sustain gain and dropped sharply as the day goes. With 83.38 minor resistance intact, correction from 84.17 could extend lower. But even in that case, downside is expected to be contained by 80.58/81.86 support zone and bring rally resumption eventually. Above 83.38 minor resistance will flip bias back to the upside. Further break of 84.17 will extend the rally from 76.02 to 85.51 key resistance level. |
| Special Reports |
EU Ministers Beefs Up Firewall, Next Focus On IMFEU finance ministers announced to boost the firewall after the Eurogroup meeting in Copenhagen last Friday. The ESM is now expected to work in parallel with the EFSF. While the headlines said that the rescue fund is now increased to 800B euro, 300B euro of which has already been allocated for bailouts of Greece, Ireland and Portugal. The expansion this time is rather modest, the least among the options anticipated by the market. It remained a concern whether other IMF members (non-EU members) would be willing to inject further liquidity to help the region in its sovereign crisis. RBA Not To Cut Rates In AprilWe believe there's at most 50% chance of a RBA rate cut in April. Although intermeeting economic indicators suggested a weakening in Australia's growth, the RBA has history of surprisingly the market. Moreover, the apparently contradicting comments from the central bank and the Treasury suggested that policymakers would stand aside for another month. That said, further easing later this year remains likely. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar reversed early gain and has dropped sharply after faltering below previous resistance at 83.39 and bids at 82.70-80 and 82.50 will filled with stops at 82.20 also tripped, however, option related buying interests are reported at 82.10 and also at 82.00 with stops building up below 81.80. On the upside, offers from Swiss banks are lowered to 82.60 and also at 83.00-10 with mixture of offers and stops in good size remains at 83.30-40. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 0.9110As the greenback has staged a strong rebound after intra-day marginal fall to 0.9002, suggesting a minor low is formed and upside risk remains for retracement to previous resistance at 0.9093, however, reckon upside be limited to 0.9110 and resistance at 0.9136 should hold, bring another decline later. A break of psychological support at 0.9000 would extend recent fall from 0.9335 to 0.8980 Trade Idea: EUR/JPY – Hold short entered at 110.80Although the single currency rose briefly to 111.13 this morning, as price has retreated after faltering below resistance at 111.25 (last week’s high), retaining our consolidative view and mild downside bias remains for another retreat to 110.00, then 109.00-05. Having said that, only break of support at 108.77 would signal a possible downside break of recent 108.49-111.43 range Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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