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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Markets Staying in Range as Focus Turns to UK GDP and FOMCMarkets continue to stay in tight range in Asian session today. Stocks were lifted by solid earnings from 3M and Apple. Both dollar and yen are mildly softer on risk appetite but loss is so far limited. UK GDP will be the main focus in European session today. Markets are expecting GDP to return to growth of 0.1% qoq in Q1 2011, after contracting -0.3% qoq in Q4 of 2011. Some analysts said that small positive or negative number won't matter much in economic terms. However, a return to positive number would at least means UK avoided a technical recession of GDP contraction in two consecutive quarters. And, that should provide some psychological boost. Sterling has been the firmer European major currency recently after BoE minutes showed reduced chance of additional easing. But so far, GBP/USD struggles to take out a technically important resistance level of 1.6165 and today's GDP data will likely have a make or break impact in GBP/USD's near term outlook. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 130.59; (P) 130.99; (R1) 131.67; More. GBP/JPY recovers today but stays in tight range below 131.79 and intraday bias remains neutral. With 129.53 minor support intact, another rise could still be seen. Above 131.79 will target 133.48 first. Break will confirm resumption of whole rise from 117.29. Though, below 129.83 will suggest that rebound from 127.10 is finished and flip bias back to the downside for 127.10 and possibly below to extend the correction from 133.48. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchGBP: The British pound remained confined within narrow range after yesterday’s marginal rise to fresh 7-month high of 1.6164, traders are awaiting the release of UK Q1 GDP later today at 08:30GMT and further consolidation should take place. At the moment, bids from Asian names are reported at 1.6110 and 1.6090, followed by mixtures of bids and stops located at 1.6070-75 and further out at 1.6000-10. On the upside, offers from model funds and UK clearer are still noted at 1.6160-70 and further out at 1.6190-00 as well as 1.6220-30. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Hold long entered at 0.9100As the greenback has remained under pressure after yesterday’s retreat, suggesting caution on our long position entered at 0.9100 and support at 0.9085 (last Friday’s low) needs to hold to retain bullishness for another rebound, above 0.9141 (this would also penetrate the upper Kumo at 0.9137) would bring test of resistance a t0.9172 but break there is needed to signal low is formed Trade Idea: EUR/USD – Hold short entered at 1.3200As the single currency has maintained a firm undertone after yesterday’s rebound, suggesting caution on our short position entered at 1.3200 and resistance at 1.3225 needs to hold to retain bearishness for another retreat, below 1.3145-52 (yesterday’s low and current level of the Ichimoku cloud bottom) would suggest top is formed but break of support at 1.3105 is needed to add credence to our view that top is formed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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