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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Dollar Maintains Gain in Asia, Eyes on ADP EmploymentDollar maintains some post-ISM gains in Asian session today even though there is lack of follow through buying so far. Richmond Fed Lacker, a known hawk, warned that additional quantitative easing would raise inflation while provide little help to growth. Lacker noted that "confidence in the sustainability of the recovery" is growing and he expects growth to strengthen into 2013. And Lacker said the first hike might come in mid-2013, much earlier than the late 2014 pledge from Fed. And that could still happen even if unemployment rate remains well above 7%. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0282; (P) 1.0355; (R1) 1.0406; More Intraday bias in AUD/USD remains on the downside for 1.0225/0246 support zone. As noted before, consolidation from 1.0225 might be finished with three waves to 1.0473 already. Break of 1.0225 will confirm resumption of whole decline from 1.0652 and should target parity and below. On the upside, though, above 1.0473 will revive the case that AUD/USD has bottomed out at 1.0225 and turn bias back to the upside for 1.0636 resistance instead. |
| Special Report |
RBA Cut Cash Rate To 3.75%The RBA lowered the cash rate by -50bps to 3.75% in April as economic developments since the last meeting has weakened and inflation has moderated. The central acknowledged the growth later in the year would be 'below-trend' but a deep downturn is not likely. The Australian dollar, which slipped ahead of the meeting, declined further after the rate decision. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchJPY: Although dollar extended yesterday's rebound from 79.64 on fixing demand, offers from exporters are still noted at 80.50-60 and further out at 80.90-00 with mixture of offers and stops tipped further out at 81.40-50. On the downside, bids from Japanese investors remain at 80.00-10 and also at 79.65-70 with combinations of bids and stops located at 79.50-55 and also 79.20-25. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Buy at 0.9060Despite yesterday’s marginal fall to 0.9043, lack of follow through selling and the subsequent rebound on dollar’s broad-based strength suggests a temporary low is possibly formed and a firm breach above 0.9100 would bring test of previous resistance of 0.9134 but break of latter level is needed to confirm this view, bring retracement of recent decline towards previous resistance at 0.9172 later. Trade Idea: EUR/USD – Sell at 1.3250Despite yesterday’s marginal rise to 1.3284, the subsequent sharp retreat on dollar’s broad-based rebound after the release of stronger-than-expected U.S. data suggests a temporary top has been formed there and consolidation with downside bias remains, a sustained breach of 1.3200-05 would confirm this view and bring retracement of recent rise to 1.3170 and then test of support at 1.3157 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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