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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Markets Cautious ahead of NFP and France/Greece Elections, Aussie Lower on RBA ForecastsAfter yesterday's brief rally, dollar stuck in tight range against European majors today as markets are awaiting employment report from US. Yesterday's jobless claims data eased some concerns on job growth momentum in US. But sentiments could yet turn again after today's non-farm payroll report. Also traders are cautious ahead of elections in France and Greece over the weekend. Price actions remain indecisive so far. Though, clearer weakness is seen in Aussie, which is weighed down by rate expectations. Deeper selloff was also seen against dollar earlier today as RBA lowered both growth and inflation forecast. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0223; (P) 1.0279; (R1) 1.0319; More Intraday bias in AUD/USD remains on the downside for 1.0225 support. Break there will confirm resumption of whole decline from 1.0852 and should target 61.8% projection of 1.0852 to 1.0225 from 1.0473 at 1.0086 next. On the upside, above 1.0354 minor resistance will turn bias neutral again and would extend the sideway consolidation from 1.0225. But we'll stay cautiously bearish as long as 1.0473 resistance holds and expect deeper decline ahead. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency traded narrow in Asia after yesterday’s choppy movements as traders preferred to stay on the side ahead of the release of U.S. NFP later today. At the moment, bids from Asian sovereign names and model funds are reported at 1.3125-30 as well as 1.3095-00 with stops building up below latter level and further out below 1.3050 option barrier. On the upside, offers remain at 1.3170-80 with some stops placed at 1.3185 but better size offers from U.S. big names are tipped at 1.3205-10 and also 1.3240-50 with stops building up above 1.3250 and 1.3290-00. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.6110Cable’s recovery after marginal fall to 1.6159 suggests consolidation would be seen, however, as long as resistance at 1.6248 holds, near term downside risk remains for the fall from 1.6304 to bring a deeper retracement of recent upmove to previous support at 1.6153 but near term oversold condition should limit downside to 1.6100-10 and support at 1.6082 should hold and bring another rebound later. Trade Idea: EUR/USD – Buy at 1.3130Despite yesterday’s brief fall to 1.3095, lack of follow through selling and the subsequent rebound suggest a low is possibly formed and consolidation with mild upside bias is seen for test of the Ichimoku cloud top (now at 1.3203), break there would add credence to this view and stronger rebound towards resistance at 1.3242 would be seen but price should falter well below 1.3284 resistance. 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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