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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Risk Rally Extends as China Cut Rates, Spain Completed Decent Bond AuctionRisk rally extends today as lifted solid bond auctions in Spain and France. China's surprised rate cut also give sentiments a boost, together with solid data from UK and Australia. European indices are broadly higher, with FTSE 100 and DAX gaining over 1.5% at the time or writing while CAC 40 is up close to 1%. US stock futures also managed to maintain gains as initial jobless claims improved slightly to 377k in the week ended June 2. Focus will turn to Fed chairman Bernanke's testimony to congress on hints of QE3 ahead of Fed regular meeting on June 19-20. |
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| Featured Technical Report | |
AUD/USD Mid-Day OutlookDaily Pivots: (S1) 0.9800; (P) 0.9866; (R1) 0.9994; More AUD/USD's rally continues in early US session and reaches as high as 0.9995 so far. Intraday bias remains on the upside for 61.8% retracement of 1.0473 to 0.9588 at 1.0135. As noted before, current development raises the odd that whole decline from 1.0852 is finished already. Break of 1.0135 fibonacci level will target 1.0225/0473 resistance zone next. Meanwhile a break below 0.9802 minor support will indicate that rebound from 0.9588 is finished and will turn focus back to this support level. |
| Special Reports |
ECB Left Interest Rates Unchanged, Draghi Questioned the Effectiveness of Monetary Policies on CrisisAs expected, the ECB left the main refinancing rate unchanged at 1% although sovereign debt crisis in the Eurozone intensified. At the press conference, President Draghi unveiled that the decision was made by consensus and indicated "a few members" favored further rate cut. Yet, Draghi also downplayed the effectiveness of additional easing to the economic and financial environment. BOC Left Interest Rates Unchanged, Statement Not as Dovish as AnticipatedThe Bank of Canada left the policy rate unchanged at 1%. Policymakers acknowledged worsening in global economic outlook and increasing risks going forward. Yet, it retained the stance that the next move of the central bank would be a rate hike, rather than a cut. This should be attributed to the relatively stable domestic recovery. Concerning exchange rate, the BOC retained the rhetoric that persistent appreciation would be detrimental to growth despite the recent decline. RBA Eases For A Second Consecutive MonthAs expected the RBA lowered the cash rate by -25 bps, following a -50 bps cut in May, to 3.5% in June. Deterioration in the sovereign debt crisis in the Eurozone and moderation in the Chinese economic growth were reasons triggering the reduction. Moreover, cautiousness of business and household spending which might continue in the near-term also contributed to the need for further easing. After the rate cut, policymakers believed that borrowing costs have dropped to be a 'little below their medium-term averages'. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound rallied in London as BOE kept rates and QE unchanged, cleared some negative sentiment for sterling, offers and stops at 1.5525-35 were tripped and traders are working on some sell orders at 1.5600, however, offers from UK clearer are expected to emerge from 1.5615-20 up to 1.5650 and further out at 1.5690-00. On the downside, cross-related bids are tipped at 1.5550 and 1.5525-30 (where stops were previous triggered) and larger buy orders are reported at 1.5470-75 with stops building up below 1.5430. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Buy at 1.5500As cable has rallied again after intra-day brief retreat to 1.5430, suggesting the corrective rise from 1.5269 (last week’s low) is still in progress and further gain to 1.5600 and then 1.5627-30 (61.8% Fibonacci retracement of 1.5849-1.5269 and previous support) would be seen, however, near term overbought condition should limit upside to 1.5650-60, bring retreat later. Trade Idea: AUD/USD – Buy at 0.9835As aussie has continued to trade with a firm undertone after breaking resistance at 0.9898, suggesting the rise from temporary low of 0.9581 (last week’s low) is still in progress for to bring retracement of recent decline to psychological resistance at 1.0000, however, near term overbought condition should prevent sharp move beyond there and reckon 1.0050-55 would hold from here Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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