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Daily Report: Risk Boosted by China Stimulus Hope, Aussie Higher on RBA MinutesRisk appetite in Asia was lifted by news that China is going to double its railway infrastructure investment in the second of of 2012, bringing the full year spending to nearly CNY 450b, comparing to first half's CNY 150b. The new raised hope that the overall stimulus from China would be higher than what markets have originally thought, even though it should still be far from the massive package in 2008. Asian equities are broadly higher with Japanese Nikkei up 54 pts while HK HSI is up 340 pts at the time of writing. In the currency markets Aussie is the strongest one this week on its close tie with China. Meanwhile, Sterling continues to outperform other European majors. Dollar and yen are broadly softer today so far. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0213; (P) 1.0236; (R1) 1.0270; More AUD/USD rises further to as high as 1.0307 so far today and the development affirms that case that pull back from 1.0328 is completed at 1.0100 already. And rise from 0.9588 is possibly set to resume. Intraday bias is cautiously on the upside for the moment. Break of 1.0328 will confirm this bullish case and target upper trend line resistance (now at 1.0700). On the downside, though, below 1.0201 minor support will indicate that consolidation from 1.0328 is going to extend further with another decline before completion. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency extended yesterday's rebound this morning in Asia to 1.2314 as traders covered their shorts ahead of Bernanke's testimony later today, offers at 1.2300 were filled but selling interests are still noted from 1.2330 up to 1.2350 with stops placed above latter level as well as 1.2370, followed by mixture of offers and stops at 1.2400-10. On the downside, bids from model and hedge funds (who bought the pair aggressively yesterday) are reported at 1.2260-65 and also at 1.2215-20, more buying interests should emerge around 1.2160-80 region with stops remain below 1.2150 option barrier. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Buy at 1.5550Cable’s firmness after yesterday’s rally above resistance at 1.5594 signals the rise from last week’s low of 1.5393 is still in progress and a stronger retracement of recent decline is underway for further gain to 1.5695-00, however, near term overbought condition should limit upside to 1.5718 (100% projection of 1.5393-1.5594 measuring from 1.5517) and reckon resistance at 1.5722 would hold on first testing.Trade Idea: USD/JPY – Sell at 79.40As dollar has rebounded after falling to 78.69 yesterday on cross-selling in yen, suggesting consolidation above this level would be seen initially and test of the Ichimoku cloud bottom (now at 79.20) cannot be ruled out, however, the upper Kumo (now at 79.51) should limit upside and bring another decline. A break of said support would extend weakness to previous support at 78.62, then 78.50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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