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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Market Overview | Markets Snapshot |
Daily Report: European Majors Firm in Risk Averse MarketsOverall markets were quite mixed. Equities weakened broadly as S&P 500 continued it's pull back from the new 2012 made earlier this week and Asian stocks followed. Some additional pressure was seen after Fed Bullard's comment on Fed minutes which was said to have played down the chance of imminent easing. Commodity currencies were dragged down by stocks. However, bonds told another story as 10 year US yield dived for another day to 1.666%, comparing to the 1.863% intra-week high and kept USD/JPY soft. Meanwhile, European majors remained firm against other currencies on expectation of ECB actions in September. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9899; (P) 0.9924; (R1) 0.9962; More. Intraday bias in USD/CAD remains on the upside for the moment. The rebound from 0.9842 short term bottom is expected to continue higher to 1.0065 support turned resistance, which is close to 38.2% retracement of 1.0445 to 0.9842 at 1.0072. Break there should confirm completion of corrective fall from 1.0445 and target 1.0231 resistance and above. Below 0.9885 minor support will delay this bullish view and bring another decline. But again, we view fall from 1.0445 as a corrective move and expect strong support ahead of 0.9799 to contain downside. |
| Special Report |
PBOC Ought To Accelerate Easing Steps, As Recent Data ShowsThe PBOC's injection of a total of RMB 220B through reverse repos to the public (RMB 150B using 7-day contracts at 3.4% and a further RMB70B billion using 14-day contracts at 3.6%) has led many to push back their forecasts of rate cut or RRR reduction by the government. Yet, recent data suggested the world's second largest economy has not benefited much from previous easing implemented by the government. Since out last China Watch, both the FDI and the PMI data missed expectations, suggesting the government should step measures to stimulate the economic growth, ensuring it would meet the target of +7.5% this year. Japan's July Trade Report Unveils Global Weakness In Third QuarterJapan's July trade report evidenced that the country's economic recovery was dampened by global economic slowdown. While the headline deficit figure was largely inline with market expectations, the steep decline in exports, due both to global economic slowdown and strength in Japanese yen) generated much concern, not only due to the free fall in shipment to Europe, but also because of the accelerated pace of the decline to Asia, especially China. The report suggested that Japan's economic growth would increasingly be reliant on domestic demand which would unlikely be sufficient to boost the country GDP growth to a meaningful extent. The report signaled that dismal exports would continue to trim Japan's growth in 3Q12. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchGBP: The British pound traded narrowly in Asia after retreating from 3-month high of 1.5912 made yesterday and offers from UK clearer are reported from 1.5890 up to 1.5910, whilst some stops are placed above 1.5910-15 more selling interests in bigger size from same names are likely to emerge further out at 1.5930-40 (related to 1.5950 barrier), another layers of sell orders are tipped ahead of next option trigger at 1.6000. On the downside, bids from Asian and Middle East names remain at 1.5840-50 with stops placed below 1.5830, followed by mixture of bids and stops at 1.5800-05 but fresh demand should emerge further out at 1.5770-80 with bigger stops placed below 1.5750-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.5810Cable’s retreat after yesterday’s rise to 1.5912 has retaining our view that minor consolidation below this level would be seen and retracement to 1.5821 (38.2% Fibonacci retracement of 1.5674-1.5912) is likely, however, 1.5805-07 (previous resistance and current level of the Ichimoku cloud bottom) would limit downside and bring another rise. Above said resistance would extend recent upmove to 1.5945-50 but near term overbought condition should prevent sharp move beyond 1.5970-75 Trade Idea: USD/CHF – Sell at 0.9640As dollar has recovered after falling to 0.9540 yesterday, suggesting minor consolidation above this level would be seen and retracement to the Ichimoku cloud bottom (now at 0.9597) and possibly previous support at 0.9620 would be seen, however, the upper Kumo (now at 0.9647) would limit upside, bring another decline later. A break of said support at 0.9540 would signal early decline from 0.9972 top has resumed and extend further weakness towards 0.9520-25 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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