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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 |
Mid-Day Report: Euro Jumps as ECB Speculations Resurfaced, Spanish Yield Dropped Sharply in AuctionEuro lead other major currencies higher against dollar and yen as talk of ECB's plan of bond buying to cap yields resurfaced. It started from a Der Spiegel report over the weekend and was denied by ECB yesterday. But the UK Daily Telegraph said today that it could confirm that ECB is examining such plans. In addition, Spain managed to sell short term debts at yields that's much lower than prior auction last month. EUR 4.5b in 12- and 18-bills were sold today, meeting the maximum target. Yield on 12-month bills dropped to 3.070%, comparing with July's 3.918%. Yield on 18-month bills dropped to 3.335%, comparing to 4.242% in July. EUR/USD breached near term resistance of 1.2443 and resumed recent rally from 1.2042. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9701; (P) 0.9737; (R1) 0.9775; More... USD/CHF drops to as low as 0.9633 in early US session. The break of 0.9656 confirmed resumption of decline from 0.9971 short term top. Intraday bias is back on the downside and current fall should target 38.2% retracement of 0.8930 to 0.9971 at 0.9573 first. Break will have further bearish implication and should target 0.9420 key near term support level. On the upside, above 0.9697 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited below 0.9799 resistance and bring another fall. |
| Special Report |
RBA Minutes Gave No Hint On The Next Rate DecisionThe RBA's minutes for the August meeting contained few surprises, as most of the issues were covered in the RBA quarterly Statement on Policy which was released several days after the August meeting. The minutes confirmed that the RBA acknowledged the peak in mining capex and the improvement in the outlook for housing construction from 2H2012. While keeping the cash rate unchanged at 3.5%, policymakers delivered no hints on the next move. Yet, we believe another rate cut would be announced in the fourth quarter as unemployment will probably increase due to tight financial conditions and fiscal consolidation. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency surged to a 7-week high of 1.2474 on improved sentiment over ECB's plan to solve euro crisis, stops at 1.2390-00 were tripped, barrier at 1.2450 and stops above there were then triggered. At the moment, another barrier at 1.2475 and stops above there are now in focus, some offers are tipped at 1.2490-00 with more stops placed above there and 1.2520 as well as 1.2555-60. On the downside, bids from European names and Asian sovereign accounts are raised to 1.2430 and 1.2400-10 with stops now placed below 1.2380 and 1.2345-50. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 0.9700As dollar has remained under pressure after breaking indicated support area at 0.9697-0.9701 and then recent low of 0.9656, adding credence to our view that the correction has ended and early decline from 0.9972 top has resumed for weakness to 0.9620 and then 0.9600 but reckon 0.9570 would hold from here due to near term oversold condition. Trade Idea: EUR/GBP – Turn long at 0.7865As the single currency has staged a strong rebound after finding renewed buying interest at 0.7833 yesterday, suggesting as long as this level holds, consolidation with mild upside bias is seen for another rise towards resistance at 0.7963 but break there is needed to retain bullishness and signal a temporary low is formed at 0.7756 (wave (v) bottom), bring a stronger retracement of recent decline towards 0.8000-05. 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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