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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Euro Mildly Lower ahead of EU Finance Ministers MeetingsAsian equities opened the week broadly lower as investors are taking cautious positions ahead of earnings releases, which start with Alcoa tomorrow. Mild risk aversions took major currencies lower against dollar and yen. The World Bank lowered its growth forecast for East Asia and Pacific and noted that "China's slowdown this year has been significant, and some fear it could still accelerate". Also, it warned that "economic projections for EAP (East Asia and Pacific) are surrounded by considerable uncertainties, and a variety of risks continue to loom over the global and regional economy." Risk from euro was stemmed by recent policy moves but there are still main risk of "financial market disruptions" and US "fiscal cliff". Growth projection on China was revised to 7.7% this year and 8.1% in 2013, down from 8.2% and 8.6% respectively. East Asian growth projection was lowered to 7.2% this year and 7.6% in 2013, down from 7.6% and 8.0% respectively. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0192; (P) 1.0232; (R1) 1.0282; More... Intraday bias in AUD/USD remains on the downside for the moment. As noted before, whole rebound from 0.9588 should have finished at 1.0624 already. Fall from there is expected to extend lower to 61.8% retracement of 0.9588 to 1.0624 at 0.9884 and below. On the upside, above 1.0274 is needed to indicate short term bottoming. Otherwise, we'll stay bearish even in case of recovery. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency rose to 1.3072, price turned south from there since New York on Friday and continued to fall today in thin market (Japan and U.S. closed for holidays), bids at 1.2990-00 were filled and stops at 1.2970 were tripped, however, some bids are still noted at 1.2950-60 and further out at 1.2900 with more stops building up below 1.2900 and 1.2870. On the upside, light offers are tipped at 1.2995-00 and also at 1.3030-40, followed by combination of offers and stops located at 1.3070-80 but fresh selling interest are expected further out at 1.3090-00 with bigger stops placed above there. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Sell at 0.9395 or buy at 0.9300As the greenback has staged a strong rebound after Friday’s brief fall to 0.9276, suggesting a temporary low has been formed there and consolidation with upside bias is seen, above the Ichimoku cloud to (now at 0.9347) would signal the fall from 0.9437 has ended and choppy trading above 0.9240 low would continue, then a stronger rebound to 0.9375 (61.8% Fibonacci retracement of 0.9437-0.9276) would follow but reckon resistance at 0.9398 would limit upside and price should falter well below resistance at 0.9437. Trade Idea: EUR/USD – Sell at 1.3040Despite last week’s rise to 1.3072, the subsequent anticipated retreat adds credence to our view that top is possibly formed and test of the Ichimoku cloud bottom (now at 1.2954) is likely, however, break there is needed to confirm top is formed at 1.3072 and bring correction of recent rise to 1.2935-40 (50% Fibonacci retracement of 1.2804-1.3072) but reckon 1.2905-10 (61.8% Fibonacci retracement) would limit downside and support at 1.2878 should remain intact. 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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