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Daily Report: Risk Recovery Capped as IMF Lowered Global Growth ForecastsRisk markets recovered mildly in Asian session today and triggered some retreats in dollar and yen. Hope on additional stimulus from China was the main driver in stocks. A newspaper Economic Information Daily said China is planning to invest RMB 2.3T in railroad infrastructure through 2015. But upside is capped so far on worries on global growth as IMF lowered world GDP projections. In the currency markets, the current development still suggests that most pairs are in consolidation and favor another round of recovery in dollar and yen before their respect down trend finally resumes. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.2668; (P) 1.2747; (R1) 1.2799; More..... A temporary top is formed at 1.2823 in EUR/AUD and intraday bias is turned neutral for the moment. Some consolidations could be seen with risk of deeper pull back. But downside should be contained by 1.2328/2552 support zone and bring another rise. Above 1.2823 will extend the rebound from 1.1602 towards 1.3028 key resistance next. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency recovered after falling to 1.2939 yesterday, offers from various parties are still noted at 1.2990-00 with some buy stop orders placed above 1.3000 but fresh selling interest from European names should emerge in the region of 1.3020-40 and also at 1.3060-70 with stops building up above 1.3075-80. On the downside, bids are still noted at 1.2950-55 and demand from sovereign and Middle East names plus real money accounts remain at 1.2930 and 1.2900-10 with more stops building up below 1.2900 and 1.2870. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Sell at 1.3040Although euro has recovered after yesterday’s fall to 1.2939, as the strong retreat from 1.3072 (last week’s high) suggests top is possibly formed, upside should be limited to 1.3030-40 and near term bearishness remains, break of said support at 1.2939 would add credence to this view, bring correction of recent rise to 1.2905-10 (61.8% Fibonacci retracement of 1.2804-1.3072) but reckon support at 1.2878 should remain intact. Trade Idea: USD/JPY – Buy at 77.85Although dollar has recovered after falling to 78.09 yesterday, reckon the Ichimoku cloud would limit upside and near term downside risk remains for the retreat from 78.88 to bring a deeper correction of the rise from 77.44 to 78.00, however, reckon support at 77.80 (last week’s low) would limit downside and bring another rise later. A break of the Kumo would bring retest of said resistance at 78.88, above there would extend recent rise from 77.44 to 79.00, then previous resistance at 79.23 but near term overbought condition should limit upside to 79.50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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