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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Weakened on Juncker Comments as Consolidation ExtendsEuro failed to break through this week's high of 1.3233 against dollar as consolidations extend. Markets are getting cautious ahead of tomorrow's job data. Meanwhile, investors' are disappointed by the lack of progress in Greece debt swap deal. In addition, the common currency is weighed down by comments from Luxembourg Prime Minster Juncker, who's also the leader of Eurozone finance ministers. Juncker firstly noted that the debt crisis measures adopted in the last summit were "largely insufficient". Juncker urged EU leaders to take further steps in the next summit in March. Meanwhile, he also said that debt swap talks with Greece were very "ultra difficult". |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3049; (P) 1.3134 (R1) 1.3241; More. EUR/USD failed to break through 1.3233 resistance and dipped again today as consolidation continues. Intraday bias remains neutral for the moment. Sustained break of 38.2% retracement of 1.4246 to 1.2625 at 1.3244 will resume the rebound from 1.2625 and target 61.8% retracement at 1.3627. On the downside, break of 1.2931 minor support will suggest that corrective rise from 1.2625 was already finished and the larger decline from 1.4939 is likely resuming for a new low below 1.2625. |
| Special Reports |
2012 Forecast: AUD Boosted By Speculations Over Fed's QE3 In The Near-TermThe dovish January FOMC statement thrilled investors and boosted higher-yield currencies. Australian dollar was one of the beneficiaries. AUD soared against USD after the Fed pushed back the first expected rate hike to late-2014, from mid-2013 as projected in previous statements. Moreover, renewed speculations on QE3 have boosted AUD as well as other cyclical currencies. Australian dollar is expected to rise further in the near-term amid rising likelihood of monetary easing. In the medium- term, AUD will likely trade sub-parity against the USD but upside risks remain there for the commodity currency and any accommodative policy from China should help push the currency higher. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped in European session in part due to negative comments from Juncker regarding steps to tackle sovereign debt crisis being largely insufficient, stops at 1.3150 and 1.3100-10 were triggered but bids are still noted at 1.3070 and 1.3050 with more stops reported below latter level as well as 1.3020. On the upside, offers are now noted at 1.3150 and 1.3180-90 with stops building up above 1.3200, followed by mixture of offers and stops located at 1.3230-40 with more stops placed above option barrier at 1.3250. Further choppy trading within 1.3026-1.3233 range would take place ahead of Bernanke's testimony before House budget committee. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Sell at 1.5910Although yesterday’s rally to 1.5884 signals recent upmove from 1.5234 low is still in progress and further gain to 1.5900-10 would be seen, however, loss of near term upward momentum should prevent sharp move beyond 1.5940-50 (50% projection of 1.5321-1.5798 measuring from 1.5701) and bring retracement of recent upmove. Below previous resistance at 1.5798 would bring test of the Ichimoku cloud top (now at 1.5749) Trade Idea: EUR/JPY – Hold long entered at 99.60Despite yesterday’s fall to 99.25, as the single currency found support there and rebounded to 100.70, retaining our near term bullishness and as long as said support holds, prospect of another rebound remains and above 100.88 resistance would signal the retreat from 102.21 has ended and bring a stronger rebound to 101.40-50, Looking ahead, a break of resistance at 102.21 is needed to extend the rise from 97.04 low (wave v bottom) for major correction of recent decline in wave (iv) to 102.50-55 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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