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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Steady after Italy Auction, Awaiting Tomorrow's LTROEuro remains steadily in range today. Italy sold EUR 3.75b in a new 10-year bond today with yield at 5.5%, notably down from 6.08% yield at last auction of similar maturity back in January. Bid to cover ratio was relatively unchanged at 1.4 times. Italy also sold EUR 2.5b in 5-year bonds today with yield at 4.19%, down from January's 5.39%. Markets are cautiously awaiting tomorrow's second ECB three year LTRO. In December, ECB loaned EUR 489b to 523 banks at interest rate of 1% in the first three year LTRO. Markets are expecting similar size this time. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8949; (P) 0.8980; (R1) 0.9024; More.... USD/CHF's consolidation from 0.8930 is still in progress and intraday bias remains neutral for the moment. While another recovery cannot be ruled out, upside should be limited by 0.9089 support turned resistance and bring another fall. Below 0.8930 will extend recent decline to 100% projection of 0.9594 to 0.9089 from 0.9300 at 0.8795. Note again that we're favoring the case that rebound from 0.7065 is finished at 0.9594 on bearish divergence condition in daily MACD and focus will remain on 0.8567 support. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has continued to edge higher today on back of rebound in EUR/JPY and month-end demand in euro, however, option related offers are still noted at 1.3450-60 (related to a large 1.3450 New York cut) and some stops are placed above 1.3470, followed by mixture of offers and stops at 1.3480-90 with bigger stops placed above 1.3500 and 1.3550 option barriers. On the downside, bids from semi-official names and Middle East accounts are lined from 1.3420 down to 1.3380 with stops building up below 1.3360 and 1.3340 but fresh demand should emerge further out at 1.3290-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY – Sell at 81.25Despite intra-day fall to 80.01, lack of follow through selling and the subsequent rebound suggests consolidation with mild upside bias would be seen and test of the Ichimoku cloud top (now at 80.88) cannot be ruled out, however, as top has been formed at 81.66, upside should be limited to 81.25 and bring another decline later. A break of said support would bring retracement of recent upmove to previous support at 79.89 and then towards 79.50 Trade Idea: AUD/USD – Hold long entered at 1.0650Despite yesterday’s retreat to 1.0650, as aussie found renewed buying interest there and has staged a strong rebound, retaining our bullishness and test of 1.0817 (last week’s high) would be seen but break there is needed to confirm the correction from 1.0845 has ended at 1.0597, then retest of this level would follow. Looking ahead, a break of resistance at 1.0845 would extend recent rise in wave c to 1.0900 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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