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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Aussie Higher on China, Yen Weak on Tankan, PMIs WatchedMarkets are a bit directionless as the week starts in spite of initial volatility. Aussie and Asian equities were lifted by stronger than expected Chinese manufacturing data but the boost faded as the session went on. Weak Japanese Tankan survey gave some pressure on the yen on BoJ easing expectations but weakness is so far limited. Meanwhile, Euro and other European majors, while firm, are still bounded in range after EU's ESM/EFSF statement over the weekend. We'll need some fresh inspiration in European session, possibly from PMI data, to trigger some meaningful moves. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0329; (P) 1.0372; (R1) 1.0397; More AUD/USD recovered as the week started but it's still bounded inside near term falling channel and thus, outlook remains bearish. Below 1.0304 temporary low will extend the fall from 1.0852 to 61.8% retracement of 0.9663 to 1.0852 at 1.0117 next. Fall from 1.0852 is viewed as another falling leg inside the consolidation pattern from 1.1079 has started at 1.0852 and should target 0.9663 support and below. On the upside, break of 1.0557 resistance is needed to indicate completion of such decline. Otherwise, we'll stay bearish. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Cross-buying in euro against yen lifted the pair to an intra-day high of 1.3376 before running into indicated offers at 1.3380-90 and price has retreated from there. At the moment, option defensive offers remain ahead of 1.3400 barrier and some stops are placed above 1.3410 but fresh selling interests should emerge further out at 1.3440-50. On the downside, bids are still noted at 1.3310-20 with stops building up below 1.3300 but decent demand from Asian sovereign and East European names remain at 1.3260-70 with bigger stops placed below 1.3240-50. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Buy at 1.3280Although the single currency rose briefly to 1.3377, a break of recent high of 1.3385 is needed to confirm upmove has resumed and extend upmove from 1.3005 to 1.3400 and possibly towards 1.3445-50 (1.618 times projection of 1.3134-1.3294 measuring from 1.3190) , however, risk from there has increased for a strong pullback later. Trade Idea: GBP/USD – Buy at 1.5940As the British pound has maintained a firm undertone after last week’s breach of previous resistance at 1.6002, suggesting recent upmove is still in progress and gain to 1.6050 would be seen, however, near term overbought condition should prevent sharp move beyond 1.6090-00 and risk from there has increased for a strong pullback to take place later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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