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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Dollar Up on ISM, Sterling Down on PMIDollar strengthened mildly in early US session after ISM manufacturing index unexpectedly rose to 54.8 in April, versus expectation of a fall to 53.0, best number since last June. Looking at the details, production, new orders and supplier deliveries improved while invesntories dropped. Meanwhile, the closely watched employment component also rose from 56.1 to 57.3, also the best number since last June. Dollar is back above 80 level against the Japan yen even though the recovery is relatively mild elsewhere. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6202; (P) 1.6251; (R1) 1.6282; More... Intraday bias in GBP/USD remains neutral for the moment and more consolidations could be seen below 1.6300 temporary top. Deeper retreat might be seen but downside should be contained by 1.6060 resistance turned support and bring another rise. Above 1.6300 will extend recent rally to 100% projection of 1.5234 to 1.5991 from 1.5602 at 1.6359 next. As noted before, whole decline from 1.6764 is finished at 1.5234 and current rise could target this 1.6746 resistance and above. |
| Special Report |
RBA Cut Cash Rate To 3.75%The RBA lowered the cash rate by -50bps to 3.75% in April as economic developments since the last meeting has weakened and inflation has moderated. The central acknowledged the growth later in the year would be 'below-trend' but a deep downturn is not likely. The Australian dollar, which slipped ahead of the meeting, declined further after the rate decision. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound slipped to session low of 1.6191 in London morning in part due to the release of soft UK manufacturing PMI data, stops at 1.6200-10 were triggered, however, bids from Swiss bank, Middle East and Asian names quickly emerged and lifted the pair back above 1.6200. At the moment, bids from same parties are still noted at 1.6190-00 and further out at 1.6160 with stops building up below both levels. On the upside, option related offers are located at 1.6250 (1.6250 NY cut) and more selling interests should emerge around 1.6275-80 and 1.6300 with stops placed above 1.6310. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9030Although the greenback has remained under pressure after retreating from yesterday’s high of 0.9097 and a retest of last week’s low of 0.9052 cannot be ruled out, loss of downward momentum should prevent sharp fall below 0.9030-35 and bring a rebound later. A breach of said resistance at 0.9097 (this would also penetrate the upper Kumo at 0.9093) would suggest a temporary low is possibly formed and bring test of Friday’s high of 0.9134 Trade Idea: AUD/USD – Hold long entered at 1.0350Aussie’s sharp retreat suggests caution on our long position entered at 1.0350 and 1.0290-00 needs to hold to retain bullishness for another rebound later, above 1.0430 would suggest the retreat from 1.0475 has ended and bring another leg of rise for a stronger retracement of recent decline to 1.0500 and possibly towards 1.0540-45 (50% Fibonacci retracement of 1.0857-1.0226) 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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