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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Economic Data Drove Volatility as US ADP and Eurozone PMIs Disappointed MarketsMuch volatility was triggered by economic data today. Euro was dragged down earlier by poor manufacturing and unemployment data. While dollar maintains gain against European majors, it dips sharply after release of much worse than expected job data from US. The ADP report showed private sector jobs in US grew merely 119k in April versus expectation of 175k. Prior month's data was revised down slightly from 209k to 201k. This posted some doubt on whether NFP to be released on Friday would meet expectation of 165k. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9046; (P) 0.9073; (R1) 0.9103; More.... The strong rebound and break of 0.9133 minor resistance suggests that choppy decline from 0.9251 has completed at 0.9041 already. Intraday bias is flipped back to the upside for 0.9251 resistance. But still, recent price actions in the pair have been indecisive, as seen in the triangle pattern. Break of 0.9251 or 0.9001 is needed to clear the near term outlook. Otherwise, we'll stay neutral. On the downside, break of 0.9001 support will affirm the bearish case that fall from 0.9594 is resuming and should send USD/CHF through 0.8903 towards 38.2% retracement of 0.7065 to 0.9594 at 0.8628. However, break of 0.9251 resistance will revive the case that fall from 0.9594 is finished at 0.8930 and will flip bias back to the upside to 0.9594 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 WatchEUR: The single currency tumbled in European session on soft eurozone data and stops below 1.3150 were triggered, however, bids from European and Asian sovereign names are still noted at 1.3120-25 and further out at 1.3100-05 with more stops placed below 1.3100. On the upside, offers from various parties (including U.S. names and model funds) are lined up at 1.3170 and 1.3200-10 with mixtures of offers and stops located further out at 1.3240-50 and larger sell orders remain from 1.3280 up to 1.3300 and bigger stops are placed above latter level. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Sell at 1.3200Euro’s selloff after breaking indicated support at 1.3200-05 confirms our view that top has been formed at 1.3284 yesterday and consolidation with downside bias remains for retracement of recent rise to previous support at 1.3105 (same level as 61.8% Fibonacci retracement of 1.2995-1.3284), break there would extend weakness to .1.3070/75, however, reckon previous support at 1.3058 would hold from here Trade Idea: EUR/JPY – Sell at 106.85Euro’s rebound after falling to 105.47 earlier this week suggests consolidation would be seen and rebound to 106.55-60 cannot be ruled out, however, upside should be limited to 107.00 and bring another decline later. A break of said support would extend the fall from 108.00 to 105.00, however, as a temporary low has been formed at 104.63, downside should be limited Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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