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Daily Report: Current Market Steady after Italy Vote, China InflationWhile the equity markets strengthened on news that Italy passed the 2012 budge and slowing inflation in China, the currency market remains pretty steady. The Italy parliament passed the 2012 Budget with 308 votes, short of the 316 majority vote that would ordinarily be required, as the opposition party abstained. Moreover, Prime Minister Berlusconi said he would step down in late November/early December after implementing a first set of structural reforms. While the developments have eased market worries temporarily, the longer-term outlook of Italy remains uncertain and it depends on whether the country can implement comprehensive structural reforms. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0314; (P) 1.0358; (R1) 1.0436; More AUD/USD is still staying in right range of 1.0202 and 1.0444 and intraday bias remains neutral for the moment. On the downside, below 1.0202 will extend the pull back from 1.0752 through parity. But we'd expect downside to be contained by 61.8% retracement of 0.9387 to 1.0752 at 0.9908 to finish the correction and resume rally from 0.9387. On the upside, above 1.0444 will flip bias back to the upside for retesting 1.0752. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency continued to move higher yesterday as some political uncertainties were cleared on news that Italian PM Berlusconi plans to step down after austerity measures are passed, improved risk sentiment also supported euro and offers at 1.3850 were cleared, however, mixture of offers and stops is still noted at 1.3870-80 and more selling interest should emerge further out at 1.3900-10. On the downside, fair size bids are reported at 1.3790-1.3800 and also 1.3750-60 with stops building up below yesterday's low at 1.3725 and further out at 1.3680. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/JPY – Hold long entered at 77.60Despite intra-day fall to 77.57, as the move from 79.55 is still viewed as retracement of last week’s rise from 75.31, reckon downside would be limited to 77.43 (50% Fibonacci retracement of 75.31-79.55) and bring another rebound later. A break of the Ichimoku cloud (now at 78.08-12, this would also penetrate intra-day high at 78.10) would suggest low is possibly formed and bring a stronger rebound to minor resistance at 78.42. Trade Idea: USD/CHF – Buy at 0.8905Although the greenback recovered after intra-day marginal brief fall to 0.8921, above the Ichimoku cloud top (now at 0.9003, this would also penetrate the Kijun-Sen at 0.8995) is needed to signal an intra-day low is formed and bring a stronger rebound to 0.9030/35 but break of resistance at 0.9068 (yesterday’s high) is needed to signal the rise from 0.8762 has resumed and extend gain to next resistance at 0.9082 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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