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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: USD Mildly Higher, CAD Tumbles after Employment DataDollar is mildly higher in early US session as global equities markets are generally lower. But volatility is a bit low and there is no clear directions in the markets. Markets are awaiting Greek parliament confidence vote while G20 delivered nothing concrete to help solve the European debt crisis. Mixed US employment data also provided little inspiration. Though, Canadian dollar is noticeably lower in a rather dull market after poor job market data. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 1.0011; (P) 1.0114; (R1) 1.0173; More. USD/CAD recovers strongly in early US session and the development argues that retreat from 1.0222 is finished at 1.0055. Intraday bias is cautiously on the upside for the moment. Break of 1.0222 will indicate rebound from 0.9891 has resumed. Also, that will reaffirm the case that choppy fall from 1.0656 is finished at 0.9891 after missing 61.8% retracement of 0.9406 to 1.0656 at 0.9884. In such case, stronger rise would be seen to retest 1.0656 high. On the downside, below 1.0055 will turn bias neutral and turn focus back to 0.9891 support instead. |
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| Featured Technical Report |
ECB Cuts Rate by -25 bps, More to ComeSurprisingly, the ECB lowered the main refinancing rate, by -25 bps, to 1.25% as 'some of the downside risks have been materialising, which makes a significant revision to forecasts and projections for average real GDP growth in 2012 very likely'. Given rapid deterioration in global economic outlook and sovereign debt crisis in the Eurozone, further easing is increasingly likely next month. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency edged higher on buying by a Dutch bank to as high as 1.3870, the pair then retreated on dollar’s broad-based rebound in part due to the release of better-than-expected U.S. unemployment rate (9.0% vs forecast of 9.1%). At the moment, bids from Middle East names are still noted at 1.3740-50 with some stops placed below 1.3710 but more buying interest should emerge around 1.3690-00 followed by combination of bids and stops at 1.3650-60. On the upside, offers are still noted at 1.3820, 1.3850 and also at 1.3870 with stops building up above latter level and also above 1.3900-10. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy again at 0.8790Despite intra-day rebound to 0.8870/72, as the greenback has retreated after faltering just below the Ichimoku cloud top, suggesting further consolidation would take place but downside should be limited to 0.8780/85 and bring another rebound later. Above Ichimoku cloud top (now at 0.8875) would bring another test of yesterday’s high of 0.8894 would signal the correction from 0.8961 has ended and bring test of indicated resistance at 0.8906 Trade Idea: AUD/USD – Sell at 1.0540Despite yesterday’s fall to 1.0203, as the Australian dollar has staged a rebound from there, suggesting consolidation above this level would take place and recovery to 1.0475/80 (50% Fibonacci retracement of 1.0753 to 1.0203), however, renewed selling interest should emerge around 1.0540/45 (61.8% Fibonacci retracement) and bring another decline later. A break of said support at 1.0203 would extend the fall from 1.0753 for a stronger retracement of recent rise from 0.9388 to 1.0150/60 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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