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Daily Report: Euro in Tight Range as Traders await PMIsAfter a late rebound yesterday against euro and sterling, the greenback traded a bit weaker today on recovery in global equities and commodities, however, with series of key economic event this week, further range trading would take place. For today, the focus will definitely be on the release of manufacturing and services PMI for France (7:00GMT), Germany (7:30GMT) and eurozone (8:00GMT). Investors will take these figure as clues on whether the European countries are already in recession, plus the impact of regional debt crisis on economic growth in eurozone. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0356; (P) 1.0414; (R1) 1.0466; More With 4 hours MACD crossed above signal line, a temporary low is in place at 1.0314 and intraday bias is turned neutral. Nevertheless, we're still favoring the case that rebound form 0.9926 has completed at 1.0601 already. Hence, we'd expect the current recovery to be limited below 1.0601 and bring another fall. Below 1.0314 will target a test on 0.9926 first. Nevertheless, above 1.0601 will flip bias back to the upside to extend the rebound from 0.9926. But after all, we'd expect strong resistance ahead of 1.1079 to bring reversal to extend the consolidation from 1.1079. |
| Special Reports |
Evaluation Of QE2 And Preview Of Possible QE3 Ahead Of Jackson Hole SymposiumThe next major event in the US after the August FOMC meeting will be next Friday's economic policy symposium in Jackson Hole, Wyoming. After the Fed announced to keep interest rates at exceptionally low levels at least through mid-2013 on August 9, the market has been increasingly speculating that Chairman Ben Bernanke will signal additional easing measures at the meeting next week. According to a CNBC survey done after the FOMC meeting, 46% of respondents said the Fed will resume QE, up from 19% in the July survey while 37% said the Fed will not do QE, down from 68% in July. Also, of those who believe the Fed will resume QE, the asset purchases are expected to average at 628B, up from 377B in July. |
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Trade Idea: GBP/USD – Sell at 1.6585Despite yesterday’s fall to 1.6435, as cable has rebounded after holding above indicated previous support at 1.6421, suggesting further consolidation would take place and recovery to 1.6522 (yesterday’s high) cannot be ruled out, however, as top has been formed at 1.6618, upside should be limited to 1.6585 and bring another decline later. A break of said support would confirm our view that a temporary top has been formed last week, bring retracement of recent upmove to 1.6360/65 Trade Idea: USD/JPY – Buy at 76.45Despite intra-day rebound to 76.94, the subsequent retreat suggests further consolidation would take place and weakness to the Ichimoku cloud bottom (now at 76.58) is likely, however, if our view that a temporary low formed at 75.94 is correct, reckon downside would be limited to 76.43 (61.8% Fibonacci retracement of 75.94 to 77.23) and bring another rebound later. A sustained break of said resistance at 77.23 would add credence to this view and bring retracement of recent decline to another previous resistance at 77.86 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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