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Daily Report: Risk Selloff Continues as G20 IgnoredRisk selloff continues today with Asian equities broadly lower today following the -391pts fall in DOW overnight. Markets played little attention to the G20 statement, where the group pledged to "take all necessary actions to preserve the stability of banking systems and financial markets as required." Basically, the G20 IMF/World Bank meeting offered no surprise to the markets. Nevertheless, regarding Eurozone debt crisis, Eurozone countries will implement "necessary actions to increase the flexibility of the EFSF and to maximize its impact in order to address contagion." This is interpreted by some that Eurozone countries are leaving the options open for leveraging the EFSF fund for use in buying government debts in secondary markets. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 75.88; (P) 76.42; (R1) 76.75; More. Intraday bias in USD/JPY remains neutral for the moment. Consolidation from 75.94 might extend further but in case of another recovery, we'd expect strong resistance from the falling trend line (now at 78.05) to limit upside. On the downside, below 76.11 will bring retest of 75.94 first. Break will confirm resumption of whole fall from 85.51. |
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| Featured Technical Report |
Fed Announced Active Operation TwistAs expected, the Fed announced to extend the average maturity of its holdings of securities so as to stimulate the economic recovery and to help ensure inflation is consistent with the dual mandate over time. The operation twist that the Fed adopts is an active one. It involves selling $400B of Treasury securities with maturities of 3 years or less and simultaneous purchase of a similar amount of Treasuries in the 6-30 year remaining maturity range. The Fed funds rate was keep unchanged at 0-0.25%. 3 Fed presidents who voted against additional policy easing were Richard Fisher, Narayana Kocherlakota, and Charles Plosser. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency rebounded initially this morning on improve risk appetite on report that G-20 will issue statement at the meeting, probably regarding measures to preserve stability in the banking system and liquidity, however, price then retreated as traders took time to digest the possible impact on the FX market. At the moment, some bids are noted at 1.3440-50 with light stops seen below 1.3430 and mixture of bids and stops is tipped at 1.3380-90, more stops are located at 1.3350. On the upside, offers from Asian names are reported at 1.3550-60 with some stops placed above intra-day high of 1.3567, however, more selling interest should emerge around 1.3600 with next batch of stops seen at 1.3610. Option expiries today include 1.3450 (mln), 1.3600 (mln) and a bit far at 1.3300 (100 mln). | |||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Sell at 1.5520Despite yesterday’s selloff to fresh 2011 low of 1.5326, as the British pound has rebounded from there in tandem with euro, suggesting a minor low is formed and consolidation above this level is seen with mild upside bias for retracement to 1.5508-09 (50% Fibonacci retracement of 1.5690-1.5326 and current level of the Kijun-Sen) but price should falter below 1.5537 (50% Fibonacci retracement of 1.5747-1.5326) and bring another decline later. Trade Idea: USD/JPY – Hold long entered at 76.36Although the greenback fell to as low as 76.10 (actually 76.109), as the greenback has rebounded from there, suggesting further consolidation would take place and as long as said support holds, mild upside bias remains for another rebound, above the Ichimoku cloud (now at 76.55-65) would suggest the retreat from 76.97 has ended and bring another bounce towards strong resistance at 76.97-77.00. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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