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Daily Report: Risk Appetite Continues as China State Investors Buy Bank SharesAsian markets open strongly today, following the near 3% rally in DOW overnight and maintains strength. The impact of the Franco-German pledge on bank recapitalization seems to be sustainable so far. And, investors' confidence is further boosted by bank related news from China. It's reported that China Investment Corp, the sovereign wealth fund of China, bought shares in the four largest lenders through Central Huijin Investment. Being the largest shareholders in the state-run banks, Central Huijin bought shares in the Industrial & Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank. Central Huijin also said it will continue with "related market operations" but no detail is provided. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9822; (P) 0.9918; (R1) 1.0087; More AUD/USD climbed further to as high as 1.0014 so far and breached parity briefly. At this point, intraday bias remains on the upside and current rebound from 0.9387 might extend further to near term channel resistance (now at 1.0415). On the downside, however, break of -.9733 minor support will argue that rebound form 0.9387 is finished and flip bias back to the downside for retesting this support level. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency rallied yesterday to as high as 1.3698/99, news that Merkel and Sarkozy will deliver plans to help European banks and countries still seen pushing the euro higher, Troika team to announce a statement over Greek bailout today should also provide support. At the moment, cross-related bids from Asian names and U.S. names (on speculation that SNB will raise EUR/CHF peg to 1.30) are reported at 1.3600, 1.3570 and also 1.3550 with some stops seen below 1.3520 and also below 1.3500. On the upside, offers are tipped at 1.3690-00 with buy stops seen above 1.3700, 1.3720 and 1.3750 with more selling interest likely to emerge around 1.3790-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Buy at 1.3540As the single currency has retreated after yesterday’s rally to 1.3699, suggesting consolidation below this level would take place and retracement to the Kijun-Sen (now at 1.3577) would be seen, however, reckon downside would be limited to 1.3524-30 (38.2% Fibonacci retracement of 1.3242-1.3699, previous resistance and 50% Fibonacci retracement of 1.3360-1.3699) and bring another rise later. Trade Idea: USD/JPY – Buy at 76.35The greenback has remained confined within a narrow range and further consolidation would take place but as long as resistance at 77.07 holds, near term downside risk remains for the retreat from 77.27 to extend marginal weakness to 76.34, however, as broad outlook is still consolidative, reckon downside would be limited and support at 76.10 should hold, bring another rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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