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Mid-Day Report: Sentiments Boosted by China RRR Cut, Central Banks and US ADPGlobal equities are lifted by news that China cut the so called reserve requirement ratios to ease liquidity. The requirement requirement ratio was cut by 50bps from the current record 21.5%, effective next Monday, by PBoC today. This is the first cut since December 2008 and is seen as a move to free up capitals for lending to cash-strapped smaller firms. More importantly, this is seen as a clear message that PBoC is ready to further loosen its monetary policy. |
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| Featured Technical Report | |
AUD/USD Mid-Day OutlookDaily Pivots: (S1) 0.9801; (P) 0.9889; (R1) 0.9988; More AUD/USD rises sharply in early US session and the strong break of 1.0086 resistance now confirms that whole pull back from 1.0752 is finished at 0.9663 already. Intraday bias is back on the upside and further rally should now be seen towards 1.0752 resistance next. On the downside, below 0.9942 is needed to signal completion of rise from 0.9663. Otherwise, we'll now stay cautiously bullish even in case of retreat. |
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US Session: Orders and Options WatchEUR: Despite intra-day brief fall to 1.3259, the single currency staged a strong rebound from there on massive risk appetite as central banks acted together (including FED, ECB, BOJ, SNB and BoC) to lower interest rates by 50 b.p. on dollar swap transactions effective 5 Dec. DAX surged 2.9% and FTSE also jumped 1.9%, offers at 1.3355-65 were cleared and stops at 1.3400 and 1.3450 were all triggered without any difficulties. Although euro eased after tripping stops at 1.3500, bids are expected to emerge around 1.3400 and also 1.3360-65 with stops building up below 1.3290-00. On the upside, offers are reported at 1.3505-10 and fair size sell orders are likely to emerge around 1.3550-60 with more stops placed above 1.3570. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Buy at 0.9200As the greenback retreated after faltering below the indicated Ichimoku cloud top level, suggesting consolidation would be seen, however, intra-day support at 0.9183 should limit downside and bring another rise later, a sustained breach of intra-day resistance at 0.9246 would extend the rebound from 0.9140 for further gain to 0.9280 and possibly towards indicated resistance at 0.9308. Trade Idea: EUR/JPY – Turn long at 103.00Although the single currency has continued to move lower after retreating from 104.53 (this week’s high), if our view that a temporary low formed at 102.50 is correct, downside should be limited to 103.00 and bring another rebound later. A break of intra-day high of 104.13 would bring another test of said resistance at 104.53, break there would add credence to this view and bring retracement of recent decline to 105.15 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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