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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Dollar Retreats on Profit TakingDollar seems to be making a short term top against some major currencies on profit taking and is mildly softer today in tight range. US equities extended recent rally with S&P 500 closed above 1400 for the first time since 2008 financial crisis. But stocks buying didn't continue in Asian session. Despite recovery, Gold continues to stay well below 1700 level. Commodity currencies are trapped in range against dollar. Overall intermarket developments are quite mixed for the moment. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0403; (P) 1.0479; (R1) 1.0530; More Considering bullish convergence condition in 4 hours MACD, AUD/USD could have formed a short term bottom at 1.0422 and intraday bias is turned neutral. Some consolidations would be seen above 1.0422 first. Another decline is still in favor as long as 1.0669 resistance holds. Below 1.0422 will target 1.0377. Break will indicate that another falling leg inside the consolidation pattern from 1.1079 has started and should target 0.9663 support and below. However, break of 1.0669 will argue that fall from 1.0852 is possibly just a correction and has finished and would pave the way for 1.0852 and above. |
| Featured Technical Report |
SNB Leaves Policy Stance Unchanged, Pledges To Defend Minimum EUR/CHF At 1.20As expected, the SNB left its monetary policy unchanged in March. The central bank maintained the 3-month Libor target range at 0-0.25% and pledged to maintain the minimum exchange rate of CHF 1.20 per euro 'with utmost determination'. While acknowledging the mixed macroeconomic outlook, policymakers warned once again of the strength in the Swiss franc. |
| Economic Indicators Update |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency surged yesterday and triggered stops above 1.3090-00, then hit the high in New York at 1.3120, however, offers remain at 1.3120-25 and price has retreated in late U.S. session. At the moment, bids from various parties (for short-covering purpose) are still noted from 1.3060 down to 1.3040 and option defensive buy orders remain at 1.3005-10 (for protection of 1.3000 barrier). On the upside, stops are building up above 1.3130 and more selling interests are tipped further out at 1.3175-85 with stops placed above 1.3195-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Hold short entered at 1.5730Although cable staged a strong rebound from yesterday’s low of 1.5634 to as high as 1.5737, as long as indicated strong resistance at 1.5745-49 holds, consolidation with downside bias remains for another retreat, however, a firm breach below said support at 1.5634 is needed to signal the rebound from 1.5603 has ended and bring retest of this level, break there would extend recent decline from 1.5993 top to 1.5570 Trade Idea: USD/JPY – Buy at 82.20Despite yesterday’s rise to an 11-month high of 84.19, the subsequent retreat suggests a minor top has been formed and consolidation would be seen with downside bias for a retracement of recent rise to the Ichimoku cloud bottom (now at 83.08) and then towards 82.35-40 (50% Fibonacci retracement of 80.59-84.19), however, reckon 82.10-20 would limit downside and bring another rise later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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US dollar is pulling back in Forex trading, heading lower after a few days of strength. Risk appetite is rising, and the greenback is losing steam as Forex traders look for higher yields. The US dollar index is falling, and is down to 80.27. Right now, focus is on better economic news, and risk appetite.
The Malaysian ringgit fell today on concerns that Malaysia’s economy is slowing and after the US Federal Reserve refrained from quantitative easing, sparking the speculation that there will be less cash available for emerging markets.(...)
Eurozone data continues to disappoint, leaving the euro mostly flat today. Even though euro is a little higher against the US dollar and the UK pound, gains have been somewhat insignificant so far. Concerns about recession in the eurozone are high, and there are still worries about sovereign debt.
The Swiss franc climbed today after the Swiss National Bank maintained the ceiling for the currency and increased its growth forecast. The franc rose for the first day after two sessions of decline.(...)
The Norwegian krone slumped against the US dollar yesterday and remained weak today as the nation’s central bank cut its key interest rate, surprising market participants and making them shun the Norwegian currency. Despite that, the krone was higher against the euro today.(...)
