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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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Mid-Day Report: Euro Selloff Accelerates, Canadian Dollar Lower on GDPThe same old story on Eurozone debt woes continue today as CDS on Spain, Portugal and Italy all jump to record highs. Euro is seen sharply lower broadly, in particular against yen and swissy, where EUR/JPY and EUR/CHF dive to two month lows. Irish Justice Minister Dermot Ahern is quoted saying that "people from within the ECB" tried to force Ireland to see a bailout earlier this month even before the government "throw in towel". Ahern all said that the same is now happening to Portugal. EU Economic and Monetary Affairs Commissioner Olli Rehn urged Portugal to "assure strong fiscal consolidation continuing in 2012 and beyond" and emphasized that If growth proved to be "somewhat lower" than expected, "then it's essential still to meet fiscal targets by taking additional measures". | |
| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 1.0142; (P) 1.0200; (R1) 1.0236; More. USD/CAD's break of 1.0263 resistance finally confirms that rebound from 0.9977 has resumed. Intraday bias is now on the upside and further rise should be seen to 1.0371 resistance first. Break there will also indicate that fall from 1.0671 has completed too and should turn outlook bullish for a test on 1.0671/0851 key resistance zone. On the downside, though, below 1.0166 minor support will mix up the near term outlook again. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY Buy at 83.65Dollar's intra-day decline signals a temporary top has been formed at 84.41 yesterday and consolidation with mild downside bias is seen for retracement to 83.60/65 (50% Fibonacci retracement of 82.78-84.41), however, renewed buying interest should emerge there and bring another upmove later. Above the Kijun-Sen (now at 84.07) would suggest intra-day low is possibly formed but break of said resistance at 84.41 is needed to signal upmove has resumed Trade Idea Update: GBP/USD Sell at 1.5650Despite intra-day resumption of recent decline, loss of near term downward momentum should prevent sharp fall below 1.5475-80 (61.8% projection of 1.5832-1.5560 measuring from 1.5647) and risk has increased for a rebound, above intra-day resistance at 1.5573 would bring minor correction to the Ichimoku cloud bottom (now at 1.5631) but price should falter well below the Ichimoku cloud top (now at 1.5677), bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Yen Broadly Higher on China Rate Hike TalkYen is seen broadly higher in Asia today on talk of more tightening from China. An economist with the Chinese Academy of Social Sciences even suggested in a commentary in China Daily that PBoC will need to hike by another 200bps, or 2% to fight against inflation considering the level of excess liquidity the world is facing. Asian equities are broadly lower which in turn helps lift the Japanese currency mildly. Meanwhile, markets are some what having delayed response to BoJ governor Shirakawa's comment yesterday that a strong yen could have it's benefits. Shirakawa argued that in the short run, "appreciation of the yen depresses the revenue and profits of exporting firms". However, from a longer-term perspective, stronger yen would bring about "improvement of the terms of trade through a decline in import prices." | |
| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 130.86; (P) 131.11; (R1) 131.43; More GBP/JPY's decline from 134.19 resumes by taking out 130.83 support and reaches as low as 130.50 so far. Intraday bias remains on the downside and further decline should be seen to 100% projection of 134.19 to 130.83 from 132.08 at 128.72. On the upside, above 131.36 minor resistance will turn bias neutral. But another fall will remain in favor as long as 132.08 resistance holds. However, break of 132.08 will indicate that fall from 134.19 is finished and flip bias back to the upside for retesting this high. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF Hold long entered at 0.9965Despite intra-day retreat to 0.9961, as the greenback has rebounded after finding renewed buying interest there, retaining our bullishness and consolidation with upside bias remains, above 1.0040/45 would signal upmove has resumed and extend upmove to 1.0085/90 (61.8% projection of 0.9849 to 1.0055 measuring from 0.9961) Trade Idea: GBP/USD Sell at 1.5650Despite intra-day marginal fall to 1.5524, lack of follow through selling suggests consolidation would take place and above the Kijun-Sen (now at 1.5586) would bring retracement to the Ichimoku cloud bottom (now at 1.5624) and price should falter well below resistance at 1.5677, bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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