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Daily Report: Risk Sentiments Weighed Down by China, Ireland; Dollar and Yen JumpRisk aversion dominates the markets today and send dollar and yen broadly higher against other major currencies. Asian equities are broadly lower, with China's key stock index down more than 5% on rumors of more tightening measures from China to curb inflation. Interest rate hike is one of the move that China would do to cool growth and inflation, which topped 4.4% yoy in October. In addition, China would limit investments by foreign companies in the domestic real-estate markets and would be barred from purchasing residential properties. In any case, markets are speculating more to come from China to guard itself from hot money inflow. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9922; (P) 1.0010; (R1) 1.0064; More AUD/USD dives sharply to as low as 0.9824 so far today and the strong break of the near term rising trend line indicates that a short term top is formed at 1.0181. Intraday bias is on the downside for deeper decline to 0.9651 cluster support next (38.2% retracement of 0.8770 to 1.0181 at 0.9462). But strong support should be seen there and bring rebound. Recent up trend is still expected to continue for another high as long as 0.9651 support holds. Though, decisive break of 0.9651 will argue that whole rally from 0.8066 is finished and will turn focus to 0.9404 key support instead. |
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| Special Reports |
Fed Unlikely Changes Easing Stance Despite G20 PressuresFed's re-entry to QE sparked risk appetite and sent financial markets, including equities, growth currencies, bonds and commodities, higher. While investors were thrilled amid anticipations that liquidity injections will boost economic recovery in the US, Fed's move has attracted many criticisms. Renowned economists and financial officials commented Fed's QE will not revive US' economy but has the risks of jeopardizing global growth. Emerging countries such as China and Brazil also worried about excessive capital inflows from overseas. Despite the criticisms, we believe the Fed will extend the easing measures should the current program fail to bring inflation and employment back to desired levels. Heightened disagreements among global markets indicate the upcoming G-20 meeting will again fail to resolve currency tensions. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Sell at 1.3725Although the single currency is still under pressure after breaking previous support at 1.3670 yesterday, near term oversold condition has increased risk of a recovery and above the Tenkan-Sen (now at 1.3632) would bring retracement to the Kijun-Sen (now at 1.3698) where renewed selling interest should emerge around 1.3725/30 and bring another decline towards 1.3580 and possibly 1.3550/55 Trade Idea: USD/JPY – Buy at 81.85Despite yesterday's rebound from 82.04 to 82.61, as the greenback has retreated, suggesting further consolidation below this week's high of 82.80 would take place and below said support would bring retracement to 81.94-98 (38.2% Fibonacci retracement of 80.54 to 82.80 and previous resistance) but reckon support at 81.55 would hold, bring another rise later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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