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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Aussie and Kiwi Strong on Risk Appetite Post FOMC, ECB and BoE in Focus NextDollar remains under broad pressure after Fed's QE2 announcement overnight. AUD/JPY and NZD/JPY are so far the strongest pairs this week as boosted by strong risk appetite seen in Asian markets. In particular, Kiwi is supported by stronger than expected employment data which showed 1.0% jump in employment in Q3, which unemployment rate sharply lower from 6.9% to 6.4%. Aussie lags behind Kiwi on soft retail sales which rose 0.3% mom in September and narrowing trade surplus of AUD 1.76b thanks to 2% drop exports on strong currency. Markets's focus will turn to ECB and BoE meeting today. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9948; (P) 1.0005; (R1) 1.0119; More In spite of some volatility, AUD/USD manages to extend recent gains and reaches as high as 1.0064 so far today. Intraday bias remains on the upside and the current up trend is expected to continue to 61.8% projection of 0.6008 to 0.9404 from 0.8066 at 1.0165 next. On the downside, below 0.9896 minor support will turn intraday bias neutral and bring consolidations first. But break of 0.9651 support is needed to be first sign of topping. Otherwise, outlook will remains bullish. |
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| Special Reports |
Fed Announces To Buy $600B Of Bonds Through 2Q11The Fed announced to buy $600B of US Treasury securities by the end of June 2011. Compared with consensus of $500 over 6 month s (around $80B/month), the total size of the program is bigger. However, as it covers 8 months, the purchase every month is only around $75B/month. If we take into account Fed's tentative reinvestment in MBS proceeds, the total level of Treasury purchases will average close to $110B/month, totaling $880B through June 2011. The Fed also made notable changes in the accompanying statement. In the concluding paragraph, policymakers will employ tools to help ensure that inflation is 'at levels consistent with its mandate'. We believe the program is inline with market expectations and recent decline in USD has largely priced in the measures. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Buy at 1.6065Despite yesterday's brief rise to 1.6180 (just reach indicated upside target at 1.6180/85 (61.8% projection of 1.5731 to 1.6090 measuring from 1.5962), the subsequent retreat suggests initial consolidation would take place, however, reckon 1.6026-33 (current level of the Ichimoku cloud and previous support) would contain downside and bring another rise later. Trade Idea: USD/JPY – Hold short entered at 81.40Despite overnight brief rise to 81.59, as the greenback has retreated after faltering below indicated resistance at 81.60 (this week's high), retaining our bearishness and consolidation with downside bias remains for further fall to 80.40 but break of recent low at 80.21 is needed to confirm downtrend has resumed and extend weakness to psychological support at 80.00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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