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Daily Report: Markets in Consolidations, G20 CompromisedMarkets are basically in consolidations mode as the week starts. Euro pares some of last week's gains after German Chancellor Angela Merkel's coalition lost ground in the upper house following election defeat in Hamburg on Sunday. This is the first of seven state elections this year and further loss would limit her scope to tackle the European debt crisis. Meanwhile IMF Strauss-Kahn said stepped up the pressure on EU governments and urged leaders to convince investors before next month's summit. Risk appetite is also mildly softer on worry that the Middle East unrest would spread wider as Libyan leader warned of a civil war following attacks on anti-government protesters. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0102; (P) 1.0129; (R1) 1.0171; More AUD/USD retreats mildly ahead of 1.0199 minor resistance but intraday bias remains cautiously on the upside as long as 1.0088 minor support holds. clearly losing upside momentum as seen in bearish divergence condition in daily MACD. Nevertheless, AUD/USD is still having strong support from 55 days EMA and refused to stay below this support for multiple attempt. Recent up trend would still continue further and above 1.0199 will target another high above 1.0254. On the downside, below 1.0088 minor support will turn bias neutral. But, break of 0.9943 support is needed to be the first signal of topping. Otherwise, we won't turn bearish yet. |
| conomic Indicators Update |
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Trade Idea: USD/JPY – Sell at 83.40As the greenback has recovered after falling to 83.03 last Friday, suggesting consolidation above this level would take place and although initial mild upside bias is seen for retracement to the Ichimoku cloud bottom (now at 83.39), reckon the Ichimoku cloud top (now at 83.57) would hold, bring another decline. A break of said support at 83.03 would extend the decline from 83.98 to 82.87 (50% Fibonacci retracement of 81.77-83.98 and 38.2% Fibonacci retracement of 81.10 to 83.98) Trade Idea: EUR/JPY – Hold long entered at 112.40As the single currency has remained confined in a narrow range after rising to 113.68 yesterday, suggesting further consolidation would take place and minor support at 112.91 needs to hold to retain bullishness for another upmove towards resistance at 114.02. Looking ahead, only break of 114.02 would signal the C leg upmove from 106.83 has resumed and extend towards 115.00 later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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