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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 |
Mid-Day Report: Dollar Selloff Resumes, CAD Strong on GDPDollar's recovery was brief and selloff resumed today, taking the dollar index below recent support of 76.88. US economic data released so far are largely ignored by the the market even though we saw sharp jump in personal income by 1.0% in January. Spending growth was disappointing by 0.2% only. Core PCE was unchanged at 0.8% yoy while PCE deflation was also unchanged at 1.2% yoy. Canadian dollar, on the other hand, extends recent rise after strong GDP growth of 0.5% mom in December. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9755; (P) 0.9793; (R1) 0.9814; More. USD/CAD drops further to as low as 0.9745 so far in early US session and intraday bias remains on the downside, Current decline is expected to continue towards 0.9709 support next. As noted before, we're still seeing bullish convergence condition in daily MACD and thus, we're anticipating strong support from 0.9709 to bring rebound. On the upside, above 0.9788 minor resistance will flip bias back to the upside and turn focus back to 0.9957 resistance. However, note that sustained break of 0.9709 will invalidate this view and target 0.9056 key support level instead. |
| Special Reports |
RBA Comfortable With Current Rates, Weighs Growth Higher Than InflationRBA's Policymakers appear to be comfortable with an above-neutral policy rate for now. Therefore, it's highly likely that the central bank will pause again at the March meeting, leaving the cash rate at 4.75%. The accompanying statement is expected to contain little surprises as much was talked during a speech (by Governor Glenn Stevens) in Melbourne last week. Compared with the previous meeting, the new information would be on the heightened inflation outlook as induced by recent rally in oil prices. The Governor may also want to talk about the impacts of a slowdown in Chinese growth. BoC to Leave Policy Rate UnchangedThe Bank of Canada will likely leave the overnight rate unchanged at 1%. Policymakers will note that domestic economic growth has softened recently though the global outlook has shown more sustainability. The tone in the policy statement will remain dovish, indicating presence of some event risks: strength in Canadian dollar since the last meeting, renewed sovereign concerns in the European periphery and civil unrests in the Middle East and North Africa. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Sell at 0.9375Although the greenback retreated from Friday's high of 0.9320, a break of last week's low at 0.9229 is needed to signal recent downtrend has resumed and extend weakness to 0.9182 (100% projection of 0.9739-0.9415 measuring from 0.9506), however, loss of near term downward momentum should prevent sharp fall below there and reckon 0.9150 would hold from here. Trade Idea Update: EUR/USD – Buy at 1.3775Current breach of resistance at 1.3839 (last week's high) confirms the upmove from 1.3428 has resumed and a retest of previous chart resistance at 1.3862 would be seen, however, break above there is needed to retain bullishness and bring further headway to next target at 1.3900 which is likely to hold from here due to loss of upward momentum. 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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