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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Dollar and Yen Weaken as Earnings Boost EquitiesDollar and yen are back under pressure today on return of risk appetite following strong US corporate earnings. Australian dollar breaches 1.0581 and makes new record high. Meanwhile, Euro also stages a strong rebound to finish this week's steep pull back. Riding on dollar's weakness, gold breaks 1500 level while crude oil also follows stock higher and is back heading to 110 level. European debt crisis is temporarily off investors' head for the moment but markets will closely watch today's Spanish bond auction, which could trigger additional volatility in the markets. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0467; (P) 1.0500; (R1) 1.0556; More AUD/USD rises to new record high of 1.0606 today and the break of 1.0581 confirms resumption of recent rally. Intraday bias is back on the upside and further rise should now be seen towards 61.8% projection of 0.8315 to 1.0181 from 0.9704 at 1.0857 next. On the downside, break of 1.0442 support will indicate that a short term top is formed with bearish divergence condition in daily MACD. In such case, deeper pull back would be seen to 55 days EMA (now at 1.0235). |
| Economic Indicators Update |
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Trade Idea: GBP/USD –Buy at 1.6300As the British pound has continued to edge higher after near term rise from this week's low at 1.6166, adding credence to our view that correction form 1.6430 top has ended there and bullishness remains for a test of resistance at 1.6385, however, break there is needed to confirm and signal early upmove has resumed, bring a retest of recent high of 1.6430 later. Trade Idea: EUR/USD – Buy at 1.4330As the single currency has maintained a firm undertone after breaking indicated resistance at 1.4350 and price is trading well above both Tenkan-Sen and Kijun-Sen, adding credence to the view that correction from 1.4521 has ended at 1.4156 and bullishness is seen for this rise to extend gain to 1.4440/50, however, break of resistance at 1.4504 is needed to confirm early upmove has resumed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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