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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
| Calendar | Elliott Wave Trades | Markets Volatility | Pivot Points | Heat Map | Daily Fundamentals |
| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: The Greenback Remains Weak on QE3 Speculations and Risk of Credit Rating DowngradeAlthough the greenback fell to a record low of 0.8080 versus the Swiss franc and a 4-month low against the Japanese yen at 78.45 on speculations of a possible QE3 after Fed's Chairman Ben Bernanke's testimony before the House and news of rating agency Moody's putting U.S. under review for a credit rating downgrade, dollar recovered in Asian and European sessions on profit-taking. Result from Italian bond auction also caused the single currency to pare gains as the government bonds dropped as borrowing costs surged to a 3-year high at a 5-year debt sale and 15-year debt rose to the record high. At the moment, offers from Asian names are reported at 1.4250 and bigger offers are tipped at 1.4300 whilst bids from various parties remain at 1.4170-80 and also 1.4150, keeping the pair in familiar range and option expiry at 1.4200 is another contributing factor for near term sideways trading. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9548; (P) 0.9607; (R1) 0.9639; More. The break of 0.9559 suggests that fall form 0.9912 has resumed. Intraday bias remains on the downside and further fall should be seen to retest 0.9444. On the upside, above 0.9640 minor resistance will turn bias neutral and bring consolidations. But upside is expected to be limited below 0.9778 and bring another fall. |
| Special Reports |
Fed Will Wait And See Before Another Move, Despite Signal Of Further StimulusFed Chairman Ben Bernanke's testimony before the House gave further signals that more expansionary measures are possible for boosting growth. Initial market reaction: higher equities, higher commodities, lower Treasury prices and lower USD, suggested investors welcomed additional stimulus. Concerning the growth outlook, the Chairman stated that recent slowdown has been driven by temporary factors such as surges in gasoline prices and supply chain disruptions to auto production following the earthquake in Japan. He retained the growth forecasts by FOMC members. Chinese Macro Data Surprise To The UpsideThe new set of Chinese macroeconomic data presented pleasant surprises and further signaled talks of hard landing might have been overdone. While GDP growth moderated to +9.5% y/y in 2Q11 from +9.7% in the prior quarter, it exceeded market consensus of a +9.3% expansion. The upside surprise was driven by strong growth in industrial production (IP). Considering the policy outlook, we expect the government will maintain a tight monetary stance in order to keep inflation under control. Yet, chances of further rate hikes and increases in RRR in the second half of the year must be lower than the first half. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD – Buy at 1.6050Cable’s retreat after intra-day brief rise to 1.6195 suggests consolidation below this level would take place and pullback to 1.6078 (previous resistance) would be seen, however, downside should be limited to 1.6051 (current level of the Kijun-Sen and 50% Fibonacci retracement of 1.5906 to 1.6195) and bring rebound later. A break of said resistance at 1.6195 would extend the rise from 1.5781 low for further gain to 1.6240/45 Trade Idea: EUR/JPY – Sell at 113.45Euro’s intra-day rebound to 112.93 adds credence to our view that the minor wave iii low of 2nd c leg has ended at 109.58 and consolidation in wave iv of c is still unfolding and retracement to 113.20 (50% Fibonacci retracement of 116.81-109.58) cannot be ruled out, however, reckon 113.70/75 (50% Fibonacci retracement of 117.90 to 109.58) would limit upside and bring another decline later. 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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