Action Insight Market Overview	Markets Snapshot
Sentiments Steady, But No Fuel For Further Risk Rally Sentiments continue to be supported by talk that European leaders are considering recapitalization plan for banks and speculation is supported by comments from IMF. European stocks recover broadly with FTSE up 2.2%, DAX up 3.1% and CAC up 2.7% at the time of writing. But, there is nothing more than that and mixed economic data provide little inspiration to the markets. Major currencies are struggling to extend yesterday's gains against the greenback. US stocks also fail to extend yesterday's gain so far and open mildly lower. And we'd maintain that markets are just in consolidation ahead of tomorrow's ECB rate decisions and Friday's NFP. The trend hasn't reversed yet. Full Report Here...
Featured Technical Report
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9113; (P) 0.9188; (R1) 0.9230; More... Intraday bias in USD/CHF remains neutral for the moment and some more consolidations could be seen below 0.9261 temporary top. But note again that break of 0.8917 support is needed to signal short term topping. Otherwise, outlook will remain bullish in near term. Above 0.9261 will extend recent rally towards 161.8% projection of 0.7065 to 0.8246 from 0.7710 at 0.9621 next. However, break of 0.8917 should bring deeper pull back to 0.8647 support and below. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Special Report

RBA Turns Dovish, Rate Cut Stance Looms As expected, the RBA left the cash rate unchanged at 4.75%. Yet the post-meeting statement came in more dovish than the previous one. Governor Glenn Stevens downplayed impacts of recent deterioration US and European outlook. Nevertheless, it now appears more likely that the central bank will consider a rate cut in coming months if inflation is under control. We retain our view that a rate cut will be carried out in the fourth quarter. Read more...

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GMT Ccy Events Actual Consensus Previous Revised 23:01 GBP BRC Shop Price Index Y/Y Sep 2.70% 2.70% 00:30 AUD Retail Sales M/M Aug 0.60% 0.20% 0.50% 0.60% 08:00 EUR Eurozone PMI Services Sep F 48.8 49.1 49.1 08:30 GBP PMI Services Sep 52.9 50.5 51.1 08:30 GBP GDP Q/Q Q2 F 0.10% 0.20% 0.20% 0.40% 08:30 GBP GDP Y/Y Q2 F 0.60% 0.70% 0.70% 09:00 EUR Eurozone Retail Sales M/M Aug -0.30% -0.30% 0.20% 09:00 EUR Eurozone Retail Sales Y/Y Aug -1.00% -0.70% -0.20% -0.40% 11:30 USD Challenger Job Cuts Y/Y Sep 211.50% 47.00% 12:15 USD ADP Employment Change Sep 91K 70K 91K 14:00 USD ISM Non-Manufacutring Composite Sep 53 53.3 14:30 USD Crude Oil Inventories 1.0M 1.9M
Orders and Options Watch
US Session: Orders and Options Watch EUR: The single currency survives the release of weaker-than-expected eurozone retail sales and services PMI on rumors of ECB buying Italian bonds, however, the pair ran into fresh offers again at 1.3375/80 and has retreated in part due to the release of better-than-expected U.S. ADP job data. At the moment, good size offers from U.S. investment house are still noted at 1.3375-80 and further out at 1.3400-10 with stops seen above both levels. On the downside, bids from U.S. custodian name are tipped from 1.3280 down to 1.3250 with stops building up below latter level, option related orders (1.3350 NY cut) are working the rounds too. Read more...
Forex Trade Ideas
Trade Idea Update: USD/CHF – Buy at 0.9100 Although the greenback has rebounded again after intra-day brief retreat to 0.9152, a break of yesterday’s high of 0.9261 is needed to signal recent upmove has resumed and extend gain to 0.9300, otherwise, further consolidation would take place and another retreat cannot be ruled out. Below said support would bring another test of 0.9148, break would extend retracement towards 0.9090 (50% Fibonacci retracement of 0.8918-0.9261) but renewed buying interest should emerge there and bring another rebound later. Read more... Trade Idea: AUD/USD – Buy at 0.9460 Despite yesterday’s resumption of decline to 0.9388, the subsequent rebound suggests consolidation above this level would take place and retracement to 0.9650, however, break of this week’s high of 0.9700 is needed to signal a temporary low is formed (tentatively wave iii) and bring retracement towards 0.9800 but resistance at 0.9879 is likely to limit upside and bring another decline later in wave v. Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500
Suggested Readings
Fundamental Highlights ADP Beats Expectations, Inches Higher in September Additional Eurozone Measures Needed Now UK 2Q GDP Revised Downward, but Services Surprise; Market Awaits BOE Risk Sentiment Stabilizes ahead of Labor Data London Session: Risk Is Back On But The Drama Remains BoE Preview: QE2 is Coming ECB Preview: No Rate Cut Tomorrow Technical Highlights EURGBP: Aims At The 0.8650/0.8710 levels On Corrective Recovery GBP/USD: Short-term Consolidation Pivots FX Thoughts for the Day Having Reached The 50% Fib Level, EURGBP May Continue To Rise EURUSD, EURGBP, EURJPY Could See Bullish Signals After Correcting