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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 |
Daily Report: Risk Aversion Continues after FOMC, China DataRisk aversion remains the theme in the markets after Fed announced to taper another USD 10b in its asset purchase program. DOW dropped -1.19%, or -189.77 pts to close at 15738.79, extending recent decline. S&P 500 also closed at a new low of 1744.2, down -1.02%. It should also be noted that treasuries yields also stayed weak with 30 year yield losing 0.05% at 3.622% while 10 year yield lost -0.071% to close at 2.675%. Both extended recent decline and closed at a new low. Risk aversion carried on to Asian session as weak China manufacturing data. But loss is so far limited as some Asian indices recover from intraday low and helps support yen crosses. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.1118; (P) 1.1152; (R1) 1.1203; More... USD/CAD's rally continues and reaches as high as 1.1198 so far today and intraday bias remains on the upside for the moment. Current rally should extend to next medium term fibonacci level at 1.1235. On the downside, break of 1.1031 support is needed to indicate short term topping. Otherwise, outlook will stay bullish even in case of recovery. |
| FX Outlook 2014 |
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AUD's Weakness To Persist Amid Economic HeadwindsRecent price movements indicated that any rebound of AUDUSD is short-lived. Although rising inflation in Australia might provide short-term support to AUD, Australia's terms of trade should deteriorate further and downside risks related to Chinese growth should continue to weigh on the Aussie. There's no sign of a reversal of the AUDNZD downtrend as we enter 2014. Instead, the decline has perpetuated amid concerns over China's economic slowdown and speculations of rate hikes in RBNZ. With China's economic reform, which attempts to shift the balance of economic growth from investment to domestic demand, and the growing divergence between Australia and New Zealand on the economic prospects, we expect the downtrend of AUDNZD to continue this year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fed Tapers Further...The Fed's move in January was widely anticipated. It decided to reduce monthly asset purchases by a further US$10B to US $65B, by reducing Treasury purchases to US$ 35B/month and MBS purchases to US$ 30B/month. The recent growth assessment was also upgraded. However, the policy statement was largely unchanged. The decision was made with unanimous support, the first time since June 2011. RBNZ Keeps Powder Dry, Rate Hike Likely in MarchWith 35% chance of rate hike (+25 bps) priced in, the market was initially disappointed by the RBNZ's decision to leave the OCR unchanged at 2.5% in January. The accompanying statement was, however, upbeat and signaled that a rate hike would be coming soon. It is likely that the central bank would increase the policy rate at the March meeting. On the global economic environment, the central bank noted that "improvements in the major economies have required exceptional monetary accommodation and there remains uncertainty about the timing of withdrawal of this stimulus and its effects, especially on emerging market economies". | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Economic Indicators Update | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped as traders bought back dollar ahead of FOMC rate decision, bids at 1.3650, 1.3635 amd 1.3620 were filled, however, buy orders are still noted at 1.3600 and in good size at 1.3580, fresh demand should emerge around 1.3530-50 area as well as 1.3500-10 (stops below). On the upside, offers are now seen at 1.3650 and 1.3670-80, buy stop orders are located above 1.3690 and also above 1.3720, however, sell orders are expected from 1.3730 up to 1.3750 (stops above barrier at 1.3750). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Wrap-up: USD/CHF - Hold short entered at 0.9000Despite dollar's intra-day rebound, as the greenback has retreated after holding below indicated resistance at 0.9010, retaining our bearishness and consolidation with downside bias remains for weakness to 0.8930-35, break there would confirm rebound from 0.8903 (last week's low) has ended and bring resumption of decline for retest of 0.8903, below there would extend the fall from 0.9157 top to 0.8880-90. Trade Idea: AUD/USD - Hold short entered at 0.8790Despite edging marginally higher to 0.8826, as the Australian dollar has retreated today, retaining our bearishness and weakness to 0.8720-30 is likely, however, break of 0.8700 is needed to suggest the rebound from 0.8660 has possibly ended and bring another fall towards this level. Only a drop below said last week's low would extend recent decline in wave (v) to 0.8640 (61.8% projection of 0.9543-0.8821 measuring from 0.9086) 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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