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Daily Report: Sentiments Weighed Down by China Manufacturing Data AgainAsian markets are generally lower after manufacturing data from China, which also drags down Aussie and Kiwi. The preliminary reading of February HSBC China PMI manufacturing index dropped further to 48.3, versus expectation of 49.4. That's also the lowest reading in seven months. Some economists noted that the details showed across the board weakness as the details showed deterioration in every sub-categories except suppliers' delivery times. Japan trade deficit widened further to JPY -1.82T in January versus expectation of JPY -1.56T. New Zealand PPI dropped -0.7% qoq, -0.4% yoy in Q4, far below consensus. At the time of writing, Nikkei is losing nearly -300 pts or -2% while Hong Kong HSI is losing -250 pts, or -1.1%. In the currency markets, AUD/USD is heading back to 0.8927 near term support and break would indicate completion of recent rebound. USD/CAD is also pressing 1.1089 minor resistance which could also signal completion of retreat pull back. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8215; (P) 0.8237; (R1) 0.8255; More.... As noted before, EUR/GBP should have formed a short term bottom at 0.8157 after drawing support from 0.8164 key support level. Intraday bias is mildly on the upside for 0.8349 resistance. Break of 0.8349 should indicate that the larger corrective pattern from 0.8768 has possibly completed and will turn outlook bullish for 0.8466 resistance next. On the downside, again, decisive break of 0.8164 will have larger bearish implication and would pave the way to 0.8 psychological level. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency found buying interest just below 1.3740 and more buy orders are reported at 1.3700-10, 1.3670-90 area and 1.3650-55 with stops building up below 1.3645, more buying interest is located at 1.3630 and 1.3600-10 (more stops below figure), fresh demand should emerge around 1.3580 and 1.3550-60. On the upside, offers from Asian CBs are still seen at 1.3775-85 (more stops above), fresh offers should emerge around 1.3800-1.3810 (related to option barrier at 1.3800 with buy stop orders above). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy at 0.8195Euro's strong rebound from 0.8158 (this week's low) suggests a temporary low is possibly formed there and consolidation with mild upside bias remains for retracement of recent decline to 0.8280 but reckon resistance at 0.8300 would limit upside and price should falter well below resistance at 0.8350 (this month's high), bring another decline later. Trade Idea: USD/CAD - Buy at 1.1000Despite intra-day brief fall to 1.0910, current strong rebound suggests low is possibly formed there and consolidation with upside bias is seen for test of 1.1090, however, break there is needed to add credence to this view and signal the correction from 1.1224 top has ended, bring further gain to 1.1122-24 resistance, above there would confirm and extend further subsequent rise towards 1.1200 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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