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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Quiet Market in Asia, Important Week AheadTrading is rather subdued in Asia as some markets are still on lunar new year holiday. At the time of writing, Nikkei is losing another -200 pts, or -1.4% and is pressing 14700 level. The Nikkei also hit a 2.5 year low as recent selloff on emerging market woes continues. While the yen is firm, there is no renewed buying in the Japanese currency yet as it's stuck in tight range against other major currencies. Euro remains soft below 1.35 against dollar as traders await PMI data from Eurozone later today. And more importantly, ECB will meet again this week. Australian dollar is also mildly lower on disappointing China manufacturing as well as it's own Housing data. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.5317; (P) 1.5453; (R1) 1.5546; More..... The correction from 1.5831 is still in progress and deeper fall could be seen. But again, with 1.5236 support intact, near term outlook stays bullish and another rise is still in favor. Above 1.5673 minor resistance will target 1.5831 and above. However, note that bearish divergence condition is seen in daily MACD. In case of another rise, strong resistance might be seen at 61.8% projection of 1.4050 to 1.5596 from 1.5029 at 1.5984 to limit upside and bring reversal. Meanwhile, break of 1.5236 will indicate that a short term top is at least formed and would bring deeper decline to 1.5029 and below. |
| Economic Indicators Update |
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Due to Chinese New Year holidays, next Candlestick and Ichimoku Trade Idea update will be made on Monday 3rd Feb 2014 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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