Action Insight (All Reports)

US Session: Orders and Options Watch

Wed, 22 Feb 2012 14:01:23 GMT

GBP: The dovish BOE MPC vote outcome, 2 members voted for more QE, hammered the British pound, stops below 1.5750-60 and 1.5700 were triggered and more stops below 1.5650 and 1.5640 are now in focus, however, fresh bids are likely to emerge further out at 1.5590-00 and 1.5550. On the

EUR/USD Mid-Day Outlook

Wed, 22 Feb 2012 12:53:16 GMT

Intraday bias in EUR/USD remains neutral at this point. On the upside, above 1.3321 will resume the rebound from 1.2625 and target 61.8% retracement of 1.4246 to 1.2625 at 1.3627. On the downside, below 1.2974 will revive the case that rebound from 1.2625 is finished and flip bias back to the downside for this support level.

USD/CHF Mid-Day Outlook

Wed, 22 Feb 2012 12:52:39 GMT

No change in USD/CHF's outlook. With 0.9206 minor resistance intact, another fall remains mildly in favor. Break of 0.9065 support will affirm the case that rebound from 0.7065 is finished at 0.9594 on bearish divergence condition in daily MACD. In such case, deeper fall should be seen to 0.8567 support

USD/JPY Mid-Day Outlook

Wed, 22 Feb 2012 12:48:49 GMT

USD/JPY climbs to as high as 80.36 so far today and intraday bias remains on the upside for the moment. Current rise from 76.02, which is part of the rally from 75.56, should target 61.8% retracement of 85.51 to 75.56 at 81.70 next. On the downside, below 79.30 will argue

GBP/USD Mid-Day Outlook

Wed, 22 Feb 2012 12:46:16 GMT

GBP/USD dropped sharply to as low as 1.5679 today so far but remains bounded in range of 1.5643/5928. Intraday bias remains neutral. Again, note that 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234 at 1.6168) remains intact. Thus, there is no confirmation of completion of fall from 1.6746.

Mid-Day Report: Sterling Tumbles after BoE Minutes, Euro Directionless

Wed, 22 Feb 2012 12:45:26 GMT

Sterling was sold off sharply earlier today after BoE minutes unexpectedly revealed that two policy makers favored more expansion in the asset purchase program. GBP/USD is back pressing 1.57 level while EUR/GBP jumped through 0.84. Elsewhere, Euro is generally soft as Eurozone PMIs disappointed. Weakness in European equities also exerted

BOE Minutes Unveiled 2 Member Favored More Asset Purchases

Wed, 22 Feb 2012 10:54:15 GMT

The BOE minutes for the February meeting unveiled that 2 (Adam Posen and David Miles) out of 9 members opted for more expansion in asset purchases than decided. The 2 dissenters to the current monetary policy saw a risk of a prolonged period of depressed demand which would cause inflation

GBP/JPY Daily Outlook

Wed, 22 Feb 2012 10:00:18 GMT

Another rise remains in favor in GBP/JPY with 124.49 minor support intact. Current rally could extend to 127.30 resistance, which is close to 161.8% projection of 117.29 to 122.04 from 119.58 at 127.26. At noted before, we're treating rebound from 117.29 as the third leg of consolidation pattern from 116.83.

EUR/JPY Daily Outlook

Wed, 22 Feb 2012 09:57:20 GMT

EUR/JPY lost some upside momentum with 4 hours MACD crossed below signal line but with 104.65 minor support intact, intraday bias remains mildly on the upside. Current rally from 97.03 is expected to continue towards 161.8% projection of 97.03 to 102.20 from 99.24 at 107.60. Note that the break of

EUR/GBP Daily Outlook

Wed, 22 Feb 2012 07:49:04 GMT

EUR/GBP's consolidation from 0.8221 continues and outlook remains unchanged. Upside of the consolidation is expected to be limited by 38.2% retracement of 0.8830 to 0.8221 at 0.8454 and bring fall resumption eventually. Below 0.8277 minor support should now send EUR/GBP through 0.8221 support toward 0.8067 key support level next.

USD/CAD Daily Outlook

Wed, 22 Feb 2012 07:42:02 GMT

With 1.0050 resistance intact, deeper decline is still expected in USD/CAD for 0.9891 support. Break there will resume whole decline from 1.0656 100% projection of 1.0656 to 0.9891 from 1.0522 at 0.9757. However, note that break of 1.0050 will indicate that a short term bottom is at least formed and

AUD/USD Daily Outlook

Wed, 22 Feb 2012 07:33:30 GMT

AUD/USD's break of 1.0628 support indicates that decline from 1.0844 has resumed. The development is starting to favor the case of short term topping. Intraday bias is mildly on the downside for a test on 1.0377 resistance turned support. Also, AUD/USD is likely still bounded in consolidation pattern from 1.1079

EUR/USD Daily Outlook

Wed, 22 Feb 2012 07:31:20 GMT

GBP/USD Daily Outlook

Wed, 22 Feb 2012 07:30:37 GMT

Intraday bias in GBP/USD remains neutral for the moment. Note again that 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234 at 1.6168) remains intact. Thus, there is no confirmation of completion of fall from 1.6746. Below 1.5643 will flip bias back to the downside for 1.5234. On the

USD/CHF Daily Outlook

Wed, 22 Feb 2012 07:28:36 GMT

Another fall is still mildly in favor in USD/CHF for the moment. Break of 0.9065 support will affirm the case that rebound from 0.7065 is finished at 0.9594 on bearish divergence condition in daily MACD. In such case, deeper fall should be seen to 0.8567 support for confirmation. On the

USD/JPY Daily Outlook

Wed, 22 Feb 2012 07:13:32 GMT

USD/JPY's rally extends further to as high as 80.08 even though upside momentum is diminishing mildly with 4 hours MACD staying below signal line. Intraday bias remains on the upside and current rise from 76.02, which is part of the rally from 75.56, is expected to target 61.8% retracement of

Daily Report: Yen Selloff Continues as Crude Oil Extends Rally

Wed, 22 Feb 2012 07:11:38 GMT

Market's focus is turning back to yen selling today as USD/JPY breaches 80 psychological level. BoJ's ultra easing monetary policy is factor that contributes recent weakness in the Japanese yen and is there to stay. Another yen selling reason emerged earlier this week after Japan posted record trade deficit in

European Session: Orders and Options Watch

Wed, 22 Feb 2012 06:47:16 GMT

EUR: The single currency remained confined within a relatively narrow range in part due to cross-trading against both yen and sterling, profit-taking activities after the 130 billion euro Greek bailout package put pressure on euro and bids at 1.3210-20 were filled, however, buying interests are still noted at 1.3190-00 with

US Session: Orders and Options Watch

Tue, 21 Feb 2012 13:53:56 GMT

EUR: Although the single currency resumed recent rise earlier today on buying by Russian names, euro ran into heavy offers there and has retreated throughout European session, bids at 1.3230-35 were cleared but more buying interests from European corporate are expected from 1.3200 down to 1.3180 with stops building up

USD/CHF Mid-Day Outlook

Tue, 21 Feb 2012 13:50:12 GMT

Intraday bias in USD/CHF remains on the downside for 0.9065 support. Break will affirm the case that rebound from 0.7065 is finished at 0.9594 on bearish divergence condition in daily MACD. In such case, deeper fall should be seen to 0.8567 support for confirmation. On the upside, above 0.9206 will