Forex Zone (Forex Zone)
Czech markets  |  January 24, 2013 09:04:41

Chinese factory pedal

Tonight HSBC Bank published its flash PMI index from China. About this indicator, we know that it can have a significant impact on the movement of risky assets, especially equity indices and AUD and EUR. Neither of these groups in today's preliminary figures for January 2013 but did not respond.

It is clear from PMI index suggests that the growth in Chinese factories is the highest for the last two years. The value of the index rose to 51.9 in January, its highest level since January 2011.Also shows the growth compared to the previous month. Supporting employment index also rose to 22-month high.

So currently everything looks rosy in China, but we are still cautious, especially in the U.S. equity indices, which we perceive in the area of strong resistance (see our article " Pink World "). We were also a little surprised that so positively, that supports data was during today's Asian session no positive response or AUD to EUR.

As regards developments in the monitored pair EUR / USD, So that the last developed according to our expectations, even if the order was different. Shoppers in Europe again defended the level around 1.3300 and then 1.3350 level test was conducted, which we pointed out. After the start of the U.S. session was in our price perception manipulated rapid "flushing" just below Tuesday's low, which we also pointed out, where you quickly return to its opening price.

On the daily chart so we formed a Doji candle in the third row. According to TA means indecision. But yesterday's developments around and below the 1.3300 shoppers perceive as an activity, and so far prefer the variant that the big players accumulate long positions.If this is our analysis is correct, we expect high test current trading range around 1.3400 and potentially further increase to 1.3475 and possibly to 1.3600.

Today will be published in the important U.S. macro data, so we will wait to see how the market reacts to them. After three doji candles increases the probability of directional movement. The more we see above, but if we stay with our idea that there is an accumulation of larger long positions of great players and they will be surprised macro data, we can not wait and sales. This variant, however, is perceived as less likely.

As a reasonable and prudent perceive when you wait for the conclusion above or below the current trading range and then you enter trades in the direction of puncture and closing.

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