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Mid-Day Report: Risk Recover on ECB/IMF TalkRisk sentiments recovered today on talk that ECB and IMF officials are discussing the idea of ECB going through IMF to bailout Eurozone countries. In the case, IMF would have enough firepower to bailout even the biggest Eurozone country. Also, ECB should have stepped in to buy Spanish and Italian bonds, a fifth consecutive day of bone purses, and drove yield mildly lower. Major European indices pared earlier losses and is nearly flat at the time of writing. US futures also point to slightly higher opening. Dollar is seen broadly lower against other major currencies. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5693; (P) 1.5752; (R1) 1.5815; More. GBP/USD's strong recovery and break of 1.5876 minor resistance suggests that choppy correction from 1.6165 might be finished at 1.5690 already. Intraday bias is mildly on the upside for a test on 1.6165 resistance in near term. Below 1.5690 will delay the bullish case. But after all, we'd still expect strong support from 1.5631/5851 support zone to conclude such correction. However, break of 1.5831 support will dampen this view and turn focus back to 1.5271 low instead. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency surged throughout the day on active buying by Middle East names and once stops above 1.3560 were triggered, euro’s intra-day rise accelerated and jumped to a high of 1.3615 (stops at 1.3600-10 were also tripped) before running into offers from Eastern European names. At the moment, bids from Middle East names remain at 1.3540-50 and also 1.3500-10 with stops building up below 1.3480 and 1.3440. On the upside, indicated offers are still noted at 1.3610-20 and further out at 1.3650-60. Option expires include 1.3500 (200 mln), 1.3570 (200 mln) and 1.3600 (300 mln). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Sell at 1.5930Cable’s rally after breaking indicated resistance at 1.5813-15 confirms a temporary low has been formed at 1.5692 and near term mild upside bias remains for retracement of recent decline to 1.5890-95 (50% Fibonacci retracement of 1.6095-1.5692), however, upside should be limited to previous resistance at 1.5931 and bring another decline later. A break of the Kijun-Sen (now at 1.5803) would suggest an intra-day top is possibly formed Trade Idea: USD/CAD – Buy at 1.0110As the greenback finally retreated after intra-day marginal rise to 1.0302, suggesting consolidation below this level would take place and below 1.0200 would bring retracement to 1.0150, however, reckon 1.0100 would limit downside and bring another rise later. A break of said resistance at 1.0302 would signal the rebound from 0.9892 is still in progress and bullishness remains for this move to bring a stronger retracement of the decline from 1.0658 to resistance area at 1.0329-38 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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