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Mid-Day Report: Risk Aversion Continues after Disastrous German Auction, Fitch Warning on FranceRisk aversion continues to dominate the markets as a disastrous German bond auction sent European and US equities sharply lower. The German government managed to sell just of EUR 3.644b of 10 year bunds today, way short of it's maximum target of EUR 6b. Germany's Finance agency tried to affirm that there is no risk in financing the government's budget. But markets see it differently as today's poor auction showed that there is a deep mistrust of Euro, which is now even manifested in weak demand for German bunds. Nevertheless, some argued that the weak demand was due to reflectively much lower yields, which indicated that German bunds have been benefited from Fund flows from Italy and Spain and even Belgium and France. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3461; (P) 1.3514 (R1) 1.3560; More. EUR/USD drops to as low as 1.3359 so far in early US session and the break of 1.3421 support confirms that decline from 1.4246 has finally resumed. Intraday bias is back on the downside and further all should now be seen to retest 1.3145 support next. On the upside, break of 1.3614 resistance is needed to signal short term bottoming. Otherwise, we'll stay cautiously bearish in EUR/USD even in case of recovery. |
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US Session: Orders and Options WatchEUR: The single currency slipped again today on terrible bund auction, stops below 1.3420 and 1.3400 were all triggered and price dropped to a 6-week low of 1.3372 and stops below 1.3365 are now in focus, however, some bids are noted at 1.3370 and further out at 1.3350 with more stops seen below 1.3300. On the upside, offers are reported at 1.3420-30 and also 1.3470-80 with stops building up above 1.3485/90 and further out at 1.3550 and 1.3570 (large). Option expires today include 1.3300 (200 mln) and 1.3500 (300 mln). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Wrap-up: USD/CHF – Buy at 0.9130As the greenback has rebounded on dollar’s broad-based strength, suggesting a test of indicated resistance at 0.9209 (this week’s high) would be seen, however, above there is needed to retain our bullishness and signal the correction from 0.9237 has ended at 0.9086, then further gain towards this level would be seen. Looking ahead, break there is needed to confirm recent rise from 0.8568 has resumed and extend gain to 0.9261 Trade Idea: EUR/GBP – Sell at 0.8695Although the single currency has retreated after yesterday’s rise to 0.8665, as long as 0.8550 holds, near term upside risk remains for the rebound from 0.8486 to extend gain towards 0.8695/00 (61.8% Fibonacci retracement of 0.8831-0.8486), however, overbought condition should limit upside, bring another decline later. Below said support at 0.8550 would suggest top is possibly formed but break of previous support at 0.8518 is needed to confirm Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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