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Daily Report: Euro Remains Soft ahead of French Bond AuctionEuro remains soft after overnight's selloff, with EUR/USD pressing 1.29, EUR/JPY below 100 while EUR/AUD is hovering around record low. Focus will first turn to France's bond auction today. France plans to sell up to EUR 8b in debt today, including securities that mature in 2021, 2023, 2035 and 2041. Markets are still waiting for actions from rating agencies after S&P placed 15 eurozone nations on review in December while Fitch cut France's rating outlook. Euro has been weak since yesterday's lackluster and today's result, if uninspiring, would possibly trigger deeper selloff. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 98.80; (P) 99.52; (R1) 100.00; More Intraday bias in EUR/JPY remains on the downside for the moment. Current decline is expected to target 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62 next On the upside, though, considering bullish convergence condition in 4 hours MACD, break of 110.30 minor resistance will suggest short term bottoming and bring stronger rebound to 102.53 resistance and above. |
| Special Report |
2012 Forecast: USD to Strengthen Further in First Half of 2012The US dollar is expected to outperform other major currencies in the first half of 2012. The key reasons for the greenback's glitter are the ongoing sovereign debt crisis in the Eurozone and the relatively strong economic improvement in the US. It is, however, rather difficult to forecast the outlook of the US dollar in the second half of the year as uncertainties related to the pace of recovery in European economies, fiscal tightening in the US and the FED's implementation of QE3 heighten. Moreover, the ability for China to avoid hard landing would be another factor affect USD's outlook. |
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European Session: Orders and Options WatchEUR: The single currency came under pressure again this morning in Asia after yesterday's selloff to 1.2898 (stops below 1.2900 were triggered), news that Spain's regional government of Valencia was late in repaying 123 million euro debt to Deutsche Bank raised fresh concerns over eurozone debt crisis and more stops below 1.2890-95 are now in focus with mixture of bids and stops in good size tipped further out at 1.2850-60. On the upside, offers from various parties are lined up from 1.2950 up to 1.3000 and more selling interest should emerge around 1.3020 with stops building up above latter level and also 1.3080-90. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Buy at 0.9365As the greenback has maintained a firm undertone after yesterday’s anticipated rally to 0.9450, adding credence to our bullish view that low has been formed at 0.9305 and bullishness remains for a test of previous resistance at 0.9470 but a sustained breach above there is needed to retain bullishness, then the rise from 0.9245 shall extend headway to 0.9500, however, near term overbought condition would cap price below recent high of 0.9549. Trade Idea: EUR/USD – Sell at 1.3005As the single currency has remained under pressure after yesterday’s selloff to 1.2898, adding credence to our view that the rebound form 1.2858 has formed a top at 1.3077 earlier this week and consolidation with downside bias remains for weakness to 1.2880, however, break of said support at 1.2858 is needed to retain bearishness and signal recent decline has resumed and extend further weakness to 1.2830 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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