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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Euro Firm on Greek HopeEuropean majors remain generally firm in Asia today after rallying broadly on Greek speculations. There were rumors that political leaders were set to agree on the austerity measures yesterday, but such meeting with Prime Minister Papademos was delayed to today with one leader blaming the delay to 'missing paper'. Papademos has met troika last night on finalizing the terms for the EUR 130b second bailout. Meanwhile, there are reports that ECB is willing to accept some sort of haircut which could help Greece lower it's debt by EUR 11b. It's reported that ECB is holding EUR 50b of Greek bonds which it paid EUR 39b for. With certain mechanism, ECB could return the bonds to Greece, through EFSF, and get back EUR 39b. Effectively Greece would have lowered it's debt by EUR 11b. Anyway, so far, nothing is confirmed from nobody even though markets are positioning for further rally in European majors. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 100.04; (P) 100.32; (R1) 100.79; More EUR/JPY's strong rise and break of 102.20 resistance confirmed that whole rebound from 97.03 has resumed. Intraday bias is back on the upside and current rise should extend to 100% projection of 97.03 to 102.20 from 99.24 at 104.41. On the downside, below 01.60 minor support will turn bias neutral and bring retreat. But near term outlook will remain cautiously bullish as long as 99.24 support holds. |
| Special Reports |
ECB To Stand On The Sideline While BOE To Extend Asset PurchasesAlthough Greece's PSI and its access to the new tranche of bailout fund dragged on, market sentiment appeared to have improved since the last ECB meeting. Moreover, reaction to the 3-year LTRO was positive while economic data over the past few weeks showed improvement. These should allow the ECB to keep the main refinancing rate unchanged at 1% and leave the unconventional monetary measures unchanged. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar edged higher today to 76.87 but indicated offers from exporters remain at 76.90-00 with mixture of offers and stops seen at 77.10-20 and more selling interest from same parties are lined up at 77.50-60. On the downside, mixture of bids and stops remains at 76.45-50 and more buying interests from Japanese investors are expected at 76.20 and also 76.00-10 (for protection of 76.00 option barrier). | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Hold long entered at 0.9140Despite intra-day brief fall to 0.9106, lack of follow through selling on break of previous support at 0.9112 suggests consolidation would be seen and as long as said support holds, mild upside bias remains for another rebound to the Kijun-Sen (now at 0.9167) and possibly to the Ichimoku cloud bottom (now at 0.9196), however, break of resistance at 0.9227 (yesterday’s high) is needed to signal a temporary low is possibly formed Trade Idea: USD/JPY – Target met and buy again at 76.50The greenback has risen again this morning in line with our expectations and indicated target of our long position entered at 76.05 has been met at 77.05 (100 points profit), this anticipated rise adds credence to our view that low has been formed last week at 76.03 and bullishness remains for a stronger retracement of the intermediate decline from 78.29 to 77.40-45 (61.8% Fibonacci retracement of 78.29-76.03) Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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