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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Rally Lost Steam as Greek Bailout Boost FadedThe boost from Greece bailout deal to Euro was relatively brief as the common currency fails to take out recent high of 1.3321 against dollar and retreated. EUR/JPY also dips mildly after jumping to 105.98 earlier today. Major European indices are in red at the time of writing but down less than -1% so far. US stock futures point to mildly higher open. There are some doubts from the market on implementation of the austerity plan in Greece. Also, sentiments are mildly weighed down by OECD head Gurria's comment that the Greek deal was two years late. Also, Gurria reiterated that a $1T fund is at least needed in Eurozone to prevent Greece' problems in spreading into other Eurozone states. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3182; (P) 1.3229 (R1) 1.3288; More... EUR/USD's rebound from 1.2974 lost some momentum ahead of 1.3321 and remains bounded in range. Intraday bias stays neutral for the moment. On the upside, above 1.3321 will resume the rebound from 1.2625 and target 61.8% retracement of 1.4246 to 1.2625 at 1.3627. On the downside, below 1.2974 will revive the case that rebound from 1.2625 is finished and flip bias back to the downside for this support level. |
| Special Reports |
EU Agrees On Second Greek Bailout Package Worth Of 130B EuroThe latest news is that EU finance ministers have eventually reached an agreement on the second Greek bailout package. The deal requires Greece to bring its debt down to 120.5% of GDP by 2020 from over 164% currently. The agreed reduction was similar to what was requested by the IMF. Moreover, according to Jean-Claude Juncker, the prime minister of Luxembourg, private sector bondholders were expected to incur losses of 53.5% of nominal face value of their Greek bond holdings, up from the previously expected 50.0% nominal write-down. Investors welcomed the news and the euro jumped against the US dollar after the announcement. RBA Feels Comfortable With Current Monetary Stance As Growth Will Be Close To TrendThe RBA released minutes for the February meeting, explaining reasons for its decision to leave the policy rate unchanged at 4.25%, instead of a reduction of -25 bps as expected by the market. The central banks appeared comfortable with the domestic economic developments though these might also be affected by the sovereign debt crisis in the Eurozone. It appears that the central bank will stand on the sideline in coming months but we are still of the view that a rate cut will materialize later this year especially if he AUD continues its recent advance. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency resumed recent rise earlier today on buying by Russian names, euro ran into heavy offers there and has retreated throughout European session, bids at 1.3230-35 were cleared but more buying interests from European corporate are expected from 1.3200 down to 1.3180 with stops building up below 1.3180 and also 1.3150. On the upside, mixture of offers and stops remains at 1.3290-00 with more selling interest from option players tipped further out at 1.3350 and 1.3390-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Buy at 1.5770As cable has fallen after meeting renewed selling interest at 1.5865, retaining our view that further consolidation below yesterday’s high of 1.5880 would be seen and pullback to previous support at 1.5790 is likely, however, reckon 1.5768 (current level of the Ichimoku cloud bottom and 50% Fibonacci retracement of 1.5655-1.5880) would limit downside and bring another rise later. Trade Idea: AUD/USD – Buy at 1.0650Despite yesterday’s rise to 1.0817, the subsequent retreat suggests further consolidation below recent high of 1.0845 and marginal weakness from here cannot be ruled out, however, downside should be limited to support at 1.0629 (last week’s low) and bring another rebound later. A break of said resistance at 1.0845 would extend recent rise in wave c to 1.0900 but overbought condition should limit upside to 1.0950-60 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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