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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Rally Limited by Spain, Canadian Dollar Lower after CPIEuropean majors attempted to rally against dollar and yen earlier today but lost steam quickly. Major European indices also reversed earlier gains and turned red, led by financial stocks. Contagion risks are still weighing on sentiments as Spanish 10 year yield rose above 5.5% today, a level not seen since January this year. Note that corresponding Italian yield is just slightly above 5% for the moment. Spanish bonds were sold off on doubts over whether the new conservative government is fully committed to meet the deficit reduction target agreed with EU. Treasury Minister Luis de Guindos insisted the country's commitment and criticized any comparison with Greece is "totally out of place". Spain is supposed to lower deficit to 5.35% of GDP this year and 3% for next year. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3137; (P) 1.3195 (R1) 1.3258; More.... Despite edging higher to 1.3293, EUR/USD is still failing to sustain above 1.3290 resistance and intraday bias remains neutral for the moment. On the downside, break of 1.3138 minor support will affirm the case that fall from 1.3486 is still in progress and should flip bias back to the downside for 1.3003 and below. Break of 1.2974 will confirm completion of rebound from 1.2625. However, sustained break of 1.3290 will suggest that fall from 1.3486 is finished. More importantly, this will indicate that rise from 1.2625 is still in progress for another high above 1.3486. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency rallied in European session in part due to the release of stronger-than-expected eurozone data, UK clearer and Swiss names were seen buying the pair aggressively and stops at 1.3255-65 were tripped, however, offers from Asian CBs and big corps ahead of 1.3300 option barrier capped euro so far and stops are building up above there and also another barrier at 1.3315 . On the downside, bids from same parties are raised to 1.3200-10 and also at 1.3170, followed by mixture of bids and stops at 1.3130-40. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Hold long entered at 0.9100Although intra-day breach of 0.9072-78 support signals recent decline from 0.9335 top has resumed, lack of follow through selling suggests consolidation would be seen and as long as this level holds, mild upside bias remains for another rebound back to intra-day high of 0.9140 but break of strong resistance at 0.9179 is needed to retain bullishness and signal a temporary low is formed, bring a stronger rebound to 0.9202 Trade Idea: AUD/USD – Sell at 1.0500Although aussie has rebounded from 1.0336, yesterday’s selloff signals recent fall from 1.0857 top is still in progress and bearishness remains for another decline, break of said support would extend the aforesaid decline for a stronger retracement of recent upmove to 1.0300, however, near term oversold condition should limit downside to 1.0280 and price should stay well above 1.0250 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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