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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Euro Consolidates Loss But Remains VulnerableEuro stays in tight range in Asia today as markets continues to digest recent loss. But the recovery against dollar and yen is very weak and the corrective price actions suggests that the common currency is still vulnerable to deeper selloff. Greece situation and development will continue to weigh on sentiments. Greece head of Council of State Pikrammenos sworn in as leader of the caretaker government yesterday. New parliament will be sworn in today and is expected to announce new election date, probably June 17. The election is built up as a vote for staying in or exit Euro. New Democracy party leader Samaras said Greeks are "faced with two choices", change everything in Greece with Europe, or "live through the horror and isolation of a euro exit". However, there is no guarantee that the election in June would be a decisive one and the uncertain situation might just repeat again. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 101.79; (P) 102.25; (R1) 102.60; More EUR/JPY lost some downside momentum and turned sideway but recovery is so far weak. Initial bias remains mildly on the downside with 102.86 minor resistance intact and current fall is expected to continue. Sustained trading below 61.8% retracement of 97.03 to 111.43 at 102.53 will pave the way to retest 97.03 low. On the upside, above 102.86 will indicate temporary bottoming and bring stronger recovery to 4 hours 55 EMA (now at 103.38) and above. But strong resistance should be seen from 104.61 to limit upside and bring fall resumption. |
| Special Report |
Language Of FOMC Minutes Signaled More Dovish OutlookThe April FOMC minutes indicated that policymakers acknowledged improvements in economic growth but these remained insufficient to change its current accommodative policy stance. While there was slight change in language from the previous meeting, it appeared that the central bank turned mildly more dovish. Overall, the Fed continued to pledge that it would do more if the economy deteriorates further. BOE Revised Lower Growth and Inflation ForecastsThe BOE released a dovish quarterly inflation report in May, lowering both inflation and GDP growth forecasts from February projections. Policymakers also cited the worsening situation in the Eurozone would affect the UK's path to recovery and there was a "risk of a storm heading our way from the continent". |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite tripping option barrier at 1.2700 yesterday, bids to protect stops below 1.2675 lifted euro from low and price has rebounded again in New York and buying interests from Middle East names are still noted at 1.2700-10 and also at 1.2680-85 with stops remain below 1.2675 and 1.2650 (another barrier) but some defensive bids are still noted at 1.2620-30. On the upside, offers from various parties are lined up at 1.2790-00 and further out at 1.2850-60 with stops building up above 1.2870 and 1.2900. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Sell at 1.6010As cable has rebounded after yesterday’s selloff to 1.5889, suggesting a minor low is formed and consolidation would be seen and test of the Kijun-Sen (now at 1.5938) is likely, however, upside should be limited to yesterday’s high of 1.5997 and renewed selling interests should emerge around 1.6005-10 (50% Fibonacci retracement of 1.6124-1.5889) and bring another decline. Trade Idea: EUR/USD – Sell at 1.2810As the single currency has rebounded after yesterday’s fall to 1.2682, suggesting consolidation would be seen and retracement to 1.2770-80 is likely, however, previous support at 1.2814 would limit upside and bring another decline later. Below said support would extend recent decline towards 1.2650, however, near term oversold condition should limit downside to recent low of 1.2624 and risk from there is seen for a strong rebound later. 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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