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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Recovers Mildly, Consolidating Above 2012 LowEuro recovers mildly as it's trying to consolidate ahead of 2012 low aginast dollar but strength is very weak so far. The never-ending debt crisis is still weighing on sentiments. EU trade commission Karel De Gucht was quoted saying there ECB and EC are working on "emergency scenarios if Greece shouldn't make it." He noted that there was "no margin" left for any concessions to Greece. But he's confidence that "a Greek exit does not mean the end of the euro, as some claim". Meanwhile, he expressed that Greece will stay in EU and should there be a third election or a reference on Eurozone,Greeks would "perhaps vote differently." |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2659; (P) 1.2704 (R1) 1.2742; More..... EUR/USD continues to lose momentum ahead of 1.2625 support and at this point, intraday bias is turned neutral first. Above 1.2758 will bring stronger recovery to 4 hours 55 EMA (now at 1.2846) and possibly above. But strong resistance should be seen at 1.2994 to limit upside and bring fall resumption. Sustained break of 1.2625 will confirm resumption of whole decline from 1.4939 and should target 61.8% projection of 1.4246 to 1.2625 from 1.3486 at 1.2484 next. |
| Special Report |
Moody's Downgrade Unveils Insufficiency Of Latest Spanish Banking ReformDespite further banking reform, Moody's announced to downgrade 16 Spanish banks with ratings of Banco Santander (SAN) SA and Banco Bilbao Vizcaya Argentaria SA (BBVA), Spain's biggest lenders, cut 3 notches to A3. The rating agency stated that the downgrades were mainly due to reassessment of each bank's standalone credit quality which is expected to deteriorate further in the coming year. Moreover, downgrades of 5 banks were also due to anticipation of reduced support from the Spanish government. Both the EU and the IMF welcomed the latest round of reform announced in Spain earlier in the month. However, in our opinion, the 4 key measures, including additional provision requirements for banks, availability of government capital injections, creation of a framework for 'bad banks' and employment of independent audits, while indicating some progress for the restructuring, are rather modest and are not expected to have significant impacts on transforming the banking sector. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound also rebounded from 1.5732 low in part due to improved risk appetite (on back of recovery in Dow future), weekend profit-taking also helped lifting cable from lows, however, offers from various parties (including U.S. big names) are lined up from 1.5850 up to 1.5890 with some stops seen at 1.5900 but fresh offers should emerge further out at 1.5930-40. On the downside, some fair size bids (also for profit-taking) are tipped at 1.5790-00 and also at 1.5740-50 with mixtures of bids and stops seen at 1.5720-25 and 1.5700. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9380Despite intra-day resumption of recent upmove to indicated projection target at 0.9500 (1.236 times projection of 0.8931-0.9335 measuring from 0.9002), as dollar has retreated from there, suggesting consolidation would be seen and retracement to minor support at 0.9430, then the lower Kumo (now at 0.9402) is likely but previous resistance at 0.9372 should limit downside and bring another rise. Trade Idea: AUD/USD – Sell at 1.0100Although aussie has fallen again to as low as 0.9794, lack of follow through selling and current rebound suggest consolidation would be seen and recovery to 0.9900, then 0.9950-60 cannot be ruled out, however, renewed selling interests should emerge around 1.0015-20 and bring another decline later. A break of said support would extend recent decline to 0.9750 but loss of downward momentum should prevent sharp fall below 0.9700 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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