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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Greek Boosts Faded as Spanish Yield Broke 7% again to New RecordThe boost from Greece election to market sentiments quickly faded today and Spanish 10 year yield breached 7% again and rose to new euro era high of 7.14%. As the situation in Greece is temporarily stabilized after pro-bailout parties secured majority, the spotlight is back on Spain. Markets were clearly concerned that the EUR 100b bank bailout program will worsen the country's fiscal budget. 7% is a level that is seen as unsustainable by the markets and that eventually led to sovereign bailout of Greece, Ireland and Portugal. Some analysts are expecting that Spain would eventually seek bailout for the country in the next six to nine months. Spain will hold auctions of 12-month, 18-month and 3-year debts later this week and these auctions would be seen as critical test on market confidence. Meanwhile, Italian 10 year yield is also back above 6% level. European stocks pared much of earlier gains and is nearly flat at the time of writing. US futures is indeed pointing to slightly lower open. EUR/USD hit as high as 1.2747 earlier today but is now back below 1.26 level. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2609; (P) 1.2637 (R1) 1.2681; More..... EUR/USD retreated sharply after spiking higher to 1.2747 earlier today and with 4 hours MACD crossed below signal line. Intraday bias is turned neutral first but the overall outlook is unchanged. Rebound from 1.2287 is viewed as a correction. As long as 1.2435 minor support holds, further rally could still be seen. Above 1.2747 will target 61.8% retracement of 1.3282 to 1.2287 at 1.2902. Though, break of 1.2435 will indicate that such corrective rise is already completed and will flip bias back to the downside for 1.2287 and below. |
| Special Reports |
Pro-Bailout Parties Win Greek Election. Real Problems RemainThe latest general election in Greece alleviated market concerns that the debt-ridden country would abandon the fiscal tightening measures and leave the Eurozone as, according to exit polls and official projections, New Democracy came first and the pro-bailout parties are likely to secure enough seats to control the parliament. The single currency and risk assets buoyed as the situation in Greece is temporarily stabilized. However, uncertainty indeed remains. How would the new government negotiate with the EU/IMF regarding the austerity measures? How would the country catch up with its fiscal tightening, as Greece is far off track from the targets agreed previously? Would other EU members still want Greece to stay in the Eurozone if it consistently fails to achieve its targets? There are no immediate answers to these questions and are expected to threaten the outlook the Eurozone economic as well as the euro in the medium to long term. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Despite opening higher and rising to 1.2748 earlier in Asia, the single currency ran into heavy selling interests from model and macro funds, intra-day selling intensified after tripping stops below 1.2670 and 1.2620, price just dropped below Friday's low of 1.2592 in New York morning (bids at 1.2600-10 were filled). At the moment, bids from semi-official names are expected around 1.2560-65 and mixture of bids and stops is located at 1.2540-45. On the upside, offers are now tipped at 1.2650-55 and also at 1.2675-80 with larger selling interests expected around 1.2740-50. | ||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Look to buy lowerCable’s rally after breaking indicated resistance at 1.5601 on active cross-buying in sterling signals the rise from 1.5269 low is still in progress, however, as price has retreated from 1.5742, suggesting consolidation below this level would be seen and correction to the Kijun-Sen (now at 1.5627) is likely, however, said resistance at 1.5601 should turn into support and limit downside, bring another rally later. Trade Idea: EUR/JPY – Target met and stand asideDespite Friday’s retreat to 99.11, the single currency found renewed buying interests and staged the anticipated rise this morning to indicated upside target at 100.85 (our long position entered at 99.00 met target at 100.85 with 185 points profit). Having said that, as price has retreated again after faltering below indicated resistance at 100.90 (last week’s high), suggesting further consolidation below this level would be seen and weakness to 99.11 cannot be ruled out but reckon support at 98.55 should hold, bring another rise 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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