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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: Risk Market Stabilized, FX SteadyRisk markets stabilized from initial selloff into US session while currency markets stay in tight range. Spain 10 year yield hover around 6.5% for the momentum as investors calmed temporarily. Spanish prime minister Rajoy urged EU to "reinforce its common institutional architecture so that investors regain confidence in the single currency" and stayed optimistic that Spain will "emerge from the storm through its own efforts and with the support of our European partners." Some analysts noted that markets are stabilizing on expectation of some policy responses even though we're not seeing anything concrete in near term. Nonetheless, Spanish unemployment claims dropped by 30.1k, or 0.6% to 4.71m in May on tourism hiring. The data did provide some support to sentiments. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5266; (P) 1.5352; (R1) 1.5436; More... GBP/USD continues to consolidate above 1.5268 temporary low and intraday bias remains neutral. While stronger recovery might be seen, upside is expected to be limited well below 38.2% retracement of 1.6300 to 1.5268 at 1.5662 and bring fall resumption. Below 1.5268 will turn bias back to the downside for 1.5234 key support first. Break there will have larger bearish implication and should pave the way to 1.5 psychological level and below. |
| Special Reports |
BOC To Pause In June With Less Hawkish StatementThe Bank of Canada will likely deliver a much less hawkish statement after the meeting next Tuesday. The rapid deterioration in the global environment, especially the sovereign debt crisis in the Eurozone, is expected to affect he recovery outlook in Canada. Moreover, the slowdown in China should have negative impact on the export sector of Canada. We expect the central bank to maintain the policy rate at 1% as the urgency of tightening has greatly reduced. RBA To Cut Policy Rate By -50 Bps In JuneWe expected the RBA to cut the cash rate by another -25 bps in June, following a surprising reduction of -50 bps to 3.75% in May. Moderation in economic growth in China, Australia's major trading partner, and growing uncertainty in the Eurozone are expected to weaken confidence and economic developments in Australia. Governor Glenn Stevens' comments that “the obligation of the official sector to provide proper oversight to ensure' resilience has raised indicated further rate cut is increasingly likely. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has continued to move higher throughout the day on back rise rising periphery bonds (including Spanish 10 year bond), offers at 1.2450 and 1.2470 were filled, stops above 1.2480 are now in focus, however, fresh offers are likely to emerge around 1.2495-00 with more selling interests expected around 1.2540-50 and 1.2570-75. On the downside, bids are raised to 1.2425-30 and more buying interests are tipped at 1.2390-00 with stops building up below 1.2370 and 1.2350. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 0.9735Despite Friday’s brief rise to 0.9767, as dollar has retreated sharply after the release of weaker-than-expected U.S. NFP data, a black candlestick with a long upper shadow has been formed on the hourly chart, adding credence to our view that a temporary top is possibly formed there and consolidation with mild downside bias is seen, break of support at 0.9640 (Friday’s low) would bring retracement of recent upmove towards previous resistance at 0.9612 later. Trade Idea: EUR/JPY – Buy at 96.25Despite Friday’s brief fall to 95.59, the subsequent rebound from there suggests a minor low is formed there and consolidation with mild upside bias is seen, above 97.50-55 would add credence to this view and bring retracement of recent decline to 98.03 but a daily close above this resistance is needed to signal a temporary low is in place, then stronger correction should take place for further headway to 98.50 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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