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Daily Report: Euro Hovers Near Record Low Against Aussie and LoonieWhile risk rally is losing some steam ahead of the weekend, Aussie and Canadian dollar continue to be firm broadly. In particular, notable strength was seen against euro and EUR/AUD and EUR/CAD continue to hover around the record lows made yesterday. Spain's 10 year yield continue to hover around 7% level and would continue to weigh on the common currency. Dollar and yen are mixed so far as risk appetite pressured both currencies against high beta ones. But both are still stuck in range against European majors. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 96.14; (P) 96.48; (R1) 96.83; More With 98.13 minor resistance intact, EUR/JPY's fall is expected to continue to retest 95.64 support first. Break will resume the whole decline from 114.43 and should target 61.8% projection of 111.43 to 95.64 from 101.62 at 91.86. However, note that break of 98.13 resistance will argue that price actions from 95.62 is developing into the three wave consolidation pattern and a test of 101.62 could then be seen before the fall from 111.43 resumes. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency retreated from intra-day high of 1.2284 ahead of European opening on talk of selling by Swiss-based reserve manager, macro funds, option players and Asian names were also seen selling the pair in thin trading. At the moment, offers from same names are still noted from 1.2280 up to 1.2300 (option expiry) and more selling interests should emerge around 1.2315-25 with stops building up at 1.2335, followed by larger sell orders at 1.2340-50 and bigger stops at 1.2365-70. On the downside, bids from Asian sovereign names are tipped at 1.2230-40 with stops placed below 1.2230 but more decent demand are expected at 1.2200-10 with sell stop orders placed below 1.2180-85, indicated option defensive bids remain at 1.2160-70 (for protection of 1.2150 barrier) and larger stops remain below this trigger. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Hold long entered at 1.5670Although cable has eased after rising to 1.5738 yesterday and test of the Kijun-Sen (now at 1.5687) cannot be ruled out, bullishness remains for recent rise from 1.5393 low to resume after consolidation, above said resistance would extend gain to 1.5750 and possibly 1.5770, however, near term overbought condition should limit upside to 1.5800. Trade Idea: EUR/USD – Buy at market levelAlthough the single currency retreated sharply after yesterday’s brief rise to 1.2325, as euro found support at 1.2230 and has rebounded, suggesting consolidation with upside bias would be seen for another test of said resistance, above there would bring test of indicated level at 1.2334-40 (last week’s high and 38.2% Fibonacci retracement of 1.2627-1.2162), break there would extend the corrective rise from 1.2162 to previous support at 1.2364 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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