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Daily Report: Risk Aversion Continues as Greek Could be Hugely Off TrackSituations in Spain and Greece continued to weigh on Euro while overall sentiments in the market remained weak in Asian session. Spanish 10 year yield jumped to as high as 7.636% yesterday and could possibly accelerate further higher towards 8%. The development makes a full sovereign bailout for the country somewhat inevitable and that could happen within weeks. Meanwhile, as troika is in Greece, three EU officials were quoted saying that it's unlikely for Greece to meet the bailout conditions. Greece was criticized to be "hugely off track" with its austerity programs and the "debt-sustainability analysis will be pretty terrible. Another office criticized that nothing has been down in Greece for the past three or four months as the country was engaged in two important elections and the situation just "goes from bad to worse". It's reported that Greece could need further debt restructuring with cost falling on ECB and other Eurozone governments. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0183; (P) 1.0250; (R1) 1.0284; More AUD/USD dips further as pull back from 1.0443 continues and deeper fall might be seen. But downside is expected to be contained well above 1.0100 support and bring another rise. Above 1.0316 minor resistance will turn bias back to the upside for 1.0443. Break will resume whole rally from 0.9588 and should send AUD/USD through 1.0473 resistance to upper trend line resistance (now at 1.0698). |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency slipped again yesterday on risk aversion in part due to weak Apple results and barrier at 1.2050 was triggered, bids from Asian sovereign and Middle East names emerged around 1.2040 and euro has recovered since late New York as investors await the German IFO data. At the moment, offers from various names are lined up at 1.2100-10 and further out at 1.2140-50 (large) with stops building up above latter level, talk of traders targeting huge barrier at 1.2000. On the downside, bids from sovereign names remain at 1.2040 and also at 1.2010-20 (option defensive) with stops building up below 1.2000 and 1.1985-90. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Sell at 0.9940Despite yesterday’s resumption of upmove to 0.9972, lack of follow through buying and the subsequent retreat suggest a temporary top is possibly formed and consolidation with downside bias s seen for test of support at 0.9889, break there would add credence to this view, bring retracement of recent rise to the Ichimoku cloud bottom (now at 0.9865) and possibly 0.9850-52 but reckon 0.9830-33 (previous resistance and 61.8% Fibonacci retracement of 0.9747-0.9972) would limit downside. Trade Idea: EUR/USD – Turn long at market levelDespite yesterday’s resumption of recent decline to 1.2042, the subsequent rebound after holding above this support today suggests consolidation would be seen with mild upside bias for test of the lower Kumo (now at 1.2114), break there would suggest low is possibly formed and bring rebound this week’s high of 1.2145, then towards the upper Kumo (now at 1.2175) but upside should be limited to 1.2200 and price should falter below previous support at 1.2230. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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