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Mid-Day Report: Euro Sold off in Crosses as Spain Announced EUR 65b AusterityEuro suffered steep selloff in crosses after Spanish Prime Minister Rajoy announced plan in budget deficit reduction by EUR 65b by 2014. That just came a day after EU agreed to giver Spain another year to meet the deficit target of 3% of GDP by 2014. It's a complete overhaul of Rajoy's prior plan of EUR 48b cuts but it's uncertain exactly how much the EUR 65b plan will bring in new savings. Spanish 10 year yield dropped slightly to below 6.7% after the news, suggesting that there is no negative response from markets. But while Euro is steadily in range against dollar, it dropped to new record low against Aussie and is deeply sold off in other crosses against Kiwi, Canadian and Sterling. |
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| Featured Technical Report | |
EUR/AUD Mid-Day OutlookDaily Pivots: (S1) 1.1974; (P) 1.2034; (R1) 1.2081; More... EUR/AUD drops further to new record low of 1.1948 so far today and intraday bias remains on the downside. Current fall from 1.3028 should head towards next projection level at 1.1352 next. On the upside, break of 1.2096 minor resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although profit-taking buy orders ahead of FOMC this week helped the single currency to recover earlier today, indicated offers from semi-official names capped the pair at 1.2297 and offers are still noted 1.2300-10 as well as 1.2330-35 with stops seen above there, followed by sizeable sell orders from various names at 1.2350 with more stops placed above 1.2370 but fresh offers should emerge around 1.2400-10. On the downside, mixture of bids and stops remain at 1.2230-40 with more option defensive bids located further out at 1.2200-10 (for protection of 1.2200 barrier), more option triggers are located at 1.2150 and 1.2100. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Buy at 0.9695Despite yesterday’s rebound from 0.9740 to 0.9815, above indicated resistance at 0.9825 is needed to confirm recent upmove has resumed and extend gain to 0.9845-50, however, loss of near term momentum would limit upside to 0.9875-80, risk from there is seen for a retreat later. Trade Idea: AUD/USD – Hold long entered at 1.0190Despite this week’s initial fall to 1.0155, the subsequent rebound after holding above this support has retained our bullishness and consolidation with upside bias remains for further gain to 1.0285-90, then retest of 1.0330 (last week’s high). Once this level is penetrated, this would extend recent rise from 0.9581 for a stronger retracement of recent decline from 1.0857 to 1.0350 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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