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Mid-Day Report: Euro Weakened on Merkels' Comments, EUR/AUD at New Record LowEuro weakened broadly today on comments from German Chancellor Merkel that the European project might not work. Said in an interview, Merkel note that the European haven't be shaped in a way that she can be sure that everything will work and turn out well. Nonetheless, she remained optimistic that European leaders will succeed. Also, ECB executive board member Asmussen warned that if Germany's Federal Constitutional Court rules against the permanent bailout fund ESM, it "would have failed in its planned form," and Eurozone would be deprived of a "very important crisis fighting tool. Also, Asmussen warned of a "perceived north-south split" in EU "such as I haven't experienced in 10-15 years." Euro is so far still holding above recent low of 1.2162 and 96.15 against dollar and yen respectively. But the common current drops to another record low against Aussie at 1.1856 today. |
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| Featured Technical Report | |
EUR/AUD Mid-Day OutlookDaily Pivots: (S1) 1.1878; (P) 1.1931; (R1) 1.1970; More... EUR/AUD drops to new record low of 1.1856 so far today and is possibly building up downside momentum again. Intraday bias remains on the downside, and current fall should head towards next projection target at 1.1352. On the upside, break of 1.2060 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: The single currency slipped in European morning in part due to comments from ECB's Asmussen, however, bids from Middle East names emerged just below 1.2220 and price has recovered in New York morning. At the moment, bids from same parties are still noted at 1.2215-20 and also at 1.2190-00 with stops building up below 1.2180-95, followed by option defensive bids at 1.2160-70 (for protection of barrier at 1.2150). On the upside, some offers are still seen at 1.2300-10 with mixture of offers and stops remains at 1.2325-35, followed by bigger sell orders from 1.2350 up to 1.2370 with more stops above latter level. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/JPY – Sell at 79.50Dollar’s rebound after early cross-inspired fall to 78.69 suggests further consolidation above this support would take place and although retracement of recent fall to resistance at 79.40 cannot be ruled out, renewed selling interests should emerge around 79.50 and bring another decline. A break of said support would extend weakness to previous support at 78.62, then 78.50 Trade Idea: AUD/USD – Buy at 1.0200As aussie has maintained a firm undertone after Staging a strong rebound from 1.0100, suggesting a retest of indicated resistance at 1.0330 would be seen, break there would confirm the rise from 0.9581 low has resumed and extend further gain towards 1.0370 (61.8% Fibonacci retracement of 1.0857-0.9581) and possibly 1.0400, however, near term overbought condition should limit upside and risk from there has increased for a retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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