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Mid-Day Report: Risk Selloff Accelerates as Spanish Yield Broke 7.5%Risk selloff accelerates further today as Spanish 10 year yield jumps again to new record high of 7.565%. The strong rise in Spanish yields since Friday showed that it's now have decisive momentum to move beyond 7% "unsustainable" level. Such a move showed sharp deterioration in investor confidence which could eventually led to sovereign bailout within weeks. Investors are in deep concern that Spain would eventually follow the steps of Greece, Ireland and Portugal. European equities are broadly lower on risk aversion and steep selloff in peripheral stocks triggered Spain and Italy to ban short-selling. |
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| Featured Technical Report | |
GBP/JPY Mid-Day OutlookDaily Pivots: (S1) 122.13; (P) 122.96; (R1) 123.44; More... Intraday bias in GBP/JPY remains on the downside for the moment as fall form 125.82 continues. As noted before, rebound from 118.82 should have completed. Current decline should head to retest 118.82 first. Break will resume whole fall from 133.48 and target 116.83/117.29 support zone. On the upside, above 121.82 minor resistance will turn bias neutral and bring consolidations. but recovery should be limited below 123.79 and bring another decline. |
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Orders and Options Watch | ||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency staged a brief bounce after meeting defensive bids above 1.2075 barrier, renewed selling interests quickly emerged at 1.2139 and euro dropped again to a fresh 2-week low as risk aversion intensified, said barrier at 1.2075 was tripped and next sizeable barrier at 1.2050 is now in focus but bids are still noted above there with more stops placed below 1.2040-50, mixture of bids and stops remains at 1.2000-10 (related to another barrier at 1.2000). On the upside, offers are lowered to 1.2130-40 with some stops seen above 1.2150 but more selling interests should emerged at 1.2180-85 and also at 1.2200-10 with stop orders placed above 1.2230. | ||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy again at 0.9870The greenback has risen again after intra-day brief retreat to the Kijun-Sen, suggesting recent upmove is still in progress and may extend further gain to 0.9952 (50% projection of 0.9463-0.9872 measuring from 0.9747), however, upside is likely to be limited to 0.9980-85 and reckon 1.0000 (psychological resistance as well as 61.8% projection of 0.9463-0.9872 measuring from 0.9747) would cap upside. Trade Idea: EUR/JPY – Sell at 95.50The single currency finally broke below previous chart support at 95.59, signaling medium term downtrend is still in progress and as psychological support at 95.00 was also breached, suggesting further weakness to 94.00 and then 93.70-75 (50% projection of 111.43-95.59 measuring from 101.63) would be seen, however, near term oversold condition should limit downside to 93.00-10 and risk from there is seen for a corrective rebound to take place later. 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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