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Mid-Day Report: Euro Soft in Quiet Markets as Greece Preparing for NegotiationEuro is mildly softer in quite markets today. Trading activities are subdued ahead of July 4 holiday in US. Nonetheless, Euro pared some EU summit triggered gains against dollar and yen as Greece is starting to prepare for austerity re-negotiation. A spokesman from the new Greek government, Kedikoglou, said that they're going to present "astounding" information to troika on Wednesday, which are "alarming in terms of the recession and unemployment". He said that it's "beyond any doubt" that the current policy brings the "opposite results". Socialist leader Venizelos said that Greece "cannot remain indifferent to this deep recessions.... unemployment rate that exceeds 22% and 55% among young people. Venizelos urged that "extension of the economic adjustment program is the cornerstone of the country's strategy and of the basis of the coalition government's cooperation". |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2537; (P) 1.2607 (R1) 1.2646; More..... Intraday bias in EUR/USD remains neutral for the moment. But consolidations should be brief and the corrective rise from 1.2287 is expected to resume sooner rather than later. Above 1.2747 will target 100% projection of 1.2287 to 1.2747 from 1.2406 at 1.2866 next. Though, we'd expect strong resistance from 61.8% retracement of 1.3282 to 1.2287 at 1.2902 to limit upside. After all, fall from 1.4939 is still expected to continue for another low below 1.2287. But break of 1.2406 is needed to signal completion of the current consolidation first. |
| Special Report |
RBA Paused After Two Consecutive Months Of Rate CutsThe RBA expectedly left the cash rate unchanged at 3.5% in June, following two consecutive cuts totaling 75 bps in May and June. Governor Glenn Stevens saw growth in the country during the inter-meeting period and anticipated inflation to be inline with the target. Notwithstanding uncertainty and potential downside risks in the global economy, the central bank believed the monetary stance is appropriate. In our opinion, the meeting statement indicated no bias on future policy rate outlook. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped again on dollar's rebound across the board, however, decent demand from various parties are still seen at 1.2550 with stops building up below 1.2540-45 and also 1.2520 but fresh buying interests from Middle East names are likely to emerge around 1.2500 and further out at 1.2470. On the upside, offers from option players, Asian CBs and real money accounts are noted at 1.2600-10 with some stops seen above 1.2625-30 and more selling interests from same parties should emerge around 1.2665-75, followed by combination of offers and stops located further out at 1.2690-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Hold long entered at 1.2585As the single currency has fallen again after faltering below the Kijun-Sen, suggesting caution on our long position entered at 1.2585 and the flat ground Ichimoku cloud bottom needs to hold to retain bullishness for another rebound, above 1.2610-15 would bring test of the Ichimoku cloud top (now at 1.2634) but break there is needed to signal an intra-day low is formed, bring test of 1.2667 minor resistance. Trade Idea: EUR/JPY – Buy at 100.00Despite yesterday’s retreat to 99.76-77 (just missed our entry at 99.65), as the single currency found good support there and has rebounded, suggesting the pullback form 101.40 has possibly ended and consolidation with upside bias is seen for test of 101.00, then 101.40, however, break of previous resistance at 101.63 is needed to retain bullishness and signal the c leg of the wave iv from 95.59 is underway for a stronger retracement of recent decline to 102.12 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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