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Mid-Day Report: Risk Rally Left Euro Behind, EUR/AUD at Another Record LowOn the one hand, risk market's rally somewhat continues today with broad based strength in European and Asian equities and such strength helps boost Aussie higher. US stocks opened nearly flat and provided no further inspiration, though. On the other hand, euro retreated against dollar and yen as markets are starting to get cautious on whether ECB president Draghi could deliver something this week. Italia auction, Spanish GDP and eurozone confidence indicators also weighed on the common currency. EUR/AUD broke through 1.1694 and made a new record low today. |
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| Featured Technical Report | |
EUR/AUD Mid-Day OutlookDaily Pivots: (S1) 1.1697; (P) 1.1777; (R1) 1.1820; More.... EUR/AUD's downtrend resumed after brief consolidation and reached new record low at 1.1659. Intraday bias is back on the downside and current fall should continue it's march to next projection level at 1.1352. Note that we're seeing bullish divergence condition in 4 hours MACD, and EUR/AUD could find some support at 1.1352 and rebound. As for now, break of 1.1855 resistance is needed to signal short term bottoming. Or, we'll stay bearish even in case of recovery. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has continued to move lower, bids at 1.2250-60 were filled and stops below 1.2240 were triggered, however, buying interests are still noted at 1.2220-25, followed by mixture of bids and stops at 1.2190-00 with bigger stops placed below 1.2170. On the upside, light offers remain at 1.2290-1.2300 and also at 1.2330-40 with light stops placed above 1.2345-50 but sizeable sell orders remain at 1.2380-90 and stops are building up above said barrier at 1.2400. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Hold short entered at 1.5750Although the British pound extended last week’s rise to as high as 1.5768, the subsequent retreat has retained our consolidative view and mild downside bias remains for test of support at 1.5666 (Friday’s low and same level as the Ichimoku cloud top), then towards 1.5645-50 but reckon 1.5610 (50% Fibonacci retracement of 1.5452-1.5768) would limit downside and the Ichimoku cloud bottom (now at 1.5603) should hold, bring another rise later. Trade Idea: EUR/JPY – Buy at 94.80Despite Friday’s rise to 97.33, the subsequent retreat suggests first leg of correction from temporary low at 94.12 has ended there and consolidation with mild downside bias is seen for weakness to 95.50 and possibly 95.20-25, however, if our view that a temporary low has been formed at 94.12 is correct, downside should be limit to support at 94.66 and bring another rebound later. A break of said resistance would bring retracement of recent decline to 97.88 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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