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Daily Report: EUR/USD Facing Resistance, Look into Italian AuctionMarkets are generally steady in Asia today. Euro got a lift yesterday against dollar but failed to break through 1.2589 resistance yet. EU president Van Rompuy said after meeting with Spanish prime minister Rajoy that the Eurozone is ready to act "on short notice" to aid Spain, hinting that funds for the countries banking sector could be granted as soon as possible. Meanwhile, the common currency was also given a boost by solid bill auction in Spain. While all markets await the Jackson Hole symposium in US, focus will temporary be on Italian bill auction today as the treasury is set to sell up to EUR 7.5b in 6-month bills. A successful auction in Italy could pop EUR/USD through the mentioned 1.2589 resistance. |
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| Featured Technical Report | |
EUR/USD Daily OutlookDaily Pivots: (S1) 1.2494; (P) 1.2535 (R1) 1.2605; More..... Intraday bias in EUR/USD remains cautiously on the upside for the moment with focus on 1.2589 resistance. Break will confirm resumption of rebound from 1.2042 and should target 1.2747 (50% retracement of 1.3486 to 1.2042 at 1.2764). Below 1.2465 will bring more consolidation. But after all, as EUR/USD is trading well above near term rising trend line (now at 1.2372), rise from 1.2042 is still expected to continue. |
| Special Reports |
Previewing Jackson Hole Symposium - Wait Longer For QE3Investors are holding breath ahead of the annual Jackson Hole symposium on Friday. Reminiscent of the forum held in 2010, investors are full of hopes that Chairman Ben Bernanke would give some hints on the outlook of the Fed's quantitative easing policies. Not wanting to pour cold water but we do not expect much surprise to come from the symposium, mainly due to the fact that many thoughts of policymakers have already been disclosed in the minutes for the August FOMC meeting. We expect the rundown of Bernanke's speech would similar to those made in past years, including discussion of the economic outlook and Fed's policy responses. He would also elaborate more the various options of easing tools, with pros and cons of each being addressed. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency eased after yesterday's rise to 1.2577 but buying interests from Asian names remain from 1.2540 down to 1.2520 with sizeable bids from Middle East and Russian names are tipped at 1.2500-10, followed by mixture of bids and stops located at 1.2480-90, more stops are expected below 1.2460. On the upside, offers from funds and European names are noted from 1.2580 up to 1.2600 (for protection of 1.2600 barrier), more defensive offers should emerge further out at 1.2630-40 (related to next barrier at 1.2650) with bigger stops placed above there. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Buy at 1.5795Despite yesterday’s initial brief fall to 1.5754, the subsequent euro-led rebound suggest a low is possibly formed and consolidation with upside bias is seen for rebound to 1.5865-70 (Friday’s high was 1.5869) but break there is needed to retain bullishness and signal the fall from 1.5912 has ended, bring retest of this level later. Looking ahead, only breach of this level would confirm recent upmove has resumed and extend headway towards 1.5940-50 which is likely to hold from here. Trade Idea: USD/CHF – Sell at 0.9595Yesterday’s sharp retreat from 0.9635 to 0.9550 suggests the recovery from last week’s low of 0.9540 has ended there and bearishness remains for a retest of this level, once this support is penetrated, this would confirm the decline from 0.9972 top has resumed and extend further weakness to 0.9520, then towards 0.9490-00 which is likely to hold on first testing. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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