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Daily Report: Risk Rally Continues, Euro Extends ReboundWhile risk markets extended Friday's rally in Asia today, Euro also appreciated broadly. In EUR/USD's break of 1.24 level is confirming near term momentum and strength in the common currency is also seen against other counterparts. Last week, ECB President Draghi indicated that the central bank could restart bond buying to bring down borrowing costs of Spain and Italy. And that was affirmed by comments from other ECB officials. Executive Board member Coeure said that the governing council "will not accept higher sovereign bond yields due to fears of the reversibility of the euro". Meanwhile Coeure also urged ECB to consider ways to channel liquidity where it's most needed. Separately, Governing Council member Visco said that last week's ECB meeting was an "important step forward for the common currency and for spreads". He also expected a "more accommodating monetary policy in the next few months" should economy continues to slow down. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.1639; (P) 1.1687; (R1) 1.1773; More.... Intraday bias in EUR/AUD remains neutral for the moment and more consolidations could be seen above 1.1602. But as long as 1.1855 resistance holds, further decline is still expected to next projection level at 1.1352. However, considering bullish convergence condition in 4 hours MACD, a sizeable rebound could be around the corner. Hence, we'd be cautious on reversal sign on next fall. Meanwhile, break of 1.1855 will indicate short term bottoming and bring stronger rebound. |
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| Forex Trade Ideas | ||||||||||||||||||||||||||||
Remark: No update on 6-7 (Mon-Tue) Aug, next Intra-day Trade Ideas update will be made on Wednesday 8 Aug 2012 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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