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Daily Report: Dollar and Yen Recovered as Markets Open the Week LowerFinancial markets opened the week mildly lower and helped dollar and yen recovered slightly. In the Eurozone, some mixed reports came from Der Spiegel. On a positive note, the newspaper reported that the EU members are planning to allow the ESM to leverage its capital in the same way as the EFSF, so that the former can reach a capacity of more than EUR 2T and to rescue big countries if necessary. Yet, the newspaper also reported that, albeit preliminary, the troika estimated that Greece has pointed to a budget gap of 20B euro, doubling the previous projection. According to Der Spiegel, the debt-ridden country can only get the next tranche of funding if it narrows the gap. Meanwhile, there were reported that Greek Prime Minister Antonis Samaras has again asked the country's official creditors to take a haircut on the claims to their debts. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9738; (P) 0.9759; (R1) 0.9786; More. USD/CAD recovers mildly as the week starts and current development argues that consolidation pattern from 0.9633 short term bottom would extend further. Above 0.9816 minor resistance will turn bias to the upside and would likely bring stronger recovery to 0.9842 resistance and above. Though, strong resistance should be seen at 0.9948 (38.2% retracement of 1.0455 to 0.9633 at 0.9943) to limit upside and bring fall resumption eventually. Below 0.9725 minor support will turn bias back to the downside for retesting 0.9633 first. Break will target 0.9406 low next. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency rebounded in European session and has continued to trade with a choppy manner ahead of weekend. At the moment, selling interests from European names and funds are still noted at 1.3050 with some stops placed above there but more offers are expected at 1.3075-85 with stops building up above 1.3060 and 1.3090-00. On the downside, buying interests from Asian and Middle East names remain at 1.2950-60 and also at 1.2920-30 with stops building up below 1.2920 and 1.2900, followed by mixture of bids and stops in good size further out at 1.2850-60. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Hold short entered at 1.3025Despite last week’s rebound from 1.2920 to 1.3048, as the single currency met renewed selling interests there and has retreated, retaining our bearishness and break of said support would extend the fall from 1.3172 (last week’s high) for a strong correction of recent upmove to 1.2900-05, however, previous support at 1.2859 would hold from here due to near term oversold condition and bring rebound later. Trade Idea: USD/JPY – Buy at 77.60As the greenback has remained under pressure after last week’s sharp retreat from 79.23, suggesting near term downside risk remains for a deeper correction of the rise from 77.14 low to 77.85-90, however, the greenback should stay above 77.50 and bring another rebound. A firm breach of the Ichimoku cloud top (now at 78.62) would bring a retest of 79.23 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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