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Daily Report: Euro Dips Lower after Spain Downgrade, Aussie Lifted by Job DataEuro extends its correction against other major currencies after S&P downgraded the country's sovereign credit rating to BBB-, from BBB+, placing it much close to junk level. In addition, the long term rating was also assigned a negative outlook. The rating agency noted that the outlook "reflects our view of the significant risks to Spain's economic growth and budgetary performance, and the lack of a clear direction in euro-zone policy". And, the "deepening economic recession is limiting the Spanish government's policy options". It also noted that "the capacity of Spain's political institutions (both domestic and multilateral) to deal with the severe challenges posed by the current economic and financial crisis is declining". Markets are expecting Moody's, which placed Spain at Baa3, to follow soon. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.2551; (P) 1.2588; (R1) 1.2616; More..... EUR/AUD dips to 1.2506 so far as correction from 1.2823 extends. Deeper fall might be seen. But we'd start to look for bottoming sign as EUR/AUD is now in 1.2328/2552 support zone. We'd expect strong support here to complete the correction. Above 1.2609 minor resistance will flip bias back to the upside for a test on 1.2823 first. Break will extend the rebound from 1.1602 towards 1.3028 key resistance next. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency dropped again after meeting renewed selling interests below yesterday's high of 1.2913 in New York and bids at 1.2840-50 were filled, indicated demand from Asian names at 1.2820-30 continued to limit the pair's downside and price has recovered again. At the moment, buying interests from Asian sovereign names remain from 1.2830 down to 1.2800 with sell stops building up below 1.2800, more buy orders are expected further out at 1.2750-60. On the upside, offers are lined up at 1.2880-1.2900 area with some stops placed above 1.2915-20 but fresh selling interests from European names should emerge around 1.2935-40 with stops building up above 1.2950 and 1.2970, mixture of offers and stops in good size remains at 1.2990-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Sell at 1.2930Although the single currency fell again after meeting renewed selling interests just below the Ichimoku cloud bottom, lack of follow through selling suggests consolidation would be seen and recovery to 1.2913 (yesterday’s high) but the previous support at 1.2939 should limit upside and bring another decline later towards previous support at 1.2804, however, near term oversold condition should prevent sharp fall below there and reckon 1.2776 (1.618 times projection of 1.3072-1.2939 measuring from 1.2991) would hold from here. Trade Idea: USD/JPY – Buy at 77.85Although dollar has fallen again after meeting resistance at 78.38 yesterday (just faltered below the upper Kumo) and near term downside risk remains for the retreat from 78.88 to bring a deeper correction of the rise from 77.44, however, support at 77.80 (last week’s low) should limit downside and bring rebound later. A break of 78.44 (this would also penetrate the upper Kumo at 78.39) would suggest low is possibly formed and bring another rise towards said resistance at 78.88, above there would extend recent upmove from 77.44 to 79.00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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