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Mid-Day Report: Euro Weakens ahead of Spain Budget, Downside LimitedEuro weakens together with European equities today on weak confidence data and renewed worry on the debt crisis. One of the major focus is Spain which will announce deep budget cuts on Friday when EU finance ministers will also meet on bailout funds. The budget deficit target of Spain in 2012 has been a issue recently after prime minister Rajoy diverged from an EU agreement and then settled with a softened target of 5.3% GDP. Rajoy said earlier this week that there will be a "very very austere budget" and could cut at least EUR 35b in spending. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9017; (P) 0.9049; (R1) 0.9082; More.... USD/CHF recovers further from 0.9016 temporary low and is pressing 4 hours 55 EMA for the moment. But still, with 0.9136 minor resistance intact, fall from 0.9334 is expected to continue to 0.8930 support. Recent development suggests that rebound from 0.8930 is finished and fall from 0.9594 might be resuming. However, break of 0.9136 minor resistance will mix up the outlook and would bring stronger rebound back towards 0.9334 resistance instead. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency ran into fresh offers again at 1.3346 and dropped quite sharply in European session in part due to soft eurozone data, stops at 1.3270 were triggered , however, mixture of bids and stops at 1.3250 limited euro’s downside so far with more sizeable bids expected further out at 1.3190-00, followed by bigger stops below there. On the upside, offers are still seen at 1.3300-10 and also at 1.3340 with some stops placed above 1.3350 and decent offers remain at 1.3375-85, combination of offers and stops remain near the 1.3400 option barrier. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Buy at 1.5810Although cable rebounded after finding support at 1.5842 yesterday, above the Ichimoku cloud top (now at 1.5943) is needed to signal the correction from 1.6002 has ended and bring retest of this level, otherwise, further consolidation would take place and another corrective fall cannot be ruled out. Below 1.5842 would bring weakness towards 1.5807 support which is likely to limit downside and bring another rise later towards 1.6002. Trade Idea: EUR/JPY – Sell at 110.50Despite this week’s rebound to 111.25, the subsequent retreat has retained our view that further consolidation below recent high of 111.43 would be seen and bearishness remains for weakness to 108.49 support. Looking ahead, a break there would extend the fall from 111.43 top for a stronger retracement of recent upmove to 108.00 and then 107.85 (61.8% Fibonacci retracement of 105.64-111.43) but reckon 107.40-50 would limit downside. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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