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Daily Report: Euro Eases on Disappointment of Franco-German Summit, Focus Shifts to SNB MeetingAs indicated in our previous update that the meeting between French President Sarkozy and German Chancellor Merkel will not be able to provide any credible solution to the escalating debt crisis in the region and nothing solid will be agreed between the two counties, the summit did disappoint the markets. Euro was hurt by the lack of progress over a common Eurobond, the announcement stated that a joint euro bonds may be a longer term option. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9783; (P) 0.9827; (R1) 0.9866; More. Intraday bias in USD/CAD remains neutral for the moment and more consolidations would still be seen. But still, downside of the consolidation is expected to be contained by 0.9741 support and eventually bring rally resumption. As discussed before, USD/CAD should have completed a double bottom reversal pattern (0.9444, 0.9406). Above 1.0009 and sustained trading above 0.9912 will confirm this case and target 61.8% retracement of 1.0851 to 0.9406 at 1.0299. Nevertheless, below 0.9741 will dampen this bullish view and turn focus back to 0.9406 instead. |
| Special Reports |
France And Germany Rejected Joint Eurobonds, Focused On Economic IntegrationThe Franco-German summit failed to deliver any feasible measures to contain the sovereign crisis in the near-term. The 2 nations ruled out joint issuance of Eurobonds for now and rejected expansion of the 440B-euro EFSF. Instead, the leaders pledged to defend the single currency and proposed new tax rules. The plan to tax financial transaction sent the euro and equities lower. |
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Trade Idea: USD/JPY – Hold long entered at 76.55As the greenback has continued to move lower after failing to extend early rebound, suggesting a retest of last week’s low of 76.30 cannot be ruled out and indicated record low at 76.25 needs to hold to retain our consolidative view and bring another rebound later. Above yesterday’s high of 76.93 would bring test of 77.10 and later 77.23 but break of latter level is needed to signal a temporary low is formed Trade Idea: EUR/USD – Stand asideFailure to retest Monday’s high of 1.4477 and the subsequent retreat from 1.4473 to 1.4353 suggest further choppy consolidation would take place and test of said support cannot be ruled out, however, break of the Ichimoku cloud bottom (now at 1.4313) is needed to confirm top has been formed at 1.4477 and bring further fall to 1.4291 (50% Fibonacci retracement of 1.4104-1.4477) and then previous support at 1.4264 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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