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Mid-Day Report: Dollar Retreats Mildly on Improved SentimentsDollar retreats mildly as market sentiments stabilized but loss is so far limited Gold is a 100 down from 1923.7 record high. Worries on European debt crisis eased a bit after Germany's constitutional court affirmed the country's participation in bailout of other Eurozone countries in a ruling today. A group of academics filed complaints alleging the country's participation as unconstitutional but was rejected by court ruling. The court, though, noted that the government is obligated to get parliamentary approval in case of large expenditures and such process might slow EFSF amendments down. Meanwhile, Italy's EUR 45.5b austerity plan will face confidence vote later today. The plan will include VAT hike, tax hike and increasing of retirement age of women. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9856; (P) 0.9911; (R1) 0.9958; More. USD/CAD's consolidation from 0.9965 temporary top is still in progress ad intraday bias remains neutral. We're favoring the case that USD/CAD's consolidation from 1.0009 is finished at 0.9725. Hence, we'd expect current retreat to be contained well above this 0.9725 support and bring another rise. Above 0.9965 will turn bias back to the upside. Further break of 1.009 will confirm resumption of whole rebound from 0.9406 and target 61.8% retracement of 1.0851 to 0.9406 at 1.0299 next. |
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Trade Idea Update: USD/CHF – Buy at 0.8440Although dollar has rebounded after intra-day retreat to 0.8540, break of resistance at 0.8630 is needed to signal recent rise from record low of 0.7068 has once again resumed and extend gain to 0.8650, however, near term overbought condition should limit upside to 0.8700 and reckon 0.8750 would hold from here, bring retreat later. Trade Idea: USD/CAD – Buy at 0.9800As the greenback has retreated after yesterday’s rise to 0.9967, suggesting consolidation would take place and pullback to 0.9800 cannot be ruled out before prospect of another rise. A break of said resistance would signal the rise from 0.9407 has resumed for a retest of 1.0010, once this level is penetrated, this would extend the aforesaid upmove for a stronger retracement of early decline to next resistance at 1.0060 and later towards 1.1000. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency bounced to an intra-day high of 1.4150, indicated offers at 1.4130-70 did cap euro’s upside and price has retreated quite sharply from there on selling by European names. On the downside, bids from option players are tipped from 1.4000 down to 1.3970 (related to 1.4000 and 1.3970 expiry NY cut) which should limit euro’s downside ahead of the expiry, more stops are placed below 1.3950 barrier. On the upside, offers are lowered to 1.4090-00 and mixture of offers and stops is located at 1.4150-60 and further out at 1.4200. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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