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Daily Report: Euro Steady but Sentiments Weak on European DebtWhile Euro remains steady against dollar and yen, commodity currencies are broadly lower as market sentiments are weighed down by continuous concern on European debt crisis. AUD/USD stayed below parity as Asian markets are broadly lower following the -1.13% fall in DOW. Markets are still talking about Spain's 10 year bond auction yesterday, which completed with yield close to the unsustainable 7%. Focus will turn to new Greek Prime Minister Papademos' final budget for 2012 today. Finance Minister Venizelos will present the 2012 plan to cabinet. Then Papademos will fly to Brussels next Monday to meet with EU President Van Rompuy and EC president Barroso and then EU head of Finance Ministers Juncker the day after. IMF emphasized that Greece will receive the next tranche of bailout fund of EUR 8b if the "unity government now shares its commitment to the implementation of the economic program". It's important that Papademos' plan could secure political support from EU officials. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 103.27; (P) 103.72; (R1) 104.03; More Intraday bias in EUR/JPY remains neutral for the moment and more consolidations could be seen above 103.40 temporary low. But note that another fall is still expected with 106.45 resistance intact. Below 103.40 will extend the decline from111.57 to retest 100.74 low first. Break will confirm resumption of whole decline from 123.31 and should target 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62 next. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency retreated after meeting renewed selling at 1.3540, bids have continued to emerge around 1.3440-50 and euro has rebounded again to 1.3504. At the moment, weekend profit-taking orders limited dollar's upside somehow and bids are still noted from 1.3420 down to 1.3400 with stops building up below the barrier at 1.3400, more option barriers are reported further out at 1.3375 and 1.3350. On the upside, offers from various parties are placed from 1.3510 up to 1.3550 with stops building up above 1.3560 and mixture of offers and stops is tipped further out at 1.3600-10. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Hold short entered at 0.9205Although the greenback has rebounded after yesterday’s retreat from 0.9237 to 0.9152, as long as said resistance holds, further consolidation would be seen with downside bias for another fall to said support, however, break of previous support at 0.9140 is needed to confirm a temporary top is formed and bring retracement of recent upmove to 0.9095-00 (50% Fibonacci retracement of 0.8954-0.9237) Trade Idea: GBP/USD – Sell at 1.5910Although cable retreated after yesterday’s rebound to 1.5813, reckon downside would be limited to the Ichimoku cloud bottom (now at 1.5744) and near term upside risk remains for another corrective rebound, above said resistance would bring retracement of recent decline to previous support at 1.5869, however, renewed selling interest should emerge around 1.5900-10, bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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