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Mid-Day Report: Dollar Consolidation Continues as Markets ReboundSentiments continue to recover today as European stocks extend rebound while US equities are set to open higher. Markets are somewhat relieved on the situation in Greece in near term as the country should be able to get the next batch of bailout fund of EUR 8b in time to avoid a default. The Troika inspectors of EU, IMF and ECB will return to Greece on Wednesday. Also, there are continuous talk that European officials will set up a Special Purpose Vehicle to leverage up the current EUR 440b EFSF fund by eight times to buy up European sovereign debts. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8964; (P) 0.9054; (R1) 0.9101; More... USD/CHF's consolidation from 0.9182 temporary top continues and intraday bias remains neutral. Deeper retreat could be seen to 4 hours 55 EMA (now at 0.8913) and below. But downside should be contained by 0.8647 support and bring another rise. Above 0.9182 will target 161.8% projection of 0.7065 to 0.8246 from 0.7710 at 0.9621. Nevertheless, break of 0.8647 support will argue that a short term top is at least formed on bearish divergence condition in 4 hours MACD and would bring deeper decline back to 0.7710/8246 support zone. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound surged on improved risk appetite (Dow Future up over 170 points) and stops above 1.5600 and 1.5650 were triggered, more stops above 1.5690-00 are now in focus, next batch of offers (in good size) will emerge around 1.5740-50 with more stops seen above there. On the downside, bids from various parties are reported at 1.5620-30, 1.5600 and also 1.5550 with stops building up below 1.5510-20. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Buy at 1.5535Despite intra-day retreat from 1.5599, as the British pound has risen again after finding renewed buying interest around the Kijun-Sen, suggesting near term rise from last week’s low of 1.5326 is still in progress and further gain to previous support at 1.5632 and possibly 1.5650 would be seen, however, near term overbought condition should limit upside to resistance at 1.5690, bring another decline later. Trade Idea: AUD/USD – Sell at 1.0000As aussie has rebounded after yesterday’s resumption of decline to 0.9622, suggesting the wave iii has ended there and consolidation with mild upside bias is seen for retracement in wave iv to previous support at 0.9927 and then 0.9944 (38.2% Fibonacci retracement of 1.0399-0.9662), however, renewed selling interest should emerge around psychological resistance at 1.0000 and bring another decline later in wave v. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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