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Mid-Day Report: Risk-On on Eurozone Optimism, Dollar Tumbles BroadlyDollar's selloff resumes today as markets sentiments are lifted by comments from European Economic and Monetary Affairs Commissioner Olli Rehn that Eurozone would "avert a financial calamity" and turn back to "path of sustained recovery" if Eurozone leaders would agree on determined policy action in the summit next week. The steps would included improving certainty on the Greece situation, stronger financial firewalls and concerted actions of bank recapitalization. Eurogroup Chairman Jean-Claude Juncker proposed ten steps for solving the crisis which include sanctions for fiscally irresponsible governments, greater authority for the Commission and a dividend for taxpayers who rescue banks. European Commission President Jose Manual Barroso is set to proposal a bank recapitalization plan later today. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 104.06; (P) 104.48; (R1) 104.94; More EUR/JPY's rally resumes after brief consolidation and reaches as high as 106.59 in early US session. Intraday bias is back on the upside and the rise from 100.74 short term bottom should target 38.2% retracement of 117.74 to 100.74 at 107.23 next. On the downside, break of 104.01 support is needed to signal completion of such rebound. Otherwise, further rise would remain in favor even in case of retreat. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Despite falling quite sharply in European morning to an intra-day low of 76.31, the greenback made a great comeback on buying by Swiss and U.S. names and the intra-day rise gathered momentum with rumors of official bids, offers at 76.90-00 were absorbed and stops at 77.10 were also tripped. Traders are now working on sell orders at 77.30 and more selling interest from exporters remain at 77.50 with another batch of stops seen above 77.50, however, bigger offers should emerge further out at 77.90-00. On the downside, bids Asian CBs and Japanese banks are still noted at 77.00 and 76.50-60 with stops starting to build below 76.30 and 76.00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Buy at 1.5680As the British pound has rallied after finding decent demand at 1.5544 today and the breach of previous resistance at 1.5719 signals recent rise from 1.5270 low is still in progress and further gain to 1.5803 (61.8% projection of 1.5270-1.5689 measuring from 1.5544) would be seen, however, near term overbought condition should limit upside to 1.5834/42 (38.2% Fibonacci retracement of 1.6747 to 1.5270 and previous resistance) Trade Idea: EUR/JPY – Buy at 104.10The single currency has risen after brief pullback, the breach of indicated resistance at 105.03 (38.2% Fibonacci retracement of 111.93-100.77) adds credence to our view that a temporary low has been formed at 100.77 and a stronger retracement of recent decline to 105.50 and 105.90/00 would be seen but reckon price would falter below 106.35 (50% Fibonacci retracement), bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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