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Mid-Day Report: Euro Dives Further after Italian AuctionEuro extends it's decline against other major currencies after Italy's bill auctions. While Italy still managed to sell the maximum target of EUR 8b of six-month T-bills, yields was sharply higher at an euro era record of 6.504%, comparing to 3.535% in last auction in October. Bid-to-cover ratio was at 1.47, showing weaker demand than prior auction with 1.57 bid-to-cover ratio last month. Yields on both two- and five-year bonds jumped to new euro era high in the secondary markets, at 7.70% and 7.80% respectively. 10-year yield also stays above the 7% level and move further to 7.28%. While in the long run, the 7% level is seen as unsustainable to Italy, the strength is the shorter term yields is even more worrying for Italy to rollover debts. And it should be noted that Greece, Ireland and Portugal all have 10 year yield above 7% and inverted yields before seeking bailouts. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3304; (P) 1.3358 (R1) 1.3399; More. EUR/USD's decline is still in progress and reaches as low as 1.3225 so far in early US session. Intraday bias remains on the downside and current fall from 1.4246 is still in progress for retesting 1.3145 low. Break will extend the whole decline from 1.4939 through 1.3 psychological level towards 1.2872 support next. On the upside, above 1.3320 minor resistance will turn bias neutral and bring recovery. But strong resistance should be seen from 1.3421/3614 resistance zone and bring another fall. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency tumbled today on surging European bond yields, stops below option barriers at 1.3300 and 1.3250 were triggered, more stops are tipped below 1.3200 with bids from U.S. big names and option players reported above this level, more buying interest from Asian sovereign names are likely to emerge around 1.3140-50. On the upside, offers from various parties are lined up from 1.3270 up to 1.3300 and more selling interest is seen at 1.3320 and 1.3350. | |||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/JPY – Buy at 76.85As dollar has maintained a firm undertone, suggesting a retest of this week’s high of 77.58 would be seen, however, a break of this resistance is needed to add credence to our bullish view that low has been formed at 76.58 last week and bring a stronger retracement of recent decline from 79.55 to previous resistance at 77.89 later but still reckon price would falter below another resistance at 78.27, bring retreat later. Trade Idea: AUD/USD – Buy at 0.9615As aussie has retreated again after recovering to 0.9785 yesterday, suggesting near term downside risk remains for the decline from 1.0753 top (a leg top) to extend to 0.9645-50 (100% projection of 1.0753-1.0051 measuring from 1.0351), however, loss of near term downward momentum should prevent sharp fall below 0.9610-15 and bring rebound later. Above said level would suggest low is possibly formed and bring rebound to 0.9840-50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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