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Daily Report: Sentiments Reversed on Greek Austerity Deal, Euro ReboundedRisk sentiments staged a drastic turn overnight while Euro rebounded strongly on news that Greece agreed with a team of EU/IMF on the new five-year austerity plan for securing the bailout fund. The measures, which will complete a EUR 78b austerity package, will now faces a parliamentary vote next week on June. EU finance ministers would then approve on July 3 the next payment of the bailout. That should help Greece cover around EUR 4b of maturing debts between July 14 and 22 and another EUR 3b of coupon payments within the month. Then on August, Greece will need to redeem EUR 6.6b of bonds. Greek Prime Ministers Papandreou pledged that there will be a "strong commitment" from Greece. DOW reversed earlier losses to 11874 and closed just -59pts lower, at 12050. Asian equities followed and were broadly higher. Euro managed to rebound strongly against dollar and swissy too. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.5936; (P) 1.6005; (R1) 1.6072; More. Intraday bias in GBP/USD remains on the downside with 1.6067 minor resistance and further decline is still expected. Decisive break of 1.5935 support will have medium term bearish implication and should target 100% projection of 1.6746 to 1.6058 from 1.6546 at 1.5858 first. On the upside, above 1.6067 minor resistance will turn bias neutral and bring consolidations. But near term outlook will remain bearish as long as 1.6262 resistance holds. |
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Trade Idea: USD/CHF – Sell at 0.8430Although the greenback rebounded after early anticipated selloff to 0.8340, as dollar has retreated after meeting renewed selling interest at 0.8440 yesterday, suggesting bearishness remains for recent decline to resume after consolidation, break of said support would add credence to this view, bring retest of 0.8327, below there would extend weakness to 0.8295/00 but reckon downside would be limited to 0.8250/55. Trade Idea: GBP/USD – Sell at 1.6095As the British pound has rebounded after yesterday’s selloff to 1.5938, suggesting minor consolidation would take place and recovery to 1.6062 (38.2% Fibonacci retracement of 1.6263-1.5938) cannot be ruled out, however, the Ichimoku cloud bottom (now at 1.6097) should limit upside, bring another decline later. A break of said support would extend recent decline to 1.5919 (61.8% Fibonacci retracement of 1.5407 to 1.6747) Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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