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Mid-Day Report: Euro Takes Profit after Greece Passes Austerity Vote, Canadian Dollar Jumps on CPIEuro retreats mildly after Greek Prime Minister Papandreou finally got parliamentary approval of the five year EUR 78b austerity plan, today by 155 votes within 300 seats. Yield on 2 year Greek bonds dropped further on the news to below 27%, from where it touched 30% in mid June. Greece will face another test tomorrow as the parliament will hold an -article-by-article vote on legislation implementing the austerity plan of EUR 28b as well as a EUR 50b privatization program. Though, it's expected that tomorrow's vote is just a matter of formality. And, that should clear the path for EU and IMF to release the EUR 12b tranche of the EUR 110 bailout package to Greece in July. One point to note that swiss franc indeed has more reaction to the news than Euro itself as worry on the Greece situation eased much. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4272; (P) 1.4334 (R1) 1.4432; More. EUR/USD rises to as high as 1.4447 so far today before retreating mildly. Intraday bias remains on the upside for upper trend line resistance (now at 1.4537) first. Break will target key near term resistance at 1.4695. Note again that EUR/USD is possibly forming a triangle pattern inside converging range of 1.3969/4939. Eventual upside breakup is still in favor as long as 1.3969 support holds. Break of 1.4695 resistance will be the first signal of up trend resumption for another high above 1.4939. On the downside, below 1.4236 will turn bias neutral again. Further break of 1.4102 will turn focus back to 1.3969 support instead. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Sell at 0.8375As the greenback rebounded after yesterday’s selloff to 0.8276, suggesting consolidation would be seen and recovery to the Ichimoku cloud (now at 0.8349-57) cannot be ruled out, however, reckon this week’s high of 0.8386 would limit upside and bring another decline later. A break of said support at 0.8276 would extend downtrend to 0.8240/42 (50% projection of 0.8947-0.8327 measuring from 0.8552) but loss of near term downward momentum should prevent sharp fall below 0.8200 Trade Idea: EUR/USD – Buy at 1.4265As the single currency has maintained a firm undertone after rising to 1.4397 yesterday, adding credence to our near term bullishness for the rebound from 1.4103 to extend further gain to 1.4400 and possibly towards previous resistance at 1.4442, however, break there is needed to retain upside bias for further gain to 1.4458 (61.8% Fibonacci retracement of 1.4696 to 1.4073) but reckon 1.4500 would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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