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Mid-Day Report: Euro Firm on Greece OptimismEuro remains firm in early US session as markets are optimistic that Greece situation is getting closer to resolution. IMF representative in Greece, Bob Traa, hinted that IMF is open to solutions other than debt restructuring. He said that "Stretching out payment terms, for instance in loans from euro area partners and the IMF, is a reasonable thing to think about because we have amortization right at the end of the program. This is a technical issue we can think about." And he said there should be a summit in June where " some hard nuts need to be cracked." |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4536; (P) 1.4597 (R1) 1.4637; More. EUR/USD rises further to as high as 1.4681 so far today and intraday bias remains on the upside for 1.4938 resistance first. Break will confirm up trend resumption for 1.5143 resistance next. On the downside, below 1.4557 minor support will turn bias neutral and bring consolidations. But downside should be contained above 1.4307 and bring rally resumption. |
| Featured Technical Report |
RBA Leaves Rates Unchanged, Statement Less HawkishThe RBA left the cash rate unchanged at 4.75%. While the decision had been widely anticipated, the Australian dollar fell as the accompanying statement appeared to be more dovish than previous ones. Policymakers pointed out that employment growth moderated and investment intentions eased in past months. The July meeting will also be a 'non-event' in the sense that the policy rate will stay the same. However, we may see some changes of wordings in the statement signaling a rate hike in August. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD – Buy again at 1.6375Despite intra-day anticipated rally from 1.6324 to 1.6474, as cable has retreated from there, suggesting minor consolidation below this resistance would be seen and pullback to the Kijun-Sen (now at 1.6399) cannot be ruled out, however, renewed buying interest should emerge around the Ichimoku cloud bottom (now at 1.6374) and bring another rise. A break of 1.6474 would encourage for a test of previous resistance at 1.6496 Trade Idea: EUR/GBP – Buy at 0.8830Despite intra-day marginal rise to 0.8945, lack of follow through buying and current retreat suggest consolidation would take place and pullback to 0.8850/60 is likely, however, renewed buying interest should emerge around 0.8830 and bring another rise later. A break of said resistance would extend gain to 0.8985/90 but break there is needed to add credence to our view that retreat from 0.9043 has ended, bring subsequent headway towards this resistance later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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