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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
| Calendar | Elliott Wave Trades | Markets Volatility | Pivot Points | Heat Map | Daily Fundamentals |
| Action Insight Market Overview | Markets Snapshot |
Daily Report: Euro Lower on Portugal Downgrade but Loss LimitedEuro dipped overnight against dollar after Moody's downgraded Portugal's credit rating on concern that it will eventually see a second bailout following Greece. But so far, loss is limited as markets are awaiting tomorrow's ECB rate decision. Investors remain indecisive on EUR/USD and that's clearly manifested in the triangle pattern that started since May. On the one hand, the common currency is being supported by expectation of further rate hike from ECB, which a 25bps hike this week should be a done deal. On the other hand, on-going worry on the sovereign debt crisis in peripheral Eurozone countries is limiting any rally attempt of Euro. Overall, we'd believe that Euro's fate would very much depend on whether ECB Trichet would hint that the 25bps per quarter tightening cycle would continue or stop ahead. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 116.52; (P) 117.06; (R1) 117.45; More EUR/JPY's fall from 117.74 extends further today and is still held above 115.89 minor support and intraday bias remains neutral. With 117.88 resistance intact, there is no confirmation of reversal. Below 115.89 minor support will argue that rebound from 113.49 is finished. In such case, intraday bias will be flipped back to the downside for 113.41/49 support and decisive break there will confirm resumption of fall from 123.31. On the upside, though, note that sustained break of 117.99 resistance will complete a double bottom reversal pattern and should confirm completion of the whole decline from 123.31. |
| Special Reports |
ECB To Hike In July, Probably Second Last Time This YearThe market is awaiting ECB's rate hike on Thursday. At the June meeting, the Governing Council stated 'strong vigilance is warranted to prevent recent price rises from spreading to broad-based inflationary pressures. ECB President Trichet reiterated last week that 'strong vigilance' is needed to combat inflation. These comments signaled a rate hike to 1.5% is imminent in July. While sovereign debt problems in the Eurozone persist, the situation is eased temporarily as Greece succeeded tapping EU/IMF/ECB funding after approval of the 78B euro austerity plan. This made it even easier for policymakers to opt for a rate hike. RBA Makes No Change In Cash Rate, Shows Worries On Growth SlowdownThe RBA left the cash rate unchanged at 4.75% for a 7th consecutive meeting in July and unveiled a less hawkish outlook in the accompanying statement. Policymakers showed concerns on growth slowdown as well as banking and sovereign debt problems in the Eurozone. Inflation pressure is less of a concern as commodities have softened recently. |
| Economic Indicators Update |
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Trade Idea: USD/CAD – Sell at 0.9700As the greenback has recovered after yesterday’s fall to 0.9580, minor consolidation would be seen and retracement to 0.9650 is likely, however, as wave 4 top has been formed at 0.9914 last week, upside should be limited to 0.9695-00 (38.2% Fibonacci retracement of 0.9884-0.9580) and bring another decline later. A breach of said support would extend weakness to key support at 0.9513, however, break there is needed to signal wave 5 is underway Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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