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Mid-Day Report: Euro Jumps on Rising Hopes that EU Leaders May Find Solutions on Greek Debt CrisisThe single currency rebounded across the board today since European session on falling periphery bond yields, comments from Greek Finance Minister Evengelos Venizelos also seen supporting the euro as he said an agreement on debt crisis is attainable, his remarks raised speculation that EU officials are getting close to find resolution of the debt problem in Greece. EU leaders will hold a special summit on Thursday 21 July to finalize a second bailout package for Greece expected to worth around 110 billion euro, however, some investors are still unsure about whether the top officials could find measures to stop the debt crisis from spreading to other European countries like Italy and Spain. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9538; (P) 0.9586; (R1) 0.9639; More. The break of 0.9520 minor support indicates that fall from 0.9912 has resumed and intraday bias is back on the downside. As noted before, choppy rebound form 0.9444 should be completed and current decline should target a retest on 0.9444 next. Break there will confirm medium term down trend resumption. On the upside, break of 0.9635 resistance is needed to signal short term bottoming. Otherwise, we'll stay bearish in the pair. |
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BOC Left Rates Unchanged, Signals Tightening May Come Earlier than ExpectedThe BOC left interest rate unchanged at 1% in July. While lowering the growth forecast this year, GDP growth for 2012 and 2013 are remained unchanged. The outlook of core inflation was revised higher. Canadian dollar extended gains as policymakers signaled earlier timing for tightening. |
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Trade Idea Update: USD/JPY – Hold long entered at 78.55Despite intra-day brief retreat to 78.87, if our view that a temporary low formed at 78.45 last week is correct, downside should be limited and bullishness remains for another rebound to take place after consolidation, break of resistance at 79.61 would add credence to this view and bring retracement of recent decline towards 80.00 but reckon previous support at 80.50 would remain intact. Trade Idea: AUD/USD – Buy at 1.0600Despite yesterday’s fall to 1.0560, as aussie has rebounded in tandem with euro, suggesting further consolidation above 1.0525 support would be seen and mild upside bias remains for further recovery to 1.0750 but break of resistance at 1.0807 is needed to retain bullishness and signal the rise from 1.0390 has resumed and extend gain towards next resistance at 1.0889. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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