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Mid-Day Report: Euro Selloff Accelerates, Canadian Dollar Lower on GDPThe same old story on Eurozone debt woes continue today as CDS on Spain, Portugal and Italy all jump to record highs. Euro is seen sharply lower broadly, in particular against yen and swissy, where EUR/JPY and EUR/CHF dive to two month lows. Irish Justice Minister Dermot Ahern is quoted saying that "people from within the ECB" tried to force Ireland to see a bailout earlier this month even before the government "throw in towel". Ahern all said that the same is now happening to Portugal. EU Economic and Monetary Affairs Commissioner Olli Rehn urged Portugal to "assure strong fiscal consolidation continuing in 2012 and beyond" and emphasized that If growth proved to be "somewhat lower" than expected, "then it's essential still to meet fiscal targets by taking additional measures". |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 1.0142; (P) 1.0200; (R1) 1.0236; More. USD/CAD's break of 1.0263 resistance finally confirms that rebound from 0.9977 has resumed. Intraday bias is now on the upside and further rise should be seen to 1.0371 resistance first. Break there will also indicate that fall from 1.0671 has completed too and should turn outlook bullish for a test on 1.0671/0851 key resistance zone. On the downside, though, below 1.0166 minor support will mix up the near term outlook again. |
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Trade Idea Update: USD/JPY – Buy at 83.65Dollar's intra-day decline signals a temporary top has been formed at 84.41 yesterday and consolidation with mild downside bias is seen for retracement to 83.60/65 (50% Fibonacci retracement of 82.78-84.41), however, renewed buying interest should emerge there and bring another upmove later. Above the Kijun-Sen (now at 84.07) would suggest intra-day low is possibly formed but break of said resistance at 84.41 is needed to signal upmove has resumed Trade Idea Update: GBP/USD – Sell at 1.5650Despite intra-day resumption of recent decline, loss of near term downward momentum should prevent sharp fall below 1.5475-80 (61.8% projection of 1.5832-1.5560 measuring from 1.5647) and risk has increased for a rebound, above intra-day resistance at 1.5573 would bring minor correction to the Ichimoku cloud bottom (now at 1.5631) but price should falter well below the Ichimoku cloud top (now at 1.5677), bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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