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Daily Report: Euro Consolidation Continues as Markets Await ECBEuro continues to consolidate above this week's low as markets await ECB rate decision. The broad-based selling of Euro halted as markets are expecting ECB to finally face reality of the worsening sovereign debt crisis in Eurozone and bow to the political pressure it's facing. Judging from the price actions, markets have probably priced in extensions of the current stimulus measures. However, it's quite clearly that investors are not convinced that the existing programs are sufficient to solve the problems in Eurozone peripherals. But opinions are divided on whether ECB would really do something new and Euro would spike either way after the meeting. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 130.39; (P) 130.99; (R1) 132.08; More GBP/JPY's strong recovery and break of 130.83 indicates that a temporary low is at least in place at 129.32 and bias is turned neutral for the moment. Note that on the upside, break of 132.08 resistance will confirm that fall from 134.19 is finished with three waves down to 129.32. The corrective structure will then have bullish implications and suggests that rise from 126.42 is still in progress for another high above 134.19. On the downside, below 129.32 will bring another to retest 126.42 support though. |
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| Special Reports |
ECB To Delay Exit From Non-Standard MeasuresWith the main refinancing rate staying a 1%, policymakers will decide whether to extend the full allotment of the 3-month tender at Thursday's ECB meeting. While council members have diverged opinions on the issue, re-emergence of sovereign crisis concerns in the European periphery suggests the central bank should delay exit steps. Therefore, we expect the ECB to announce extension of full allotment of the 3-month tender while the full allotment on the 1- week and 1-month tenders will also continue to another quarter. ECB staff will also release growth and inflation forecasts. Projections for 2010 will also be released for the first time. |
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Trade Idea: EUR/USD – Buy at 1.3115Despite yesterday's retreat from 1.3183, as the single currency found renewed buying interest above the Kijun-Sen, suggesting as long as intra-day support at 1.3087 holds, consolidation with mild upside bias is seen for another test of said resistance at 1.3183, break there would confirm a temporary low has been formed at 1.2969 and bring retracement of recent decline to 1.3215/20 Trade Idea: USD/JPY – Buy at 83.70Despite yesterday's rise from 83.38 to 84.40, as dollar has retreated after faltering below previous resistance at 84.41 (Monday's high), suggesting further consolidation would take place and retracement to the Ichimoku cloud bottom (now at 83.71) cannot be ruled out, however, reckon support at 83.38 would hold, bring another rise later. 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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