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Daily Report: Sentiments Boosted by Greek Optimism, Dollar ReboundsOptimism on progress in Greece debt negotiation gave risk markets a strong boost overnight. DJIA rose 103.83 pts, or 0.58%, to close at 18119.78 while S&P 500 rose 12.86 pts, or 0.61%, to close at 2122.85. NASDAQ closed at new record high of 5153.97, up 36.97 pts or 0.72%. Asian markets also followed with Nikkei trading up 300 pts, or over 1.5% at the time of writing. Meanwhile, in the currency markets, dollar is indeed the main beneficiary of the return of risk appetite and is trading broadly higher against other major currencies. The dollar index is back above 94.8 after dipping to 93.56 last week. Rebound in the greenback sent gold below 1200 again, which is trading at 1185. Crude oil, on the other hand, stays in tight range around 60 handle. | |
Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.2241; (P) 1.2284; (R1) 1.2352; More... USD/CAD rebound from 1.2127 extends higher with focus staying on 1.2360 minor resistance. Pull back from 1.2562 is viewed as a correction and break of 1.2360 will confirm its completion at 1.2127. In such case, intraday bias will be turned back to the upside for retesting 1.2562 resistance first. Break will extend the rebound from 1.1919 to retest 1.2834 high. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Euro's retreat from 1.1404 found support at 1.1312 and has recovered, however, offers are still noted at 1.1380, 1.1400 and 1.1430 (stops above 1.1440), sell orders are expected at 1.1450, 1.1475 and 1.1500, selling interest is reported at 1.1530 and 1.1550. On the downside, bids remain at 1.1300-10, 1.1285 and 1.1240, buying interest is tipped at 1.1220, 1.1200 and 1.1185, fresh demand should emerge around 1.1150, 1.1130 and 1.1100. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Hold long entered at 1.2220The greenback did find renewed buying interest at 1.2218 earlier today (we recommended on Friday to buy at 1.2220 and a long position was entered) and has rebounded, retaining our bullishness for gain towards resistance at 1.2361 but break there is needed to add credence to our view that low has been formed at 1.2128 last week, bring a stronger rebound to 1.2400-10, then 1.2440-45, however, only break of 1.2470-75 would signal the retreat from 1.2563 has ended Trade Idea: EUR/GBP - Sell at 0.7310As the single currency has rebounded after finding support at 0.7125 (Friday's low), suggesting consolidation above this level would be seen and corrective bounce to 0.7240-50 would be seen, however, reckon upside would be limited to 0.7300-10 and bring another fall later. Below 0.7125 would extend the fall from 0.7389 to 0.7100, however, as broad outlook remains consolidative, reckon downside would be limited and price should stay well above support at 0.7055 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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