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Daily Report: Euro Higher, Yen Lower as Greece Submitted Detailed Bailout ProposalThe Japanese yen weakens broadly today on broad based rally in Asian markets. Sentiments improved with rebound in China markets as well as news over Greece. Nikkei is trading up over 80 pts, or 0.4% at the time of writing and is heading back towards 20000 handle. China's Shanghai composite is up over 5% and reclaimed 3900 handle while Hong Kong HSI is up over 1.8%. Dollar also follows the yen lower while Euro is broadly higher. Markets seem to be optimistic that a deal could be reached by Greece and European creditors on a crisis summit on Sunday. We'd likely see some more upside in stocks and Euro for today. | |
Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 120.65; (P) 121.11; (R1) 121.76; More... Recovery from 120.40 temporary low extends today but USD/JPY is kept below 122.45 support turned resistance. Intraday bias remains neutral for the moment. Deeper decline remains mildly in favor and below 120.40 will target 118.88 key support level. It's early to confirm but bearish divergence condition in daily MACD is taken as the first sign of medium term reversal. Meanwhile, on the upside, break of 122.45 support turned resistance will indicate completion of the fall and will turn bias back to the upside. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency retreated after intra-day brief rise to 1.1125 but buy orders are still noted at 1.1020 and 1.1000-05, buying interest is tipped at 1.0970-75 and 1.0940-50, mixture of bids and stops is located at 1.0910-20, fresh demand should emerge around 1.0900, 1.0880, 1.0850 barrier and 1.0825. On the upside, offers are seen at 1.1070-75, 1.1090-00 (stops above) and 1.1120, selling interest should emerge around 1.1145-50, 1.1180 and 1.1200, sellers are awaiting at 1.1220-25 and 1.1245-50. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CAD - Buy at 1.2580The greenback has traded narrowly after rising to 1.2780 earlier this week and further consolidation is in store, however, downside should be limited to 1.2640-50 and renewed buying interest should emerge above 1.2560-70, bring another upmove later, above said resistance at 1.2780 would extend recent upmove in wave iii from 1.2128 (wave ii trough) to 1.2800, then 1.2835 Trade Idea: EUR/JPY - Target met and stand asideAlthough the single currency did fall again after meeting renewed selling interest at 135.43 in line with our bearish expectations and downside target at 133.40 had been met (our short position entered at 135.40 met target at 133.40 with 200 points profit), as euro found support at 133.31 and rebounded since, suggesting consolidation would be seen. Only above 135.05-10 would suggest low is possibly formed, bring test of said resistance at 135.43 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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