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Daily Report: Markets Await Portugal and US Bond Auctions, BoE Inflation ReportAfter enjoying a strong rebound overnight, dollar stabilizes in Asia today as markets are awaiting results of bond auctions from Portugal and US. Two underlying themes are being watched by investors for the moment. Firstly, European debt woes has been putting much pressure on the common currency recently, both against dollar and in crosses. CDS on Portugal and Irish government debts hit record highs which spread over German bund also jumped after German Chancellor Angela Merkel said any future EU bailouts is expected to come with new rules requiring bondholders to absorb some losses. Portugal aims to sell EUR 0.75-1.25b of its 4.20% October 2016 and 4.80% June 2020 bonds today and is expected to be a tough test on investors confidence. |
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| Featured Technical Report | |
EUR/USD Daily OutlookDaily Pivots: (S1) 1.3691; (P) 1.3832 (R1) 1.3913; More. EUR/USD's fall from 1.4281 resumed after brief recovery and reaches as low as 1.3735 so far. Intraday bias remains on the downside for the moment for further decline. Break of 1.3697 support will target 55 days EMA (now at 1.3601) and below). On the upside, above 1.3973 minor resistance will flip intraday bias back to the upside. But break of 1.4281 is needed to confirm up trend resumption. Otherwise, risk remains on the downside as consolidations continue. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/JPY – Sell at current market levelDespite yesterday's rally to 81.98, as dollar has retreated after faltering below previous resistance at 81.99, suggesting as long as this resistance holds, consolidation with mild downside bias would be seen for retreat to 81.45/50, then test of the Kijun-Sen (now at 81.25), however, only break of the Ichimoku cloud area (now at 81.01-05) would signal top has been formed and bring another fall to strong support at 80.54. Trade Idea: EUR/USD – Buy at 1.3720Although the single currency has recovered after intra-day fall to 1.3735, as long as previous support at 1.3823 holds, near term downside risk remains for the decline from 1.4283 top to extend weakness to 1.3720, however, loss of near term downward momentum should prevent sharp fall below there and reckon 1.3690-97 (61.8% projection of 1.4283 to 1.3823 measuring from 1.3974 and previous support) would hold, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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