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Mid-Day Report: Markets Still Weighed Down by Korea Tension and Eurozone DebtDebt crisis in Eurozone and geopolitical tension in Korean are the main themes in the market that drive risk aversion. The support from stronger than expected PMI data from Eurozone was brief and fresh selling is seen in early US session. Spain managed to sell EUR 3.26b of treasury bills today, less than the maximum target while the indicative range set for the offering was EUR 3-4b. Markets are concerned with political uncertainty in Ireland, where there will be election in January. There are even deeper worry on contagion in the Eurozone, in particular to Portugal and Spain. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 112.89; (P) 113.91; (R1) 114.57; More EUR/JPY's fall from 114.93 extends further to as low as 112.29 so far today. Intraday bias is mildly on the downside for 111.03 support. As noted before, as long as this support holds, we'd still treat price actions from 115.65 as consolidation in the large rally. Hence, we'd still favor an upside break out for 38.2% retracement of 139.21 to 105.42 at 118.32. However, decisive break of 111.03 will argue that rebound from 105.42 is completed and will turn outlook bearish for retesting this low. |
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Trade Idea Update: USD/CHF – Sell at 0.9970Dollar's recovery after intra-day brief fall to 0.9849 suggests minor consolidation would take place and although the greenback may edge higher to the Ichimoku cloud area (now at 0.9921-27), 0.9970 should attract renewed selling interest and as long s resistance at 0.9998-1.0000 holds, bearishness remains for another fall. Trade Idea Update: USD/JPY – Sell at 83.65Dollar's retreat after intra-day brief rise to 83.85 suggests further consolidation below indicated resistance at 83.99 would be seen with mild downside bias for test of support area at 83.14-20, however, break there is needed to signal a temporary top has possibly been formed and bring retracement to 83.00, then towards 82.70. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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