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Daily Report: Dollar Recovers on Prospect of Budget DealDollar recovers mildly on the prospect of a budget agreement. US Senate Budget Committee Chairman Senator Patty Murray and House Budget Committee Chairman Representative Paul Ryan introduced a bipartisan budget plan worth of US$ 85B on Tuesday, hoping to end 3 years of impasse and fiscal instability in the world's biggest economy. President Obama, urging the Congress to approve the plan, stated that it is a "good first step". The plan, rather than automatic "sequestering" spending, allows federal agencies and discretionary programs to spend US$ 63B more over 2 years. Spending cuts would be made in other areas. For instance, there would be a US$6B cuts in federal workers' retirement benefits and another US$ 6B in cuts to military pensions. It would also provide an additional US$ 20-23B in deficit reduction over 10 years. Republican House speaker Boehner noted that "while modest in scale, this agreement represents a positive step forward" ;. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8347; (P) 0.8369; (R1) 0.8388; More.... Intraday bias in EUR/GBP remains neutral for the moment. Another rise remains mildly in favor with 0.8335 minor support intact. The near term trend might have reversed already. Above 0.8395 will target 0.8463 resistance next. However, below 0.8335 will delay the bullish case and bring another decline. But still, we'd expect strong support above 0.8164 cluster support to complete the correction from 0.8806 and bring rebound. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency maintained a firm undertone after intra-day initial rise to 1.3768, however, sell orders are still seen at 1.3770-90 and 1.3810-35 area with stops building up above 1.3835-40 and 1.3850 barrier. On the downside, bids remains at 1.3720-25 and 1.3690-00 (stops below), more buy orders are expected at 1.3670-80 as well as 1.3640-50 with bigger stops placed below 1.3620 and 1.3600. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CAD - Buy at 1.0565Euro's retreat after last week's marginal rise to 1.0708 suggests consolidation would be seen and pullback to 1.0600 cannot be ruled out, however, reckon support at 1.0559 would limit downside and bring another upmove later, above said resistance at 1.0708 would extend recent upmove from 1.0182 low (wave (c) bottom) to 1.0730 (1.236 times projection of 1.0271-1.0526 measuring from 1.0415) and possibly 1.0750-60 Trade Idea: EUR/GBP - Buy at 0.8320Euro's strong rebound after falling to 0.8252 last week suggests a temporary low is possibly formed and expect 0.8320-25 to limit downside and bring another rise, above yesterday's high of 0.8396 would bring test of indicated key resistance at 0.8415-16 but break there is needed to confirm this view and suggest recent decline has ended 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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