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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Euro Stays Weak as the Week Starts QuietlyThe forex markets are rather quiet as the week started and major pairs and crosses are staying in tight range. Euro remains the weakest currency this month as weighed down on expectation that ECB would ease policy further in June. The German magazine Der Spiegel reported that ECB executive board member Praet would proposal cutting the main refinancing rate by 10 bps to 0.15% at the meeting on June 5, that is another record low. Also, Praet would suggest to lower the deposit rate from the current 0% to negative to boost lending. This is also unprecedented. ECB declined to comment on the report. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.4597; (P) 1.4649; (R1) 1.4682; More... Intraday bias in EUR/AUD remains neutral for consolidation above 1.4563 temporary low. In case of further recovery, strong resistance should be seen well below 1.5017 and bring fall resumption. Below 1.4563 will target medium term fibonacci level at 1.4216. The cross would likely lose downside momentum as it approaches this level and we'd look for bottoming signal there. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency remained confined in narrow range, offers are still seen at 1.3730-55 area, 1.3770 and 1.3780-85 (stops above), selling interest in good size is located at 1.3800-05 (stops above), 1.3825-35 and 1.3850. On the downside, bids are now seen at 1.3675-85 and 1.3650-60 (stops below 1.3640-45), more buy orders are located at 1.3625 and mixture of bids and stops is tipped at 1.3600-10. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Sell at 0.8210Although the single currency has slipped again after brief bounce, as long as this week's low at 0.8127 holds, further consolidation would be seen and near term upside risk remains for another corrective rebound, above resistance at 0.8184 would bring retracement of recent decline to 0.8210-20, however, resistance at 0.8249 should cap upside and bring another decline later. A break of said support at 0.8127 would signal recent decline is still in progress Trade Idea: USD/CAD - Sell at 1.0980As the greenback found support at 1.0852 yesterday, retaining our view that further consolidation would be seen and near term upside risk remains for another corrective rebound, above resistance at 1.0926 would bring retracement to 1.0950-60, however, reckon upside would be limited to 1.0985-90 and resistance at 1.1006 should cap upside, bring another decline later. A break of support at 1.0814 would extend the decline from 1.1279 (wave iii top) for a stronger correction of early upmove to 1.0800, then towards 1.0730-40 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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