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Mid-Day Report: Sentiments Rocked By New Russia SanctionsMarkets sentiments were rocked by the escalated sanctions against Russia. Major European indices are generally in red while US futures point to retreat from yesterday's record high. Aiming to crippled Russia's economy and financial system, the US, after "close consultation with the EU", announced to impose restrictions on the Russian state-controlled oil giant OAO Rosneft and other big companies. US President Obama said the sanctions were "significant" and "targeted" to have maximum impact on Russia. EU said it would pause lending for new public sector projects in Russia by the European Investment Bank. EU leaders would also consider sanctions on "individuals or entities who actively provide material or financial support to the Russian decision-makers responsible for the annexation of Crimea or the destabilization of eastern Ukraine." As a result of risk aversion, the Japanese yen is the strongest currency today while dollar stays the strongest one for the week. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 101.49; (P) 101.62; (R1) 101.80; More... Intraday bias in USD/JPY remains neutral for the moment. Now it looks like fall from 102.79 would extend lower. Below 101.39 minor support will turn bias to the downside for 101.60 and below. However, overall development suggests that the consolidation pattern from 100.75 is still in progress. And we don't see strong enough momentum to push through 100.65/82 key support zone yet. Hence, we'd anticipate a strong rebound from there in that case. Meanwhile, above 101.79 will turn bias back to the upside for 102.26 resistance first. |
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Remark: Due to holiday next week, next Candlestick and Ichimoku Trade Idea update will be made on 21 July (Monday). Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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