Greece Plan Working Againts The Buck

Greece Plan is sending markets higher across the board, with Nikkei up more than 1.2%, Hang Seng Index +1.7% and China 0.18%, following the pattern form Wall Street. We see the similar situation on European markets that just opened and are already more than 0.5% in the green.

FX market was mostly consolidating in tight ranges, which are only corrective waves within larger pattern, which is clearly against the buck. We expect to see further weakness on dollar index, now towards 73.50 that will send other majors higher, such as Euro, Pound, Aud, and Cad. Regarding the Futures makret, traders should pay attention to 1354 and then 1367 highs on S&P Futures, where break should be extremely bullish signal for days if now weeks ahead.

Eur/Usd Comments (chart attached): Eur/Usd has reached 1.4400 region as highlighted few times this week, after wave (2) showed evidence of a completion around 1.4041. Yesterdays intra-day rise was quite sharp and shows evidences of a wave three personality so further gains are definitely in view, even towards 1.47 projected wave (3) target once trend-line resistance connected from 2011 highs is broken.

Aud/Usd Comments (chart attached): Finally Aud/Usd moved higher and formed a daily close above 1.08 region that we paid attention on, which should now bring more bulls into action. We expect 1.1 to be hit early next week, as we looking for continuation within a wave 3. Critical region now stands at 1.0560, where wave 2/B( shows signs of a completion.

Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate