Athenian's continue their protests. Greece's two main labour unions, GSEE and ADEDY, already plan to hold a 48-hour strike on Friday and Saturday against a new package of austerity measures. Union leaders have constantly stated that the requirements for the bailout package are unacceptable.
The USD/CAD is currently trading up at 1.0021 from 0.9946. The greenback is rising on worries about Greece the same old story, just a different chapter. The markets did not even slow down for the lackluster reports on US Trade Balance or Consumer Confidence. The Dollar just kept marching upwards. This afternoon the Budget Deficit made all the difference, coming in at 27.4 billion vs. 48.
Despite edging higher to 1.3321 last week, EUR/USD lost momentum from there and retreated sharply. A short term top is likely in place with bearish divergence condition in 4 hours MACD. Initial bias is neutral this week with focus on 1.3028 support. Break there will indicate completion of the rebound from 1.2625 and bring retest of this support. Also, in that case, whole decline from 1.
The leaders of the Greek largest political parties, George Papandreou and Antonis Samaras, called on lawmakers to commit and back the new cuts suggested by the government as the nation attempts to sceure the second bailout package, as international lenders required commitment to the budget targets s.
USD/JPY's rebound from 76.02 extended further to high as 77.80 last week. As noted before, the strength of the rise is starting to argue that choppy fall from 79.52 is finished at 76.02. Initial bias remains cautiously on the upside this week with focus on 78.28 resistance. Decisive break there will signal that whole rebound from 75.56 is resuming for another high above 79.52.
Despite edging higher to 1.5928, GBP/USD lost some momentum and retreated sharply. A short term top should be in place on bearish divergence condition in 4 hours MACD. Initial bias is mildly on the downside with focus on 1.5729 support. Sustained break there will confirm this case and turn outlook bearish for a test on 1.5234 low. Note that so far, GBP/USD is held well below 1.
USD/CHF recovered after initial dip to 0.9089 last week and the development indicates that a temporary low is already in place. Initial bias is neutral this week for some consolidations. But with 0.9262 resistance intact, near term outlook remains bearish and recent fall from 0.9594 is still in progress. Below 0.9089 will extend the decline to 0.9065 support. Break will target 0.
AUD/USD jumped further to as high as 1.0844 last week but formed a temporary top there and retreated sharply. Initial bias is neutral this week with focus on near term channel support (now at 1.0606). As long as AUD/USD stays inside this channel, near term outlook will remain cautiously bullish for another rise. Above 1.0844 will target a test on 1.1079.
USD/CAD's recovery last week pushed daily MACD back above signal line and suggests that a short term bottom is already in place at 0.9926, ahead of 0.9891 support. Initial bias is neutral this week with focus back on 1.0070 minor resistance. Break there will confirm this case. Also, this will be a signal that whole decline from 1.0522 is finished.
GBP/JPY's rebound from 117.29 resumed last week and reached as high as 123.17 before making a temporary top there. Initial bias is neutral this week for some consolidations. Another rise will remain in favor as long as 121.40 minor support holds, though. Above 123.17 will target 100% projection of 117.29 to 122.04 from 119.58 at 124.33 and above. Also, note that current rebound from 117.