MARKET BRIEFING – LONDON OPEN 20.08.2015
Today Greece prepares to receive the first tranche of the new 86 billion euro bailout deal, which was approved by German Bundestag yesterday. However, there is still a lot of scepticism whether Greece will be able to implement all the reforms required by the three-year financial aid programme.
The cash-strapped country is due to receive the first instalment from the European Stability Mechanism amounting to 26 billion euro, 13 billion euro of which will be available immediately, so the bond’s repayment to the European Central Bank can be made without delay. The rest of the funds will be distributed to the country in several parts and will help Greece to recapitalize its struggling banking sector.
Under the current program Greece should undertake strict conditions which are “aiming at setting right public finances and administration and dealing with the economy and problems in the financial sector” – the Dutch Finance Minister and Eurogroup president Jeroen Dijsselbloem said in his statement.
The implementation of the reforms will be closely monitored and assessed whether all the commitments are met. The International Monetary Fund will review the current Greece bailout programme in order to decide whether to participate in it.
The agreement was approved by the German Bundestag after the intensive debates regarding the sustainability of the new deal.
“Following three hours of lively debate, 453 voted in favour of the rescue package, while 113 voted against it and 18 MPs abstained. A total of 63 MPs of Angela Merkel’s CDU/CSU conservative alliance rebelled against the government despite warnings that there would be consequences if they failed to toe the party line. Three conservative MPs were among those who abstained” – as the Guardian reports.
“Bundestag observers said that despite being held during the summer holiday and with some MPs either ill or unable to return from far-flung places, never had so few voted in such an important vote. It was a sign of how controversial the topic has been” – it continues.
EURUSD
![Image](http://academy.acfx.com/wp-content/uploads/2015/08/2008EURUSDH1.png)
The intraday technical outlook
Trend 1 hour: Range
Target 1: 1.1217
Target 2: 1.1021
Projected range in ATR’s: 0.0105
Daily control level: 0.0980
GBPUSD
![Image](http://academy.acfx.com/wp-content/uploads/2015/08/2008GBPUSDH1.png)
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.5781
Target 2: 1.5577
Projected range in ATR’s: 0.0102
Daily control level: 1.5550
USDJPY
![Image](http://academy.acfx.com/wp-content/uploads/2015/08/2008USDJPYH1.png)
The intraday technical outlook
Trend 1 hour: Range
Target 1: 125.44
Target 2: 124.12
Projected range in ATR’s: 0.6561
Daily control level: 123.00
USDCHF
![Image](http://academy.acfx.com/wp-content/uploads/2015/08/2008USDCHFH11.png)
The intraday technical outlook
Trend 1 hour: Range
Target 1: 0.9744
Target 2: 0.9570
Projected range in ATR’s: 0.0087
Daily control level: 0.9900
USDCAD
![Image](http://academy.acfx.com/wp-content/uploads/2015/08/2008USDCADH1.png)
The intraday technical outlook
Trend 1 hour: Range
Target 1: 1.3247
Target 2: 1.3007
Projected range in ATR’s: 0.0120
Daily control level: 1.2960
AUDUSD
![Image](http://academy.acfx.com/wp-content/uploads/2015/08/2008AUDUSDH1.png)
The intraday technical outlook
Trend 1 hour: Down
Target 1: 0.7434
Target 2: 0.7258
Projected range in ATR’s: 0.0088
Daily control level: 0.7425
GOLD
![Image](http://academy.acfx.com/wp-content/uploads/2015/08/2008GOLDH1.png)
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1148.02
Target 2: 1119.10
Projected range in ATR’s: 14.46
Daily control level: 1112.00
OIL
![Image](http://academy.acfx.com/wp-content/uploads/2015/08/2008BRENTH1.png)
The intraday technical outlook
Trend 1 hour: Down
Target 1: 48.77
Target 2: 45.77
Projected range in ATR’s: 1.5029
Daily control level: 51.10
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