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Mid-Day Report: Dollar Consolidation Continues after Positive Housing DataDollar stays in consolidative mode against European majors and yen after release of positive housing data in US. Building permits rose 6.2% to 1.03m annualized rate in October, highest since June 2008. September's figure was released to be 0.98m. Housing starts release was delayed to December. S&P Case-shiller 20 cities house price rose 13.3% yoy in September versus expectation of 13.0%. House price index, however, rose less than expected by 0.3% mom in September. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6111; (P) 1.6175; (R1) 1.6218; More... Intraday bias in GBP/USD stays neutral and more consolidations could be seen below 1.6240 temporary top. Another rise is still expected as long as 1.6071 support and and above 1.6240 will send GBP/USD through 1.6259. But in that case, we'd be cautious on strong resistance from there to bring reversal. Meanwhile, below 1.6071 will turn bias back to the downside for 1.5853 support instead. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency edged higher to 1.3571, offers and stops above 1.3560 were tripped but sell orders are still seen at 1.3580, mixture of offers and stops in good size remains at 1.3600 (option barrier), fresh selling interest should emerge around 1.3625 and 1.3640-50. On the downside, bids are raised to 1.3525-30 and also from 1.3495 down to 1.3475 with stops building up below 1.3470-75, more buying interest is tipped at 1.3450-60 (stops below 1.3440), fresh demand should emerge around 1.3430 and 1.3400 (more stops below). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/JPY - Buy at 101.00Dollar's retreat after rising to 101.92 yesterday suggests minor consolidation below this level would be seen and pullback to the lower Kumo (now at 101.10) cannot be ruled out, however, reckon 100.95-00 would contain downside and bring another upmove, above said resistance at 101.92 would extend gain to 102.00-10, then towards 102.40-50 Trade Idea Update: GBP/USD - Buy at 1.6095Although the British pound has rebounded after finding support at 1.6133, reckon the upper Kumo (now at 1.6211) would limit upside and bring further consolidation below yesterday's high of 1.6240 would be seen, below said support at 1.6133 would bring correction of recent upmove to 1.6092-95 (38.2% Fibonacci retracement of 1.5854-1.6240), however, reckon renewed buying interest would emerge there and bring another rise later Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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