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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Dollar Mixed after Solid Durable Goods OrdersDollar remains mixed in early US session despite better than expected economic data. The greenback is generally weak against commodities but is staying in tight range against Euro, Swiss Franc and Yen. Headline durable goods orders rose 2.2% in February versus expectation of 1.0%. Ex-transport orders rose 0.2% versus expectation of 0.1%. Investors sentiments were lifted by talk of stimulus from China and that was reflected rally in European and Asian stocks. US futures also point to a higher open. Other data released today saw German Gfk consumer sentiment unchanged at 8.5 in April. swiss UBS consumption indicator rose to 1.57 in February. Japan CSPI rose 0.7% yoy in February. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6490; (P) 1.6519; (R1) 1.6558; More... GBP/USD recovers mildly today but is staying below 1.6654 minor resistance and intraday bias remains neutral. Outlook is unchanged. We're still treating fall from 1.6822 as a correction. And, the larger up trend is still intact. While deeper decline cannot be ruled out, we'd expect strong support above 1.6251 to contain downside and bring rebound. On the upside, above 1.6654 minor resistance will turn bias back to the upside for 1.6785/6822 resistance zone. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded lower and offers are lowered to 1.3820, more sell orders are noted at 1.3845-50 and 1.3870-80, mixture of offers and stops is located at 1.3900, more selling interest is located at 1.3920 and 1.3940. On the downside, bids in good size are still seen at 1.3745-55 (stops below 1.3740), fresh demand should emerge around 1.3735, 1.3720 and 1.3700. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Hold long entered at 0.8800Despite yesterday's resumption of rise to 0.8879, lack of follow through buying on break of previous resistance at 0.8869 and the subsequent retreat suggest consolidation would be seen but as long as 0.8800-10 holds, bullishness remains for the rise from 0.8699 low to bring retracement of early decline to 0.8890-06 Trade Idea Update: GBP/USD - Sell at 1.6580Despite rebounding to 1.6550 yesterday, reckon upside would be limited to 1.6570-80 and bearishness remains for recent decline from 1.6823 to resume after consolidation, below yesterday's low of 1.6481 would bring retest of this week's low of 1.6460, break there would confirm this view and extend further weakness to 1.6445-50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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