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Mid-Day Report: Dollar Mixed after Upbeat ISM ServicesDollar is mixed in early US session in spite of upbeat services data. The ISM non-manufacturing composite rose more than expected to 55.2 in April, comparing to consensus of 54.3. That's the best level since August 2013. Overall markets sentiments are weighed down by concerns over Ukraine as the confrontation and violence between the government and pro-Russian separatists intensified over the weekend. Another negative factor was the disappointing manufacturing data from China. US futures point to a mildly lower open. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3828; (P) 1.3854 (R1) 1.3898; More.... Intraday bias in EUR/USD remains neutral for the moment. Above 1.3905 will target 1.3966 resistance first. Break will extend larger rise from 1.2755 and target 100% projection of 1.3476 to 1.3966 from 1.3673 at 1.4163. Meanwhile, break of 1.3769 will extend the consolidation pattern from 1.3966 and would have a test on 1.3673 support before up trend resumption. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency dropped on dollar's broad-based strength after the release of much stronger-than-expected US job data, bids at 1.3850 and 1.3820-30 were filled, mixture of bids and stops at 1.3800 is in focus, more buy orders are tipped at 1.3775 and 1.3750-60 (more stops below both levels). On the upside, offers are lowered to 1.3840-50 and in good size at 1.3870-75 (some stops above), more sell orders are tipped at 1.3890-00 with stops placed above barrier at 1.3900, more sell orders are located at 1.3915-25, 1.3940-50 and 1.3975. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF - Sell at 0.8820Although the greenback staged a brief bounce to 0.8841 after NFP, dollar met heavy offers there and dropped sharply in part due to soft US data, suggesting further choppy trading would be seen and the break of last week's low at 0.8770 has revived bearishness and confirm top has been formed at 0.8862, then the fall from there would extend decline towards last month's low of 0.8743 Trade Idea Update: GBP/USD - Buy at 1.6845Although the British pound dropped sharply to 1.6823 on Friday, the subsequent rebound suggests consolidation within 1.6823-1.6921 would be seen and as long as said lower range holds, mild upside bias remains for test of the upper Kumo (now at 1.6893), a firm break above there would signal pullback from 1.6921 has ended and bring retest of this level, break there would extend headway to 1.6940-50 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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