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Mid-Day Report: Euro Staying in Range after Disappointing PMIs, Aussie Stays StrongEuro continues to stay soft in range after disappointing economic data from Eurozone. The PMI manufacturing dropped to 51.9 in June versus consensus of 52.2. Eurozone PMI services dropped to 52.8 versus expectation of rise to 53.4. German PMI manufacturing rose to 52.6 but missed expectation of 52.7. German PMI services dropped to 54.6 versus expectation of 55.8. French manufacturing PMI dropped further to 47.8 versus expectation of 49.6 while PMI services dropped to 48.2 versus expectation of 49.5. Markit chief economist Williamson noted that "the big concern is once again the divergent trends within the Eurozone". And, "although the survey suggests the eurozone as a whole should grow by at least 0.4% in the second quarter, France appears to be entering a renewed downturn after GDP stagnated in the first quarter." |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3564; (P) 1.3599 (R1) 1.3633; More.... EUR/USD continues to stays in established range of 1.3502/3676 and intraday bias remains neutral. At this point, we're still favoring that a short term bottomed is formed at 1.3502 and expect another rise. Above 1.3676 will target 1.3993 resistance and break will extend the medium term up trend. However, below 1.3502 will turn focus to 1.3476 key support. Sustained break of 1.3476 will signal medium term reversal and carry bearish implications. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency found support at 1.3574 and has recovered, however, offers remain at 1.3615, 1.3630-40 and 1.3660, sizeable sell orders are expected at 1.3690-00 with sizeable stops tipped above figure. On the downside, bids are still noted at 1.3575, 1.3560 and 1.3535-40, fresh demand should emerge around 1.3500-20 area with stops placed below 1.3500. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD - Sell at 1.7105Although the British pound has retreated after intra-day initial brief bounce to 1.7050 and consolidation below last week's high of 1.7063 is in store, reckon the lower Kumo (now at 1.6993) would limit downside and bring another rise later, above said resistance at 1.7063 would extend recent upmove to 1.7090-95 (61.8% projection of 1.6738-1.7011 measuring from 1.6922), however, loss of upward momentum should prevent sharp move beyond 1.7105-10 and risk from there is seen for another retreat to take place later. Trade Idea Update: USD/JPY - Sell at 102.10As the greenback has fallen sharply after meeting renewed selling interest at 102.20, suggesting the rebound from 101.74 has ended there and consolidation with downside bias is seen for another test of 101.74, break there would extend weakness towards 101.61, however, only a break of key support at 101.43 would confirm the rise from 100.82 has ended at 102.80 earlier Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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