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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Dollar Stays Mixed in Dull MarketsDollar remains mixed in early US session as economic data provided little inspirations. Initial jobless claims dropped 2k to 312k in the week ended June 21, hitting a one month low. That's slightly better than expectation of 314k. The four week moving average, on the other hand, rose from 312k to 314k. Continuing claims rose 12k to 2.57m in the week ended June 14. Personal income rose 0.4% in May, inline with expectation while personal spending rose 0.2% versus consensus of 0.4%. Headline PCE rose accelerated to 1.8% yoy and PCE accelerated to 1.5% yoy, both were inline with expectation. US stocks futures point to a flat open and European indices fluctuate between gains and losses. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 101.67; (P) 101.81; (R1) 102.01; More... While USD/JPY is soft, there is no follow through selling and the pair is staying above 101.42. Intraday bias remains neutral first. We continue to favor another fall and below 101.42 will target 100.65/82 key support zone. Break there will carry larger bearish implications. Meanwhile, break of 102.79 will extend the rebound from 100..82 towards 104.12. In that case, we'd expect strong resistance from there to bring near term reversal. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency jumped in NY morning on disappointing US GDP data, offers at 1.3630-50 area were filled but sell orders are still noted 1.3670-75 (stops above), sizeable selling interest is expected at 1.3690-00 with more stops tipped above figure. On the downside, bids are raised to 1.3600-10, 1.3575-85 and 1.3560 (stops below), more buy orders are tipped at 1.3535-40 and 1.3500-20 area with stops placed below 1.3500. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD - Sell at 1.3620Current breach of yesterday's low of 1.3600 signals top has been formed at 1.3651 and consolidation with downside bias is seen for weakness to 1.3575-80, however, break of support at 1.3564 is needed to confirm the rebound from 1.3512 has ended and extend weakness to 1.3540, then towards this level which is likely to hold on first testing. Trade Idea Update: USD/JPY - Hold short entered at 102.10Despite yesterday's fall to 101.63, as the greenback has recovered after failing to penetrate previous support at 101.61, suggesting further consolidation would be seen but yesterday's high of 101.95 should cap upside and bring another decline, only a break of of said support at 101.61 would signal the fall from 102.80 has resumed and extend weakness to 101.10-20, however, oversold condition should prevent sharp fall below previous chart support at 100.82 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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