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Mid-Day Report: Dollar Rebounds on Strong ADP EmploymentDollar recovers after US released solid employment data. The ADP employment report showed private sector jobs few 281k in June, much better than consensus of 205k and May's 179k. That's also the highest number since November 2012. That data provides some optimism for tomorrow's NFP release, which markets expected to show 210k growth. US stocks futures are also lifted by the data and DOW and S&P 500 would likely make new records highs today. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3669; (P) 1.3684 (R1) 1.3694; More.... EUR/USD's retreat from 1.3700 extends lower today and intraday bias remains neutral. As long as 1.3575 support holds, we'd expect rebound from 1.3502 short term bottom to extend higher. Above 1.3700 will target 61.8% retracement of 1.3993 to 1.3502 at 1.3805 and above. Momentum is not strong enough to convince us that larger rally from 1.2755 is resuming. So, we'd be cautious on strong resistance from 1.3993 to bring reversal for sideway trading. Meanwhile, below 1.3575 minor support will turn bias back to the downside for 1.3476 key support. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency extended intra-day fall in NY morning as ADP data came in better than expected, bids at 1.3650 were filled, however, buy orders in good size are still noted at 1.3600-20 area, mixture of bids and stops is located at 1.3560-75. On the upside, offers are lowered to 1.3670-80 and 1.3700-10, more sell orders are reported at 1.3725-35 and 1.3750-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/JPY - Hold short entered at 101.70Current strong rebound on dollar's broad-based strength after stronger-than-expected ADP data suggests near term upside risk remains for retracement of recent decline but reckon 102.00 would cap upside and bring another decline, break of 101.40-45 would signal an intra-day top is formed, then retest of 101.24 would follow. Once this support is penetrated, this would extend recent decline towards previous strong support area at 100.76-82 Trade Idea Update: USD/CHF - Hold short entered at 0.8895Dollar's recovery after yesterday's brief fall to 0.8856 suggests minor consolidation would be seen, however, price should falter below previous support at 0.8908 and bring another decline later, a break of said support at 0.8856 would extend recent decline from 0.9037 top for further weakness to 0.8830-35 (61.8% Fibonacci retracement of 0.8703-0.9037) but reckon 0.8805-10 (1.618 times projection of 0.9037-0.8908 measuring from 0.9013 and 1.618 times projection of 0.9013-0.8911 measuring from 0.8975) would limit downside 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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