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Mid-Day Report: Sterling Dips after BoE Minutes, Dollar MixedOverall, Euro remains the weakest current this week, followed closely by Swiss franc. Sterling lost much ground after BoE minutes and is the weakest currency for today. While the greenback strengthened against Euro and Sterling, but it weakened aginast others. Aussie was lifted earlier today by inflation data and Kiwi is recovered from recent lost ahead of RBNZ decision. Meanwhile, Canadian dollar is mixed after retail sales data. Headline sales rose 0.7% mom in May versus expectation of 0.6% mom. Ex-auto sales rose 0.1% mom versus expectation of 0.3% mom. In other markets, European indices are mildly higher at the timing of writing while US futures point to a higher open. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.7042; (P) 1.7062; (R1) 1.7083; More... GBP/USD's correction from 1.7190 extends lower today and reaches 1.7023 so far. Intraday bias remains on the downside for 55 days EMA (now at 1.6973) this point, there is no clear sign of trend reversal yet. Hence, we'd expect 1.6952 support to contain downside and bring rebound. On the upside, above 1.7099 minor resistance will turn bias back to the upside for retesting 1.7190 resistance. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound dropped again after brief bounce to 1.7095, bids at 1.7050 and 1.7025-35 were filled but buy orders are still noted at 1.7000-10, fresh demand should emerge around 1.6985, 1.6965 and 1.6950. On the upside, offers in good size are noted at 1.7095-00 and 1.7115-30 area, more sell orders are tipped at 1.7150, 1.7165 and 1.7185-90, selling interest is good size is located at 1.7200-10 (stops above), 1.7225 and 1.7240-50. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD - Sell at 1.3545As the single currency has continued to move lower after breaking indicated previous support at 1.3477, adding credence to our bearishness for recent decline from 1.3993 top to bring correction of early upmove to 1.3450, then 1.3430 but oversold condition should limit downside to 1.3400-10, risk from there is seen for a rebound to take place later. Trade Idea Update: GBP/USD - Sell at 1.7140As the British pound has fallen again after intra-day brief bounce to 1.7095, suggesting the decline from 1.7192 is still in progress and downside bias remains for retracement of recent upmove to bring weakness to 1.7000-07 support, then towards 1.6970-75 but previous support at 1.6952 should hold from here due to near term oversold condition, risk from there is seen for a rebound later. 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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