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Mid-Day Report: Dollar Firm as Initial Claims Hit 8-Year Low, Euro Recovers on PMIDollar recovers strongly against yen today on rally in risk markets as well as solid job data. Initial jobless claims dropped by 19k to 284k in the week ended July 19, hitting the lowest level in 8 years since February 2006. That's also much better than expectation of 310k. Continuing claims dropped by 8k to 2.5m in the week ended July 12, the lowest level since June 2007. USD/JPY is heading back to 101.79 resistance after the release. And, technically, break will be the first sign of near term reversal which would set up a test on 102.26 resistance. Overall, it's looking rather likely that the pair has defended the key support level around 100 again. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.7013; (P) 1.7053; (R1) 1.7084; More... GBP/USD's correction from 1.7190 extends lower today and reaches as low as 1.6990 so far. Intraday bias remains on the downside for 55 days EMA (now at 1.6974). At 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. However, sustained break of 1.6952 will be the first sign on medium term reversal and will turn focus back to 1.6692 key support level. |
| Economic Indicators Update |
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US Session: Orders and Options WatchEUR: The single currency bounced off low of 1.3438 in European session on better-than-expected PMI data, however, sell orders are reported at 1.3490-00 and 1.3520-30, mixture of offers and stops is located at 1.3545-50, fresh selling interest is tipped at 1.3555-80 area (stops above) and 1.3600-10. On the downside, bids remain at 1.3425-35 (stops below) and 1.3400-10, more buy orders are expected at 1.3370-80 and 1.3350. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Sell at 1.7040As cable's intra-day decline has accelerated, adding credence to our view that top has been formed at 1.7192 earlier last week and downside bias remains for the fall from there to bring retracement of recent upmove to previous support at 1.6952, break there would extend weakness towards 1.6925-30, however, near term oversold condition should limit downside to 1.6900, risk from there has increased for a rebound to take place later. Trade Idea Update: EUR/USD - Buy at 1.3415Although the single currency has rebounded after intra-day brief fall to 1.3438, near term downside risk remains for the decline from 1.3993 top to extend weakness towards 1.3410-15, however, loss of downward momentum should prevent sharp fall below 1.3400 and bring rebound later, above the upper Kumo (now at 1.3500) would bring correction to 1.3520 but price should falter below resistance at 1.3549 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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