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Mid-Day Report: Dollar Extends Rally, Firm on Strong Consumer ConfidenceDollar strengthens against other major currencies today and the rally accelerates after strong confidence data. Conference Board consumer confidence jumped to 90.9 in July versus expectation of 85.5. That's also the highest level since October 2007. S&P Case-Shiller 20 cities house price rose 9.3% yoy, missing expectation of 9.8% yoy but was ignored by markets. Dollar index surges to as high as 81.20 so far and is still on track to test 81.48 key resistance. Stocks also respond positively with DOW reclaiming 17000 handle. The greenback would possibly stay firm for the rest of the day but traders would likely remain cautious ahead of the key events of GDP and FOMC tomorrow. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 101.76; (P) 101.83; (R1) 101.92; More... USD/JPY's rise extends in early US session and reaches as high as 102.11 so far. Intraday bias remains on the upside for 102.26 resistance. As noted before, the choppy fall from 102.79 has completed at 101.06 already. Break of 102.26 will confirm this bullish case and target 102.79 resistance and above. Overall, the pair is still bounded in the sideway pattern from 100.75 and we'd expect more sideway trading ahead. On the downside, below 101.71 minor support will turn bias back to the downside. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar also moved higher, offers and stops at 102.05 were tripped, however, more sell orders are tipped at 102.20-50 area (stops above latter level), selling interest should emerge around 102.80 and 103.00. On the downside, bids are raised to 101.95 and 101.75-85, more buy orders are located at 101.50-60 and from 101.30 down to 101.00 with stops building up below figure, more buy orders are tipped at 100.75 (stops below) and in good size at 100.50. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Buy at 0.9010As the greenback has surged again after brief pullback, adding credence to our bullishness for the erratic rise from 0.8699 low to extend gain towards resistance at 0.9082 but loss of upward momentum should prevent sharp move beyond 0.9100-10, price should falter below 0.9140-50, risk from there is seen for a retreat to take place later. Trade Idea Update: GBP/USD - Sell at 1.7000As the British pound has fallen again after meeting renewed selling interest at 1.7001, adding credence to our view that the fall from 1.7192 top is still in progress for retracement of recent upmove to 1.6925-30, then towards 1.6900 but near term oversold condition should limit downside to 1.6870, risk from there has increased for a rebound to take place later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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