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Daily Report: Dollar Rally Continues as Focus Turns to BoE, FOMC MinutesDollar extends recent rally with the dollar index hitting a 11-month high as focus turns to BoE and FOMC minutes today. The FOMC minutes are expected to struck a slightly more hawkish tone as Fed would be starting to prepare for rate hike next year. FOMC members would likely express some optimism that US is getting closer to full employment and price stability. But it's unlikely for the minutes to contain more messages, including update of the exit strategies etc. The more important event for dollar for the week would likely be the annual event of the Jackson Hole symposium beginning on Thursday. With the theme 'Reevaluating Labor Market Dynamics', we look forward in this year's conference to the Fed's latest view on US labor market slack as well as Fed Chair Janet Yellen's keynote speech on Friday. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 102.63; (P) 102.78; (R1) 103.04; More... USD/JPY rises to as high as 103.22 and the break of 103.08 resistance indicates that rebound from 100.82 is resuming. Intraday bias is now on the upside for 104.12 resistance. We'd be cautious on strong resistance from there. After all, the pair is bounded in range trading of 100.75/104.12 and we don't see any sign of breakout yet. Thus, we'd expect choppy sideway trading to continue in near term. On the downside, below 102.71 minor support will turn bias neutral again. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped to fresh 2014 low in NY morning after US data, bids at 1.3335-45 together with stops below barrier at 1.3325 were tripped, some defensive bids remain at 1.3300-10 with more stops placed below another barrier at figure, fresh demand is tipped at 1.3285, 1.3265 and 1.3250. On the upside, offers are lowered to 1.3350-55, 1.3370 and 1.3385, more sell orders are noted at 1.3400-10, 1.3425-30 and 1.3445-50, selling interest is seen from 1.3460 all the way up to 1.3500 and further out at 1.3520-30. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Buy at 1.0895As the greenback has rebounded after holding above last week's low at 1.0860, suggesting as long as this level holds, consolidation with mild upside bias would be seen and gain to 1.0950-55 is likely, break there would signal retreat from 1.0986 has ended and bring retest of this level, once this resistance is penetrated, this would bring resumption of recent rise from 1.0621 low (tentatively wave c trough) for at least a correction of early decline towards 1.1000. Trade Idea Wrap-up: EUR/USD - Sell at 1.3350Current break of indicated previous support at 1.3333 signals recent decline has resumed and may extend weakness to 1.3300-06 (61.8% projection of 1.3549-1.3333 measuring from 1.3433 and 1.618 times projection of 1.3549-1.3438 measuring from 1.3485) and possibly 1.3265-70 (61.8% projection of 1.3651-1.3367 measuring from 1.3445), however, near term oversold condition should prevent sharp fall below 1.3225-30 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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