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Daily Report: Dollar Extended Rally on Hawkish Fed MinutesDollar surged broadly as Fed delivered more hawkish than expected FOMC minutes overnight. The FOMC minutes for the July meeting unveiled that policymakers had detailed discussion of the exit strategy. The Fed has also planned to officially update their exit principles later this year. We expect to see the update in September. On the economic outlook, the member acknowledged the improvement in the job market. Yet, they remained divided over whether the unemployment rate served as an accurate indicator of the labor market conditions. The staff revised potential growth lower and inflation higher while expecting inflation to stay below the Fed's mandate for several years. The staff also lowered the unemployment rate forecast in response to the faster decline in the unemployment rate. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0941; (P) 1.0957; (R1) 1.0983; More... USD/CAD rises to as high as 1.0986 so far today and the breach of 1.0985 suggests that rally from 1.0620 is resuming. Intraday bias is back on the upside for 61.8% retracement of 1.1278 to 1.0620 at 1.1027 Sustained break will pave the way for retesting 1.1278 resistance. On the downside, break of 1.0859 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound bounced off low as 2 MPC members voted to raise rates at the latest BOE meeting, however, sell orders are still seen at 1.6680-85 and in good size at 1.6700 and 1.6725, mixture of offers and stops is located at 1.6750 and 1.6775-85, selling interest is expected further out at 1.6800-10 (stops above). On the downside, bids are now seen at 1.6600-15 area with stops building up below figure, fresh demand is likely to emerge around 1.6585 as well as 1.6550-60 (stops below). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Buy at 1.0900As the rebound from last week's low at 1.0860 gathered momentum, adding credence to our view that pullback from 1.0986 has ended there and consolidation with upside bias remains for retest of said resistance at 1.0986, 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 1.3320As the single currency has remained under pressure after yesterday's selloff below previous support at 1.3333, adding credence to our bearish view that recent decline has resumed and further weakness to 1.3265-70 (61.8% projection of 1.3651-1.3367 measuring from 1.3445) and then 1.3250 would be seen, below there would extend fall to 1.3220-25, however, near term oversold condition should prevent sharp fall below 1.3200 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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