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Daily Report: Dollar Mildly Lower as Fed Dudley Warned of StrengthThe greenback weakened mildly overnight as a Fed dove warned of the strengthen of the currency. New York Fed president William Dudley said that a strong dollar would mean "poorer trade performance, less exports, more imports". And, appreciation of the dollar would "tend to dampen inflation" and make it harder to achieve Fed's mandate. Separately, Minneapolis Fed president Narayana Kocherlakota urged Fed to "sharpen" the statement of its objective. In particular, he noted Fed should be clear on inflation, which is undesirable to be too high and too low. Meanwhile, it's reported that two Fed hawks, Philadelphia Fed president Charles Plosser and Dallas Fed president Richard Fisher will retire next year after completing the terms on FOMC. Overall, dollar is staying in tight range against European majors and yen and maintain near term bullish outlook. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0964; (P) 1.1003; (R1) 1.1081; More... The break of 1.1023 minor resistance suggested that pull back from 1.1098 is already completed at 1.0886 already. Intraday bias is mildly on the upside for retesting 1.1098 first. Break will resume whole rally from 1.0620 and will target a test on 1.1278 key resistance. The consolidation from 1.1098 could extend further and in case of another fall, downside should be contained by 1.0810 cluster support (61.8% retracement of 1.0620 to 1.1098 at 1.0803. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly and offers are still noted at 1.2875-85, 1.2900 and 1.2925-30, more sell orders are reported at 1.2950, 1.2975-85 and 1.3000, selling interest is tipped further out at 1.3025-35 (stops above), 1.3050-60, 1.3085 and 1.3100-10. On the downside, bids at 1.2850 were filled but buy orders are still seen at 1.2825-35, 1.2800 and 1.2785, fresh demand should emerge around 1.2750, 1.2725 and 1.2700. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Sell at 0.7915Although euro has rebounded after last week's selloff to 0.7810 and consolidation above this level would be seen, reckon upside would be limited to 0.7895-00 and minor resistance at 0.7915 would attract renewed selling interest, bring another decline later, a break of said support at 0.7810 would extend recent decline in wave v to 0.7790, however, near term oversold condition should prevent sharp fall below 0.7770 Trade Idea: USD/CAD - Buy at 1.0970Although the greenback dropped briefly to 1.0887 last week, the pair found decent demand there and has staged a strong rebound, suggesting the retreat from 1.1099 has ended there and consolidation with upside bias is seen for gain to 1.1070-75, above there would bring retest of said resistance, break there would confirm recent rise from 1.0621 low has resumed and extend gain to 1.1150, then towards 1.1200 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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