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Mid-Day Report: Dollar Firm after Mixed DataDollar stays firm against Yen and Aussie after mixed US data. USD/JPY reaching six year high of 108.95 and is on course for 110 handle. Meanwhile, AUD/USD staying soft below 0.9 handle. On the other hand, the greenback is struggling to extend gain against European majors. In particular GBP/USD recovers as the Scottish independence referendum started today and the would likely be result next morning. Economic data released from US saw initial jobless claims dropped to 280k in the weekended September 13. Housing starts dropped to 0.96m in August while building permits dropped to 1.00m. Canada international securities transactions rose to CAD 5.3b in July. Elsewhere, CBI trends total orders -4 in September, retail sales rose 0.4% mom in August. Swiss trade surplus narrowed to CHF 1.39b in August. New Zealand GDP rose more than expected by 0.7% qoq in Q2. Japan trade deficit narrowed to JPY -0.92T in August. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 107.49; (P) 107.94; (R1) 108.78; More... USD/JPY reaches as high as 108.95 so far today and intraday bias remains on the upside. Current rally should now extend to 100% projection of 96.56 to 105.43 from 101.08 at 109.95 next. Break there will pave the way to long term fibonacci level at 111.62. On the downside, break of 106.80 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar rose briefly to 108.96 but has retreated after faltering below 109.00 level, offers are still noted at 108.95-00, 109.15-25 and 109.40-50. On the downside, bids remain at 108.50, 108.25-35 and 108.00, more buy orders are located at 107.85, 107.50 and 107.25-35, mixture of bids and stops is tipped at 107.00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Wrap-up: USD/JPY - Buy at 108.00As the greenback has eased after intra-day brief rise to 108.96, suggesting minor consolidation below there would be seen and pullback to the Kijun-Sen (now at 108.13) cannot be ruled out, however, reckon 107.90-00 would limit downside and bring another rise later, above 109.00 would extend gain to 109.15-20 (61.8% projection of 103.56-107.39 measuring from 106.81), however, near term overbought condition should prevent sharp move beyond 109.50 Trade Idea: EUR/GBP - Sell at 0.7915As euro's decline from 0.8066 has gathered momentum and broke below previous support at 0.7874, confirming our view that early decline has resumed and further weakness to 0.7850, then towards 0.7810-15 (50% projection of 0.8400-0.7959 measuring from 0.8034) would be seen, however, near term oversold condition should prevent sharp fall below 0.7800, risk from there is seen for a rebound 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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