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Mid-Day Report: CAD Rises on Core CPI, GBP Pared GainsCanadian dollar strengthen is early US session after stronger than expected inflation data. headline CPI was unchanged at 2.10%, inline with consensus. Nonetheless, BoC CPI core accelerated to 2.1% yoy versus consensus of 1.8% yoy. Also released from Canada, wholesales sales dropped -0.3% mom in July. Released earlier today, Eurozone current account surplus widened to EUR 18.7b in July. German PPI was unchanged at -0.8% yoy in August. Japan all industry index dropped -0.2% mom in July. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6287; (P) 1.6348; (R1) 1.6450; More... GBP/USD reached as high as 1.6523 earlier today but retreated sharply since then. At this point, outlook in GBP/USD remains unchanged. Main focus is on 1.6643 cluster resistance zone, 50% retracement of 1.7190 to 1.6051 at 1.6621. As long as this resistance zone holds, we'd still expect fall from 1.7190 to resume later. Below 1.6243 minor support will turn bias back to the downside for retesting 1.6051 support first. However, sustained break of 1.6621/43 will indicate that fall from 1.7190 is finished and will turn near term outlook bullish for retesting this resistance. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound reversed intra-day initial rise and dropped quite sharply in London as traders booked profit on their longs after Scottish "No" vote result, bids at 1.6350-55 and stops below there were tripped, however, buy orders are tipped at 1.6320 and 1.6295-00, buying interest is expected at 1.6265, 1.6240-50 and 1.6225. On the upside, offers are lowered to 1.6400, 1.6425-30 and 1.6450, more sell orders are seen at 1.6470-75 and in good size at 1.6525-35, selling interest is located at 1.6550 and 1.6575-85. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF - Sell at 0.9400Although the greenback has recovered after finding support at 0.9332, yesterday's sharp retreat from 0.9433 suggests top is possibly formed there and upside should be limited to 0.9399 (minor resistance and current level of the upper Kumo), bring another fall, below 0.9320-25 would add credence to this view, bring test of support at 0.9300, however, break of previous support at 0.9287 is needed to provide confirmation Trade Idea Update: USD/JPY - Buy at 108.30As the greenback has retreated after rising to 109.46, suggesting consolidation below this level would be seen and pullback to 108.50 cannot be ruled out, however, reckon the Ichimoku cloud top (now at 108.35) would limit downside and bring another rise to 109.46-50 (said resistance and 100% projection of 104.69-107.39 measuring from 106.81), break there would extend gain to 109.75-80 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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