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Mid-Day Report: Dollar Stays Soft as US Launched Airstrikes in SyriaDollar is generally lower today on news that US and five Arab allies launched the first wave of airstrikes in Syria. The US Central Command said in a statement that 141 Islamic State targets were hit and were destroyed or damaged while the aircrafts exited the strike areas safely. Nonetheless loss in the greenback is so far limited with EUR/USD struggling to grad 1.29 handle. USD/JPY is trading around 108.50 for the moment and is supported well above 106.80 near term support. Current development suggests that dollar is in consolidative mode rather than reversing. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 108.58; (P) 108.89; (R1) 109.11; More... USD/JPY's retreat from 109.45 temporary top extends lower today. Intraday bias remains neutral first. We'd expect downside of retreat to be contained by 106.80 support and bring another rally. Above 109.45 will extend the larger rise 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. Meanwhile, break of 106.80 will indicate short term topping and bring lengthier consolidations before staging another rally. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency ran into heavy offers just above 1.2900 level and has retreated in NY morning, however, bids are still noted at 1.2840, 1.2825-35 and 1.2800, more buy orders are seen at 1.2785, 1.2750 (stops below) and 1.2725, mixture of bids and stops is expected at 1.2700. On the upside, offers are seen at 1.2890-00 and 1.2925-30, selling interest should emerge around 1.2950, 1.2975-85 and 1.3000, more offers are tipped further out at 1.3025 (stops above), 1.3035 and 1.3050-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Sell at 1.6435Although the British pound slipped initially in London morning to 1.6303, as cable found good support there and has staged a strong rebound, retaining our view that near term upside risk remains for another corrective bounce but upside should be limited to 1.6430-35 (61.8% Fibonacci retracement of 1.6525-1.6284) and bring another decline later. A break of said support at 1.6303 would bring test of support at 1.6284 Trade Idea Update: USD/JPY - Buy at 108.15Dollar's intra-day fall to 108.25 suggests near term downside risk remains for the retreat from 109.46 (last week's high) to bring retracement of recent upmove to 108.10-15 (50% Fibonacci retracement of 106.81-109.46) before prospect of another rebound, above 108.85-90 would bring test of resistance at 109.19 but break there is needed to signal pullback from 109.46 has ended and bring retest of this level, above there would confirm upmove has resumed for headway 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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