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Mid-Day Report: Dollar Firm, Extending Rally Against Commodity CurrenciesThe financial markets are relatively steady today. FTSE is fluctuating between gain and loss for the moment while DAX and CAD are mildly lower. US futures also point to a flat open. Dollar continues to be the biggest winner this week as Euro and Sterling remain generally pressured. Nonetheless, there seems to be new wave of selling in commodity currencies in early US session. Both the Australian dollar and Canadian dollar weaken considerably against the greenback. Meanwhile, the Japanese yen is rather directionless at the time of writing. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6056; (P) 1.6144; (R1) 1.6191; More... Intraday bias in GBP/USD remains on the downside as recent decline from 1.7190 continues. Current fall should target 50% retracement of 1.4813 to 1.7190 at 1.6002. Break will target 61.8% retracement at 1.5721. On the upside, above 1.6233 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited by 1.6534/6643 resistance zone and bring fall resumption. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency remained under pressure but buy orders are still noted at 1.2840-60 area and 1.2800 (stops below), more buying interest is tipped at 1.2785, 1.2750 and 1.2725, mixture of bids and stops is located at 1.2700. On the upside, offers are seen at 1.2910, 1.2930 and 1.2950, more sell orders are expected at 1.2970-80 and 1.3000 (stops above), selling interest is likely to emerge around 1.3035 and 1.3050-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD - Sell at 1.6230As the British pound dropped again earlier after brief recovery, suggesting recent decline is still in progress and further weakness to 1.6065 (1.5 times projection of 1.6466-1.6283 measuring from 1.6340) and then 1.6040-45 (1.618 times projection) would be seen, however, oversold condition should limit downside to psychological support at 1.6000, risk from there is seen for a corrective rebound to take place later. Trade Idea Update: USD/JPY - Buy at 105.40 or sell at 106.80As the greenback has continued to move higher after yesterday's rally above 105.71, suggesting recent upmove is still in progress and may extend further gain to 106.30-35 (100% projection of 101.51-104.28 measuring from 103.56), then 106.50-55, however, loss of near term upward momentum should prevent sharp move beyond 106.80-85 (100% projection of 103.56-105.71 measuring from 104.69) and bring retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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