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Daily Report: Dollar Retreated after Weak Data, ECB to Provide Details on ABS PurchasesDollar retreated broadly overnight after weaker than expected manufacturing data. The ISM manufacturing index dropped to 56.6 in September versus expectation of 58.5. It should also be noted that the employment component dropped rather sharply from 58.1 to 54.6. The ADP employment report was solid though, showing 213k growth in private sector jobs in September versus expectation of 204k. The greenback will need look into the non-farm payroll report to be released tomorrow for the inspiration for further rally. Before that, dollar would likely stay soft in consolidations. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8685; (P) 0.8717; (R1) 0.8771; More... AUD/USD's rebound suggests that a short term bottom is formed at 0.8862, just ahead of 0.8659 key support level, on bullish convergence condition in 4 hours MACD. Intraday bias is mildly on the upside for recovery. But upside should be limited by 0.8983 cluster resistance (38.2% retracement of 0.9504 to 0.8662 at 0.8984) and bring fall resumption. Sustained break of 0.8659 will confirm resumption of the medium term decline from 1.1079. In that case, AUD/USD would target next long term fibonacci level at 0.8544. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency recovered after holding above yesterday's low at 1.2571 but offers are still noted at 1.2640-50, 1.2665 and 1.2680-85, sizeable sell orders are reported at 1.2700-10, 1.2725-35 and 1.2750-60 (stops above 1.2765), selling interest is expected at 1.2785 and 1.2800. On the downside, bids are now seen at 1.2570-85 area and in good size at 1.2540-50 (more stops below), some buy orders are tipped at 1.2520-25, followed by mixture of bids and stops at 1.2500. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Wrap-up: GBP/USD - Sell at 1.6285As cable has recovered after intra-day marginal fall to 1.6162, suggesting minor consolidation above this level would be seen and corrective bounce to the upper Kumo (now at 1.6239) cannot be ruled out, however, reckon resistance at 1.6287 would limit upside and bring another decline. A break of said support at 1.6162 would confirm early rebound from 1.6052 has ended at 1.6525, bring subsequent fall to 1.6125-30 and possibly towards 1.6100 Trade Idea Wrap-up: EUR/USD - Sell at 1.2700Euro's near term sideways trading is expected to continue and although corrective bounce to previous support at 1.2664 cannot be ruled out, reckon 1.2697-1.2702 (38.2% Fibonacci retracement of 1.2901-1.2571 and minor resistance) would limit upside and bring another decline later. A break of support at 1.2571 (yesterday's low) would extend recent selloff to 1.2550, then 1.2515-20 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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