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Mid-Day Report: Dollar Recovery Supported by Steady Inflation Data, Sterling Lower after BoE MinutesDollar recovers generally against European majors today and is extending gain in early US session. But there is no clear sign that recent consolidation has finished and we'd yet see more corrective range trading ahead. Though, the steady inflation data is providing the greenback with some support. Headline CPI was unchanged at 1.7% yoy in September versus expectation of 1.6% yoy. Core CPI was unchanged at 1.7% yoy too but miss expected to 1.8% yoy. Canada retail sales data was weak with headline sales dropped -0.3% in August while ex-auto sales dropped -0.3% too. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6085; (P) 1.6135; (R1) 1.6160; More... GBP/USD's recovery was limited at 1.6184 and weakened today. Intraday bias stays neutral as we could see consolidation from 1.5876 extends further sideway. But in any case, as long as 1.6226 resistance holds, further fall is still expected. Below 1.5876 will extend the decline from 1.7190 and to 61.8% retracement of 1.4813 to 1.7190 at 1.5721 next. Break will target 100% projections of 1.7190 to 1.6051 from 1.6523 at 1.5384. However, break of 1.6226 will bring stronger rebound back towards 1.6523 resistance instead. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has fallen again after brief recovery, bids at 1.2675-80 were filled, however, buy orders are located at 1.2650, buying interest should emerge around 1.2630-40 (stops below 1.2620) and further out at 1.2600-10. On the upside, offers are lowered 1.2700, 1.2730 and 1.2740-50, more sell orders are tipped at 1.2770, 1.2785-00 area and 1.2815-20, mixture of offers and stops is seen at 1.2850. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/JPY - Hold long entered at 106.40As the greenback has staged a rebound after finding support at 106.25 yesterday, retaining our bullishness and consolidation with upside bias remains for gain to 107.39, then towards previous resistance at 107.50, however, only break of this resistance would add credence to our view, bring at least a retracement of recent decline to 107.85-90 but reckon resistance at 108.18 would hold from here. Trade Idea: AUD/USD - Sell at 0.8845Aussie is expected to remain confined within recent established range and although recovery to 0.8835-45 cannot be ruled out, reckon resistance at 0.8860 would limit upside and bring another decline towards indicated support at 0.8686. Below last week's low at 0.8652 would bring a retest of said support at 0.8643 (wave iii trough), however, break there is needed to confirm recent decline has resumed and extend weakness in wave v to 0.8600 and possibly 0.8550 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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