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Mid-Day Report: Dollar Maintains Gain as GDP Beat ExpectationsDollar maintains the post FOMC gain and stays firm in early US session after better than expected growth data. Q3 GDP growth slowed to 3.5% annualized, above expectation of 2.9%. It should be noted that the 4.6% growth back in Q2 was mainly due to rebound from adverse weather back in Q1. Hence, while Q3's growth slowed, it's indeed a rather solid figure. And, combining Q2 and Q3's number, the total was the strongest six month period since 2003. GDP price index, nonetheless, slowed more than expected to 1.3%. Initial jobless claims rose 3k to 287k in October 25 versus expectation of 277k. The four-week moving average dropped to 281k, the lowest level since May 2000. Continuing claims rose 29k to 2.38m in the week ended October 18. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 108.24; (P) 108.60; (R1) 109.25; More... USD/JPY reaches as high as 109.34 so far and intraday bias remains on the upside. Rebound from 105.19 would target a test on 110.08 first. Break will extend the larger up trend to next long term fibonacci level at 111.62. On the downside, break of 107.60 support will argue that rebound from 105.19 has completed and will bring another fall to extend the consolidation from 110.08. In that case, we'd look for reversal around 61.8% retracement of 101.08 to 110.08 at 104.51. |
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US Session: Orders and Options WatchEUR: The single currency bounced off low of 1.2547 in NY morning in part due to the release of US GDP data, offers at 1.2600-20 were filled but sell orders in good size are still noted at 1.2640-50, more selling interest is tipped at 1.2670-80 and 1.2700-10. On the downside, some bids are seen at 1.2570-80 and in good size at 1.2540-50 as well as 1.2520-25, mixture of bids and stops is located at 1.2490-00 but fresh demand should emerge further out at 1.2470 and 1.2450. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Sell at 1.6060The British pound also recovered after intra-day brief fall to 1.5951, suggesting minor consolidation would be seen and corrective bounce to 1.6032 (38.2% Fibonacci retracement of 1.6162-1.5951) cannot be ruled out, however, reckon 1.6056 -57 (50% Fibonacci retracement and current level of the Kijun-Sen) would limit upside and bring another decline. A break of 1.5941-51 (previous support, 1.236 times projection of 1.6184-1.5995 measuring from 1.6183 and said intra-day support) would add credence to our view that rebound from 1.5875 low has ended Trade Idea Update: EUR/USD - Sell at 1.2660Although the single currency fell briefly to 1.2547, lack of follow through selling on break of intra-day support and current rebound in NY opening after GDP data suggest consolidation above this level would be seen and recovery towards 1.2659-66 (current level of the Kijun-Sen and previous support) cannot be ruled out, however, renewed selling interest should emerge there and bring another decline later. A break of said support would extend weakness to towards support at 1.2501. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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