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Mid-Day Report: Dollar Higher after Retail Sales, Euro Shrugged off GDPDollar strengthens in early US session with the help of positive sales data. Headline retail sales rose 0.3% in October, inline with expectation. Ex-auto sales rose 0.3% too but beat expectation of 0.2%. Import prices dropped -1.3% mom in October versus expectation of -1.6% mom. Canadian manufacturing shipments rose 2.1% mom versus expectation of 1.1%. Dollar extends recent rise against Sterling and yen, with GBP/USD reaching 1.5615 and USD/JPY hitting 116.82 so far. The greenback does strength against Euro, Loonie and Aussie but respective pairs are held in recent range. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 114.90; (P) 115.45; (R1) 116.02; More... USD/JPY's rally extends to as high as 116.82 so far and looks getting back some momentum. Intraday bias remains on the upside for 161.8% projection of 101.08 to 110.08 from 105.19 at 119.75 next. On the downside, again, break of 113.85 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped in NY morning on dollar's broad-based rebound in part due to the release of stronger-than-expected US data, bids at 1.24220-30 and 1.2400-05 were filled, mixture of bids and stops at 1.2390-95 is now in focus, however, some buy orders are still noted at 1.2375 and 1.2355-60 with more stops placed below 1.2350. On the upside, offers are lowered to 1.2440-50 and 1.2470-80, more sell orders are reported at 1.2490-05 (stops above 1.2510), 1.2520-25 (stops above 1.2530-35) and 1.2550-55, selling interest is expected at 1.2580 and 1.2600. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Sell at 1.5720As the British pound has remained under pressure after this week's resumption of recent decline, bearishness remains for the selloff from 1.7192 top to extend further weakness to 1.5620-25, however, near term oversold condition should prevent sharp fall below 1.5600, risk from there has increased for a rebound to take place later. Trade Idea Update: USD/JPY - Buy at 115.85As the greenback has continued to move higher after breaking previous resistance at 116.10, adding credence to our bullish view for recent upmove to extend further gain to 116.80-85, however, near term overbought condition should prevent sharp move beyond 117.00 and reckon 117.13-15 (100% projection of 113.86-116.10 measuring from 114.89) would hold on first testing, risk from there has increased for a retreat to take place later. 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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