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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Market Rebound Continues, Dollar FirmStock markets are generally higher today following recovery in sentiments. DJIA is trading up over 200 pts in initial trading. Dollar is also supported by better than expected economic data. Q2 GDP growth was revised higher to 3.7%, up fro 2.3% and better than expectation of 3.2%. GDP price index was also revised up to 2.1%. Meanwhile, initial jobless claims dropped 6k to 271k in the week ended August 22. The four week moving average rose slightly from 271.5k to 272.5k. Continuing claims rose 13k to 2.27m in the weekended August 15. While the greenback is so far quite strong as sentiments stabilized, it will face the test of the annual Jackson Hole symposium. And, Fed vice chair Stanley Fischer might finally give a tip on whether Fed will hike interest rate in September. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.1216; (P) 1.1388 (R1) 1.1486; More.... EUR/USD's fall from 1.1713 extends lower today and the deeper than expected fall is starting to argue for a case of reversal. Focus is back on 1.1016 support decisive break there will argue that whole rebound from 1.0461 has completed and will turn outlook bearish for this low. Meanwhile, above 1.1363 minor resistance will turn bias back to the upside for 1.1713 and possibly above. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has fallen again after brief recovery to 1.1364, bids at 1.1300, 1.1280-85, 1.1265, 1.1250 and 1.1230 were filled but buy orders are reported at 1.1225 and 1.1200, buying interest is tipped at 1.1185 and 1.1150. On the upside, offers are lowered to 1.1275-80 and 1.1300-05, more sell orders are expected at 1.1360-65, 1.1380 and 1.1400, selling interest should emerge around 1.1425 and 1.1450. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD - Sell at 1.1360As the single currency has fallen again after brief recovery to 1.1364, adding credence to our bearish view that decline from 1.1714 top is still in progress and may extend weakness to 1.1225, then towards 1.1200 but reckon 1.1169-79 (1.236 times projection of 1.1714-1.1396 measuring from 1.1562 and 61.8% Fibonacci retracement of 1.0848-1.1714) would hold from here Trade Idea Update: USD/CHF - Buy at 0.9500As the greenback has maintained a firm undertone after yesterday's rally to 0.9553, suggesting near term upside risk remains for the rebound from this week's low at 0.9259 to extend further gain to 0.9600, then towards 0.9630-35 (100% projection of 0.9259-0.9506 measuring from 0.9384), however, loss of near term upward momentum should prevent sharp move beyond resistance at 0.9672 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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