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Mid-Day Report: Forex Markets Steady, Heavy Weight Events in Coming Asian SessionThe forex markets are generally staying in tight range today even though some extra weakness is seen in Aussie and Kiwi. Traders are cautious ahead of a bunch of key economic data from US to be released later this week. That include ISM indices as well as non-farm payroll. Dollar was supported by slightly more hawkish than expected but there is no follow through buying so far. There are talks that Fed will stand pat in September even in case of strong data this week as it needs more time to assess the development of recent market turmoils. Nonetheless, the August job data would still be crucial for Fed to decide whether to hike in October. | |
Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5341; (P) 1.5391; (R1) 1.5449; More... With 1.5508 minor resistance intact, further decline is expected in GBP/USD. Recent development suggests that corrective pattern from 1.5329 has completed with three waves up to 1.5817. Break of 1.5329 support will resume the fall from 1.5929 and target 100% projection of 1.5929 to 1.5329 from 1.5817 at 1.5217. Break will target 161.8% projection at 1.4846. On the upside, above 1.5508 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 1.5817 resistance holds. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly and further consolidation is in store, buy orders are still noted at 1.1180 and 1.1160 with stops placed below 1.1150, buying interest is tipped further out at 1.1100-10 (stops below barrier at 1.1100). On the upside, offers are now seen at 1.1260-65 and 1.1280, more sell orders are reported at 1.1300-10, 1.1325 and 1.1360 (sizeable), selling interest should emerge around 1.1395-00 (stops above). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD - Buy at 1.5370Although the British pound fell again to as low as 1.5335 on Friday, the subsequent rebound suggests consolidation above this level would be seen and above resistance at 1.5443 would suggests low has possibly been formed there, bring retracement of recent decline to 1.5480-85 (38.2% Fibonacci retracement of 1.5720-1.5335) but reckon resistance at 1.5509 would limit upside, bring another decline Trade Idea Update: EUR/USD - Buy at 1.1190Although the single currency has retreated after faltering below the lower Kumo and minor consolidation would be seen with initial downside risk, as long as Friday's low at 1.1156 holds, prospect of another rebound remains, above 1.1260-65 would bring retracement of last week's selloff to 1.1310 (Friday's high and 38.2% Fibonacci retracement of 1.1562-1.1156), however, reckon 1.1359-64 (50% Fibonacci retracement and another previous resistance) would limit upside Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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