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Mid-Day Report: Dollar Pared Gains as ADP MissedDollar pared back some gains in early US session after weaker than expected employment data as well as comment from a Fed official. The ADP reported showed 185k growth in private sector jobs in July versus consensus of 210k. Prior month's data was also revised lower from 237k to 229k. Also released, US trade deficit came in larger than expected at USD -43.84b in June. Canada trade deficit narrowed to CAD -0.48b in June. | |
Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5535; (P) 1.5584; (R1) 1.5611; More... GBP/USD recovers after brief dip but it's staying in range of 1.5465/5689. Intraday bias remains neutral for the moment. Outlook is unchanged that another rise is mildly in favor 1.5465 minor support holds. Above 1.5689 will target 1.5929 resistance and break will extend the larger rise to 61.8% retracement of 1.7190 to 1.4565 at 1.6187. On the downside, below 1.54654 minor support will turn focus back to 1.5169 support instead. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Euro found support at 1.0848 and has staged a strong rebound in US morning, offers at 1.0885, 1.0900 and 1.0930 were filled but sell orders are still noted at 1.0950, 1.0980 and 1.1000, selling interest should emerge around 1.1020, 1.1050 and 1.1065, sellers are awaiting at 1.1080-85 and 1.1100. On the downside, bids are now seen at 1.0875-80, 1.0840-45 and 1.0820-25, buying interest is tipped at 1.0800, 1.0780 and 1.0750 barrier, mixture of bids and stops is located at 1.0700. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF - Buy at 0.9730As the greenback has surged again after finding renewed buying interest at 0.9668 yesterday and broke above previous resistance at 0.9719, adding credence to our view that recent upmove is still in progress and further gain to 0.9820-25 (100% projection of 0.9549-0.9705 measuring from 0.9668) would be seen, however, near term overbought condition should prevent sharp move beyond 0.9860-65 Trade Idea Update: USD/JPY - Stand asideAs the greenback has rebounded after finding support at 123.80 yesterday, suggesting a retest of last week's high at 124.58 would be seen, however, break there is needed too confirm recent upmove has resumed and extend gain to 124.80, then test of psychological 125.00 but loss of near term upward momentum would prevent sharp move beyond latter level Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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