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Mid-Day Report: Forex Market Steady Despite Busy Data FlowThe forex markets are generally steady today with mild strength in yen against European majors. A bunch of economic data are released in US session but reactions are muted. US headline retail sales rose 0.2% in August and missed expectation of 0.4%. Ex-auto sales rose 0.1% versus expectation of 0.3%. Empire state manufacturing index rose slightly to -14.7 but was much worse than consensus of 0.5. Industrial production dropped -0.4% in August versus expectation of -0.2%. Traders will likely continue to stay cautious ahead of FOMC rate decision later in the week. | |
Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 119.76; (P) 120.30; (R1) 120.75; More... Intraday bias in USD/JPY remains neutral for the moment. On the upside, break of 121.62 will extend the rebound from 116.13 and target 125.27/85 resistance zone. We'd cautious on strong resistance from there to bring reversal. On the downside, break of 118.58 will turn focus back to 116.13 support instead. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to trade in familiar range, offers are still noted at 1.1330, 1.1355-60 and 1.1375, sell orders are expected at 1.1390-00 and 1.1420, mixture of offers and stops is located at 1.1450. On the downside, bids are seen at 1.1285 and 1.1265-70, buying interest is tipped at 1.1250, 1.1225 and 1.1200. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD - Buy at 1.5340As cable has retreated after meeting resistance at 1.5458, retaining our view that further consolidation below indicated resistance at 1.5476 (last week's high) would take place and another corrective fall to 1.5373 support cannot be ruled out, break there would bring retracement to 1.5355-57 (38.2% Fibonacci retracement of 1.5164-1.5476) but downside would be limited to support at 1.5339 and 1.5320 (50% Fibonacci retracement) should hold, bring rebound later. Trade Idea Update: EUR/USD - Buy at 1.1255The single currency met resistance at 1.1329 and has retreated again, retaining our view that further consolidation below yesterday's high of 1.1373 would be seen and near term downside risk remains for retracement to the lower Kumo (now at 1.1266), however, reckon 1.1250-53 (50% Fibonacci retracement of 1.1132-1.1373) would limit downside and bring another rise later, above 1.1329 would bring retest of said resistance at 1.1373 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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