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Daily Report: Dollar Steady as Important Data and Yellen AwaitedUS equities closed mildly higher after initial selloff overnight. S&P 500 indeed reached as low as 1871.91, inch above key near term support level of August low of 1867.01. Dollar, on the other hand, is struggling in tight range. The dollar index, while a bit softer this week, is still holding above near term support of 95.48 and another rise is mildly in favor. Some more volatility could be seen in the forex markets as a number of key economic data from US will be released starting today. That includes ADP employment today, ISM manufacturing tomorrow and non-farm payroll on Friday. Also, Fed chair Janet Yellen's speech today will be closely watched. | |
Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.3375; (P) 1.3416; (R1) 1.3460; More... USD/CAD rises to 1.3456 so far and intraday bias remains on the upside for next long term retracement level at 1.3469. Break there will target 61.8% projection of 1.2127 to 1.3353 from 1.3011 at 1.3768. On the downside, below 1.3290 minor support will turn bias neutral first. But outlook will stay bullish as long as 1.3011 support holds. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency met resistance at 1.1282 and has retreated, offers are still noted at 1.1280, 1.1300 and 1.1325-30, selling interest is tipped at 1.1350, 1.1380-85 and 1.1400, sellers are awaiting at 1.1420 and 1.1450. On the downside, bids are seen at 1.1195 and 1.1180, buy orders are expected at 1.1150, 1.1125-35 and 1.1100, buying interest should emerge around 1.1085, 1.1065 and 1.1050, fresh demand is located at 1.1030 and 1.1000. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Hold long entered at 0.7320The single currency rose again after finding renewed buying interest at 0.7336 yesterday, adding credence to our bullishness for the rise from 0.6936 low (wave v trough) to extend further gain to 0.7450-55 and later towards 0.7490-00 which is likely to hold from here due to near term overbought condition. Trade Idea: USD/CAD - Buy at 1.3250As the greenback has risen again after brief pullback, suggesting recent upmove is still in progress and may extend further gain to 1.3450 and then towards 1.3490-00, however, near term overbought condition should prevent sharp move beyond 1.3620-30 (50% projection of 1.2128-1.3354 measuring from 1.3013), risk from there is seen for a correction to take place later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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