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Mid-Day Report: Yen Pare Gains as Sentiments StabilizedYen pares back some gains as European indices strengthens despite weakness in Asia. US futures also point to a mildly higher open. Sterling is among the weakest major currencies as it's catching up with the weakness of other European majors. Aussie and Kiwi also pared back some losses as risk sentiment stabilized. Canadian is relatively steady as crude oil stays in tight range around 46.6. The Loonie is not bothered by the weaker than expected data. Canadian retail sales rose 0.5% in July, inline with consensus. But ex-auto sales was flat comparing to expectation of 0.4% growth. | |
Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 119.68; (P) 120.14; (R1) 120.59; More... USD/JPY is staying in range of 118.58/121.62 and intraday bias 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 recovered on cross-buying in euro, offers at 1.1160 were filled but sell orders are still noted at 1.1185 and 1.1200, sellers are reported at 1.1225 and 1.1245, selling interest is tipped at 1.1275 and 1.1300. On the downside, bids are seen at 1.1105-15 (stops below) and 1.1085, buy orders are expected at 1.1065 and 1.1050, buying interest should emerge around 1.1030 and 1.1000. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Buy at 0.9685As the greenback has continued to move higher after brief pullback and broke above indicated resistance at 0.9764, adding credence to our view that correction from 0.9824 has ended at 0.9528 late last week and bullishness remains for further gain to previous resistance at 0.9797, however, break there is needed to provide confirmation that early upmove has resumed for retest of 0.9824 Trade Idea Update: EUR/USD - Hold long entered at 1.1105The single currency rebounded after holding above support at 1.1105 and as long as this level holds, consolidation with mild upside bias is seen for recovery to yesterday's high at 1.1208 but break there is needed to signal low has been formed, bring retracement of recent selloff to 1.1230 but price should falter well below previous support at 1.1269, bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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