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Daily Report: Dollar Range Bound as Non-Far Payroll AwaitedDollar continues to stay in tight range against most major currencies as traders await employment report from US. Non-farm payroll is expected to show 200k growth in September. Unemployment rate is expected to be unchanged at 5.1% while average hourly earnings are expected to rise 0.2% mom. The pre-NFP job data were solid but unspectacular. ADP report showed decent growth of 200k in private sector jobs in August, up from prior month's 186k. Employment component of ISM manufacturing dropped to 50.5 from 51.2, hitting the lowest level since April. The four week moving average of initial jobless claims was relatively unchanged, down fro 275k to 271k. Continuing claims dropped slightly from 2.26m to 2.19m. Conference board consumer confidence, on the other hand, jumped to 103.0, highest since January. Today's NFP would likely show solid data and pave another step for Fed's rate hike in December. | |
Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.6990; (P) 0.7037; (R1) 0.7077; More... Intraday bias in AUD/USD remains neutral for the moment. Consolidation from 0.6905 could extend with another rise. Above 0.7095 will target 0.7278 resistance and above. But in that case, strong resistance should be seen at 38.2% retracement of 0.8161 to 0.6905 at 0.7385 to complete the consolidation. On the downside, firm break of 0.6905 will bring down trend resumption. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has rebounded in part due to soft US data, offers at 1.1170, 1.1185 and 1.1200 were filled but sell orders are still noted at 1.1220, 1.1245 and 1.1260, selling interest should emerge around 1.1280 and 1.1300. On the downside, bids are now seen at 1.1155-65, 1.1135 and 1.1120, buying interest is tipped at 1.1100-05, 1.1085 (stops below) and 1.1065, fresh demand is located at 1.1050, 1.1030 and 1.1000. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Stopped profit and stand asideAlthough the single currency has rebounded after finding support at 0.7356 and gain to 0.7415-20 cannot be ruled out, break of this week's high at 0.7437 is needed to signal recent rise from 0.6936 low (wave v trough) has resumed and extend upmove to 0.7450-55 and later towards 0.7490-00, however, loss of upward momentum should prevent sharp move beyond latter level. Trade Idea: USD/CAD - Exit long entered at 1.3250As the retreat from 1.3457 (this week's high) has gathered momentum, suggesting further consolidation below this level would be seen and near term downside risk is seen for retracement of recent upmove, hence weakness to 1.3200 and possibly 1.3175-80 cannot be ruled out, however, break there is needed to signal a temporary top has been formed at 1.3457, bring a stronger correction towards 1.3140 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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