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Mid-Day Report: Dollar Steady after GDP Revision, Sterling TumblesDollar is steady in early US session after release of a batch of positive economic data. Q3 GDP growth was revised up to 2.1% qoq, comparing to expectation of 1.9% and initial estimate of 1.5%. Price index rose 1.3% versus expectation of being unrevised at 1.2%. Trade deficit was relatively unchanged at USD -58.4b in October versus expectation of USD -61.8b. Euro is also steady after better than expected German Ifo. Meanwhile, Sterling was weighed down by comments of BoE chief economist. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5144; (P) 1.5226; (R1) 1.5271; More... GBP/USD drops sharply today and intraday bias remains on the downside for 1.5026 support first. Break will extend the whole fall from 1.5929 and would target 1.4565 low. Above 1.5189 minor resistance will turn bias neutral and bring consolidations. But near term outlook will stay bearish as long as 1.5335 resistance holds. |
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European Session: Orders and Options WatchEUR: Euro has rebounded in European morning, offers at 1.0650-55 were filled but sell orders are still noted at 1.0680-85, 1.0700 and 1.0720-25, selling interest is tipped at 1.0745, 1.0760 and 1.0780-85, mixture of offers and stops is located at 1.0800. On the downside, bids are now seen at 1.0615-25 and 1.0600, buy orders are expected at 1.0580-85 and 1.0550, buying interest should emerge around 1.0525-30 and 1.0500. Option expires today include: 1.0600 (large), 1.0650 and 1.0700. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: AUD/USD - Buy at 0.7140Although aussie has rebounded after finding support at 0.7159, as long as indicated resistance at 0.7250 (Friday's high) holds, risk of another retreat cannot be ruled out, however, still reckon downside would be limited to 0.7140-45 and price should stay above 0.7110-15 bring another rebound later, above said resistance at 0.7250 would signal the erratic rise from 0.7016 low is still in progress and may extend further gain towards 0.7297 resistance Trade Idea Update: EUR/USD - Sell at 1.0700The single currency has rebounded after marginal fall to 1.0593 yesterday, suggesting consolidation above this level would take place and recovery to 1.0675-80 (50% Fibonacci retracement of 1.0763-1.0593) cannot be ruled out, however, reckon 1.0700-05 would limit upside and bring another decline later, break of said support at 1.0593 would extend recent decline to 1.0580-85 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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