| Action Insight Mid-Day Report |
Sentiments Lift as ISM Back above 50, Dollar in Range Markets Sentiments are lifted by better than expected ISM manufacturing index. Stocks open higher and extends early strength with DOW reaches as high as 9557 so far. Crude oil follows by rebound back to above 71 after dipping to as low as 69.53 earlier today. Meanwhile, gold also recovers mildly to above 958. On the other hand, dollar and yen are generally lower following the release even though they both bounded in range against major currencies. Full Report Here... |
| Special Report |
GBP/USD Elliott Wave Analysis The British pound met renewed selling interest at 1.6625 and fell again last week to as low as 1.6153 in line with our expectation and we are keeping our bearish count that wave (v) has formed a top at 1.7044. However, the recovery from 1.6153 suggests consolidation would be seen but upside should be limited to 1.6500 and resistance at 1.6625 should hold, bring another decline. Below said support would extend the decline from 1.7044 to 1.6000, however, a daily close below 1.5983 support is needed to add credence to our view and bring stronger correction towards 1.5802 support and then 1.5690 (38.2% Fibonacci retracement of entire rise from 1.3500 to 1.7044).limited Full Report Here... GBP/JPY Elliott Wave Analysis The British pound has continued to move lower last week as expected (our indicated downside target at 152.96 has been met), suggesting the second c leg of the wave 4 from 118.87 has possibly ended at 163.00 earlier and consolidation with downside bias remains for further decline, a daily close below 150.00/10 would add credence to our bearish count and bring test of 146.75 support later. Full Report Here... |
| Candlesticks & Ichimioku Analysis |
GBPUSD Candlesticks and Ichimoku Analysis As the British pound continued to move lower last week to 1.6153, retaining our view that a temporary top has been formed at 1.7044 (where a shooting star candlestick pattern was formed) and further consolidation below there would take place with downside bias for correction of recent upmove towards1.5983 support and later 1.5721 (50% Fibonacci retracement of 1.4398 to 1.7044). Having said that, price should stay well above the Kijun-Sen (now at 1.5349) and stage a strong rebound from there later this month. Full Report Here... USDCHF Candlesticks and Ichimoku Analysis Last week's anticipated resumption of decline suggests the fall from 1.1967 is still in progress and weakness to indicated downside target at 1.0436-51 (1.618 times projection of 1.1967-1.1160 measuring from 1.1742 and 50% projection of 1.1742-1.0592 measuring from 1.1026 respectively) is under way. However, it is necessary to see a drop below chart support at 1.0370 to signal the entire decline from 1.2298 has resumed towards 1.0100 but the greenback shall stay well above the psychological support at 1.0000. Full Report Here... |
| Featured Technical Report | Market Highlights |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6201; (P) 1.6265; (R1) 1.6350; More Intraday outlook in GBP/USD remains neutral as consolidation from 1.6152 continues. Nevertheless, it should be near to completion. Break of 1.6152 will bring resumption of fall from 1.7043 and should target 1.5983 key support next. On the upside, while another rise cannot be ruled out, recovery should be limited below 1.6622 resistance and bring fall resumption finally. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | AUDUSD | 0.8392 | 0.8436 | -44 | -0.52% | | AUDJPY | 78.16 | 78.54 | -38 | -0.49% | | EURAUD | 1.7060 | 1.6985 | +75 | +0.44% | | AUDCAD | 0.9188 | 0.9225 | -37 | -0.40% | | GBPCHF | 1.7184 | 1.7245 | -61 | -0.35% | Last Updated: Sep 01, 13:50 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Sep 01, 13:50 GMT |
| Economic Indicators Update |
| GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 04:30 | AUD | RBA Interest Rate Decision | 3.00% | 3.00% | 3.00% | | | 05:45 | CHF | GDP Q/Q Q2 | -0.30% | -0.90% | -0.80% | -0.90% | | 05:45 | CHF | GDP Y/Y Q2 | -2.00% | -3.00% | -2.40% | | | 06:00 | EUR | German Retail Sales M/M Jul | 0.70% | 0.70% | -1.80% | -1.30% | | 07:30 | CHF | SVME-PMI Aug | 50.2 | 47.1 | 44.3 | | | 07:55 | EUR | German PMI Manufacturing Aug F | 49.2 | 49 | 49 | | | 07:55 | EUR | German Unemployment Change Aug | -1K | 30K | -6K | -5K | | 07:55 | EUR | German Unemployment Rate Aug | 8.30% | 8.40% | 8.30% | | | 08:00 | EUR | Eurozone PMI Manufacturing Aug F | 48.2 | 47.9 | 47.9 | | | 08:30 | GBP | PMI Manufacturing Aug | 49.7 | 51.5 | 50.8 | 50.2 | | 09:00 | EUR | Eurozone Unemployment Rate Jul | 9.50% | 9.50% | 9.40% | | | 14:00 | USD | ISM Manufacturing Aug | 52.9 | 50.1 | 48.9 | | | 14:00 | USD | ISM Prices Paid Aug | 65 | 57 | 55 | | | 14:00 | USD | Pending Home Sales M/M Jul | 3.20% | 1.60% | 3.60% | | | 14:00 | USD | Construction Spending M/M Jul | -0.20% | -0.20% | 0.30% | 0.10% | |
| Suggested Readings |
Fundamental Highlights Technical Highlights |
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