| Action Insight Mid-Day Report | Euro Soft after ECB, Dollar Taking a Breath ECB left rates unchanged at 1.00% as widely expected. Trichet said there are signs that contraction in the Eurozone has come to and end and expects a period of stabilization and "very gradual recovery". Also, the recovery could be notably "uneven". Trichet reiterated that the current interest rate level remains "appropriate". Staff projection of growth and inflation were also revised up. GDP is expected to contraction -4.1% in 2009 and grow a 0.2% in 2010, both are half a percent above prior projections released in June. Inflation is expected to be 0.4% in 2009, up from prior forecast of 0.3%. Inflation is expected to by 1.2% in 2010, also up from prior projection of 1.0%. Euro was mildly lower after the release as markets expected a more optimistic tone. Full Report Here... | | Elliott Wave Analysis | AUD/JPY Elliott Wave Analysis Although aussie recovered to 79.85, as the currency pair ran into renewed selling there and has fallen again, we are keeping our view that a temporary top has possibly been formed at 82.00 and further consolidation with mild downside bias is seen for fall towards 75.00/05 (61.8% Fibonacci retracement of 70.76 to 82.00), however, a daily close below there is needed to add credence to this view and bring correction towards 71.90 (38.2% Fibonacci retracement of 55.56 to 82.00) later. Full Report Here... AUD/USD Elliott Wave Analysis The prolonged consolidation suggests a small triangle wave iv is unfolding and as long as support at 0.8156 holds, retest of recent high at 0.8479 is likely, break there would extend upmove to chart resistance at 0.8520, and above there would bring the final leg of the rise towards the projected target at 0.8690 (50% projection of wave (i) – (iii) measuring from wave (iv) trough). Full Report Here... | | Candlesticks & Ichimioku Analysis | EURCHF Candlesticks and Ichimoku Analysis Although the single currency has continued to edge lower and fall towards the Ichimoku cloud bottom (now at 1.5042) cannot be ruled out, downside should be limited the Kijun-Sen (now at 1.5019) and as long as indicated support at 1.5000/06 holds, further consolidation would take place and another rebound is likely. A weekly close above the Tenkan-Sen (now at 1.5236) would bring test of the Ichimoku cloud top (now at 1.5338). Looking ahead, only a weekly close above 1.5383 resistance would confirm an upside break of 1.5006-1.5448 range has taken place and bring further rise to 1.5448, then 1.5600. Full Report Here... USDCAD Candlesticks and Ichimoku Analysis Although the greenback retreated to 1.0718 last week, as the currency pair found good support above recent low at 1.0632, the rebound from there has retained our view that further consolidation above 1.0632 (where a 'hammer' candlestick pattern was formed) and gain towards the Tenkan-Sen (now at 1.1179) is likely. However, a weekly close above this line is needed to confirm a temporary low has been formed there and bring correction of recent decline to the Ichimoku cloud bottom (now locating at 1.1408), break there would encourage for retracement of the entire fall from 1.3066 towards 1.1562 (38.2% Fibonacci retracement of 1.3066 to 1.0632). Full Report Here... | | Featured Technical Report | Market Highlights | EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.4205; (P) 1.4249; (R1) 1.4309; More Intraday outlook in EUR/USD remains neutral for the moment as the pair is still engaging in choppy sideway trading. On the downside, note that a break of 1.4177 support will reaffirm the case that rebound from 1.4045 has completed at 1.4405 already. In such case, intraday bias will be flipped back to the downside for 1.4045 low next. On the upside, above 1.4405 will bring rally resumption to 1.4446 and above. But we'd expect loss of momentum even in case of another rise and up side should be limited by upper trend line resistance at 1.4494 and bring reversal. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | NZDJPY | 62.91 | 62.00 | +91 | +1.45% | | AUDJPY | 77.74 | 76.85 | +89 | +1.14% | | NZDUSD | 0.6797 | 0.6724 | +73 | +1.07% | | GBPJPY | 151.31 | 150.02 | +129 | +0.85% | | AUDUSD | 0.8398 | 0.8336 | +62 | +0.74% | Last Updated: Sep 03, 13:30 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Sep 03, 13:30 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 01:30 | AUD | Trade Balance (AUD) Jul | -1560M | -880M | -441M | -540M | | 07:55 | EUR | German PMI Services Aug F | 53.8 | 54.1 | 54.1 | | | 08:00 | EUR | Eurozone PMI Services Aug F | 49.9 | 49.5 | 49.5 | | | 08:30 | GBP | PMI Services Aug | 54.1 | 53.9 | 53.2 | | | 09:00 | EUR | Eurozone Retail Sales M/M Jul | -0.20% | 0.20% | -0.20% | 0.00% | | 09:00 | EUR | Eurozone Retail Sales Y/Y Jul | -1.80% | -2.20% | -2.40% | -2.00% | | 11:45 | EUR | ECB Rate Decision | 1.00% | 1.00% | 1.00% | | | 12:30 | EUR | ECB Press Conference | | | | | | 12:30 | USD | Initial Jobless Claims | 570K | 560K | 570K | 574K | | 14:00 | USD | ISM Non-Manufacturing Composite | 48.4 | 48 | 46.4 | | | 14:30 | USD | Natural Gas Storage | | 67B | 54B | | | | Suggested Readings | Fundamental Highlights Technical Highlights | | | Forex Brokers | | | Sponsors | 
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