| Action Insight Mid-Day Report | Dollar and Yen Take a Breath but Further Rally is Still Expected Dollar and yen extend rally together with falling stocks and commodities. The moves started off in Asian as stocks tumbled and continue in European session with broad based weakness in European equities. Crude oil dives further, breaching 66 level while Gold also takes out 940 and is challenging 930. CRB commodity index is also sent lower to as low as 256.34 so far. The rally in dollar and yen takes a breath in early US session after the release of much better than expected Empire State Manufacturing index in US. Nevertheless, note that key near term resistance levels against major currencies are broken and further strength in dollar and yen in general are expected in near term. Full Report Here... | | Elliott Wave Analysis | EUR/USD Elliott Wave Analysis Although the single currency rebounded to as high as 1.4328 last week, the retreat from there adds credence to our preferred count that top has been formed at 1.4448 and another fall to 1.4086 support is likely, however, break of 1.4007 support is needed to confirm this view (as this would remove the possibility of a diagonal triangle wave v) and bring further fall towards 1.3878, then 1.3747. Our preferred count on the daily chart remains that a wave (B) from 1.2329 is unfolding which itself is possibly a triangle with A-leg ended at 1.4720, followed by wave B at 1.2457, the wave C from there is also a 3 legged move and is labeled as (a): 1.3739, (b): 1.2885, the wave iii of the 5-waver (c) from 1.2885 has ended at 1.4339 and wave iv is a triangle ended at 1.3878 and wave v has possibly ended at 1.4448. Full Report Here... USD/JPY Elliott Wave Analysis The stronger-than-expected retreat from 97.79 suggests the wave i of wave C from 91.73 has ended there and wave ii correction is now in progress and whilst fall to 94.01/04 (previous support and 61.8% Fibonacci retracement of wav i from 91.73 to 97.79) cannot be ruled out, reckon support at 93.09 would limit downside and bring another rally later this month. Full Report Here... | | Candlesticks & Ichimioku Analysis | EURUSD Candlesticks and Ichimoku Analysis Despite the 'shooting star' candlestick pattern formed the week before, last week's 'doji' star pattern cannot confirm top formation at 1.4448 yet and further consolidation would take place, however, as long as 1.4448 resistance holds, another corrective fall is likely and a weekly close below 1.4000/07 support would signal top is in place and correction to 1.3832, then 1.3747 would follow but reckon the Kijun-Sen (now at 1.3451) would hold. Full Report Here... USDJPY Candlesticks and Ichimoku Analysis Failure to extend early rise and the sharp retreat from 97.79 suggests further consolidation would take place, however, only a weekly close below 94.01/04 (previous support and 61.8% Fibonacci retracement of 91.73 to 97.79) would signal the recovery from 91.73 has ended at 97.79 and extend fall towards 91.73. Having said that, it is necessary to see a break below this level to confirm medium term decline to resume and then fall towards 90.00 psychological level would follow. Full Report Here... | | Featured Technical Report | Market Highlights | EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.4139; (P) 1.4223; (R1) 1.4285; More EUR/USD dives further to as low as 1.4048 in early US session. Break of 1.4086 support confirms that fall from 1.4446 has resumed and further fall should be seen to 1.4007 support next. As discussed before, break there will solidify the case that a medium term top is already formed at 1.4446 and turn focus to 1.3747 support for confirmation. On the upside, above 1.4159 will turn intraday outlook neutral first. But risk remains on the downside as long as 1.4326 resistance holds. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | NZDJPY | 63.13 | 64.34 | -121 | -1.92% | | AUDJPY | 77.67 | 79.03 | -136 | -1.75% | | GBPJPY | 154.38 | 157.03 | -265 | -1.72% | | NZDUSD | 0.6676 | 0.6777 | -101 | -1.51% | | AUDUSD | 0.8212 | 0.8325 | -113 | -1.38% | Last Updated: Aug 17, 13:25 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Aug 17, 13:25 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:01 | GBP | Rightmove House Prices M/M Aug | -2.20% | -- | 0.60% | | | 23:01 | GBP | Rightmove House Prices Y/Y Aug | -3.10% | -- | -3.10% | | | 23:50 | JPY | GDP Q/Q Q2 P | 0.90% | 1.00% | -3.80% | | | 23:50 | JPY | GDP Annualized Q2 P | 3.70% | 3.90% | -14.20% | | | 23:50 | JPY | GDP Deflator Y/Y Q2 P | 0.50% | 1.80% | 0.90% | | | 07:15 | CHF | Retail Sales Y/Y Jun | 0.90% | 0.80% | -1.40% | | | 09:00 | EUR | Eurozone Trade Balance Jun | 1.0B | 1.4B | 0.8B | 1.1B | | 12:30 | USD | Empire State Manufacturing Aug | 12.1 | 2.2 | -0.55 | | | 13:00 | USD | Net Long-term TIC Flows Jun | $90.7B | $17.5B | -$19.8B | | | 17:00 | USD | NAHB Housing Market Index Aug | | 18 | 17 | | | | Suggested Readings | Fundamental Highlights Technical Highlights | | | Forex Brokers | | | Sponsors | 
Attend The World MoneyShow Toronto, October 20-22 at the Metro Toronto Convention Centre and meet world-renowned investment and trading experts and their specific advice that will help you manage your assets confidently and profitably in 2009 and beyond! FREE Registration here>> 
| |
No comments:
Post a Comment