| Action Insight Mid-Day Report | Commodity Currencies Tumble While European Majors Consolidate While European majors remain steadily in range, commodity currencies are generally lower against the greenback in early US session. In particular Canadian dollar is leading the way, diving through 1.1 level against dollar while Australian dollar also dips through 0.83 level against dollar briefly. Commodities are generally soft with crude oil trying to get rid of 70 support while gold continues to hover below 950. On the other hand, yen crosses continue to give back last week's gain as stocks in US open mildly lower. Full Report Here... | | Special Reports | Preview On FOMC Meeting: Less Dovish Tone Anticipated The FOMC meeting on August 12 is the highlight of the week and the several things we will be focusing on are 1) How will the Fed handle the asset purchase program which will expire in September; 2) if the Fed will drop the statement that 'the Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period' and 3) any change on the Fed's forecasts given recent improvements in economic data. Full Report Here... | | Elliott Wave Analysis | GBP/CHF Elliott Wave Analysis Although the British pound rose to 1.8091 last week, as price has retreated after faltering below previous resistance at 1.8114, suggesting further consolidation below there would take place and it is quite possible that we have a failure 5th formed at 1.8091 and downside bias is seen for correction to 1.7600, then towards 1.7448 . However, we need to see a daily close below support at 1.7391 to confirm this count and signal the wave c as well as entire wave 4 has ended at 1.5122, bring further fall to 1.7000. Full Report Here... GBP/USD Elliott Wave Analysis Although the British pound rose to fresh 2009 high of 1.7044 last week as expected, the retreat from there suggests the wave (v) from 1.5983 could have ended there and consolidation with downside bias is seen for correction to 1.6338 and a daily close below there would add credence to this view and bring further fall to 1.6200, then 1.5983. Full Report Here... | | Candlesticks & Ichimioku Analysis | GBPUSD Candlesticks and Ichimoku Analysis Despite rising to a fresh 2009 high of 1.7044 last week, the British pound was unable to close above the Ichimoku cloud top, then retreated from there and closed near the week's low, leaving a shooting star candlestick pattern on the weekly chart, suggesting a temporary top has been formed and the development of this week becomes critical. If a long black candlestick is formed, this would confirm this view and bring correction of recent upmove to 1.6100, then test of 1.5983 support and later towards 1.5721(50% Fibonacci retracement of 1.4398 to 1.7044). Full Report Here... USDCHF Candlesticks and Ichimoku Analysis Although the greenback fell marginally to 1.0563 last week, the rebound on Friday suggests a temporary low is possibly formed there and 1-2 weeks of consolidation would take place with mild upside bias, however, a weekly close above resistance at 1.1026 (this would also break the flat ground Ichimoku cloud bottom) would confirm this view and bring correction of the intermediate fall from 1.1967 to the Ichimoku cloud top (now at 1.1205), then 1.1265 (50% Fibonacci retracement of 1.1967 to 1.0563 as well as current level of the Kijun-Sen). Full Report Here... | | Featured Technical Report | Market Highlights | EUR/JPY Daily Outlook Daily Pivots: (S1) 136.62; (P) 137.64; (R1) 138.36; More. EUR/JPY's pullback from 138.70 extended further today and touching of 136.47 support, together with mild bearish divergence conditions in 4 hours MACD and RSI, suggests that a short term top is likely in place. Risk is turns to the downside and break of near term trend line support (now at 136.36) will bring deeper fall to 132.77 support or below. On the upside, while some recovery might be seen, short term outlook will now stay neutral as long as 138.70/139.21 resistance zone holds. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
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(%) | | NZDJPY | 64.17 | 65.69 | -152 | -2.37% | | CADJPY | 87.22 | 89.17 | -195 | -2.24% | | AUDJPY | 79.72 | 81.32 | -160 | -2.01% | | NZDUSD | 0.6670 | 0.6763 | -93 | -1.39% | | USDCAD | 1.1030 | 1.0889 | +141 | +1.28% | Last Updated: Aug 11, 14:00 GMT Currency Heat Map Daily View
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| Last Updated: Aug 11, 14:00 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:01 | GBP | RICS House Price Balance Jul | -8.10% | -9.40% | -18.10% | -17.60% | | 23:01 | GBP | BRC Retail Sales Monitor Jul | 1.80% | -- | 1.40% |
| | 01:30 | AUD | NAB Business Confidence Jul | 10 | -- | 4 |
| | 03:00 | JPY | BoJ Interest Rate Decision | 0.10% | 0.10% | 0.10% |
| | 05:00 | JPY | Households Confidence Jul | 39.4 | 39.2 | 37.6 |
| | 06:00 | EUR | German CPI M/M Jul F | -0.10% | 0.00% | 0.00% |
| | 06:00 | EUR | German CPI Y/Y Jul F | -0.70% | -0.60% | -0.60% |
| | 08:30 | GBP | Visible Trade Balance (GBP) Jun | -6.450B | -6.200B | -6.263B | -6.170B | | 12:15 | CAD | Housing Starts Jul | 132K | 141.4K | 140.7K |
| | 12:30 | USD | Non-Farm Productivity Q2 P | 6.40% | 5.50% | 1.60% |
| | 12:30 | USD | Unit Labor Costs Q2 P | -5.80% | -2.50% | 3.00% |
| | 14:00 | USD | Wholesale Inventories Jun | -1.7% | -0.90% | -0.80% |
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