| Action Insight Mid-Day Report |
Markets in Tight Range as Consolidation Continues Markets are generally staying in range in early US session. Data from US provides little inspiration so far. Jobless claims unexpectedly rose to 576K. Philly Fed index improved significantly to 4.2 in Aug while leading indicators rose 0.6% in July. Canadian wholesale sales rose 0.6% mom in June. As mentioned before, while the pull back in dollar and yen was deep, key near term levels in dollar and yen pairs are still holding in general and there is no structure change in the bullish near term trend yet. While some consolidations would be seen, we'd expect more upside in dollar and yen in near term. Full Report Here... |
| Elliott Wave Analysis |
AUD/JPY Elliott Wave Analysis Despite rising to a fresh 2009 high of 82.00 as expected, the subsequent retreat from there suggests a temporary top has possibly been formed and 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 Although the Australian dollar has retreated after rising marginally to 0.8479, until we see a daily close below indicated level at 0.8090, we cannot rule out the possibility of one more marginal rise and above said resistance may extend upmove to chart resistance at 0.8520, break there would bring the final leg of the move 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 The retreat from 1.5364 confirms our view that further consolidation below 1.5383 resistance would take place and price did drop below the Tenkan-Sen as suggested in our previous update. Whilst weakness to 1.5100 cannot be ruled out, as long as support at 1.5006 (also just below the flat ground Kijun-Sen at 1.5013) holds, prospect of another rise remains but a weekly close above 1.5383 resistance is needed to 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 Despite falling to 1.0632 earlier, the rebound from there left a 'hammer' like candlestick pattern on the weekly chart and consolidation above this level should take place, however, a weekly close above the Tenkan-Sen (now at 1.1179) 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 1.1365), 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) 1.4115; (P) 1.4191; (R1) 1.4298; More EUR/USD continues to stay in tight range below 1.4266 in early US session. While another rise cannot be ruled out, recovery is expected to be limited below 1.4326 resistance and bring fall resumption. Below 1.4171 will flip intraday bias back to the downside first. Break of 1.4045 will target 1.4007 support next and 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. However, break of 1.4326 will dampen this bearish view and turn focus back to 1.4446 high. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | GBPJPY | 154.80 | 155.44 | -64 | -0.41% | | CADJPY | 85.52 | 85.86 | -34 | -0.40% | | GBPUSD | 1.6467 | 1.6527 | -60 | -0.36% | | USDCAD | 1.0989 | 1.0951 | +38 | +0.35% | | EURCAD | 1.5612 | 1.5573 | +39 | +0.25% | Last Updated: Aug 20, 13:35 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Aug 20, 13:35 GMT |
| Economic Indicators Update |
| GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 06:15 | CHF | Trade Balance (CHF) Jul | 2.35B | 1.79B | 1.57B | | | 08:30 | GBP | Retail Sales M/M Jul | 0.40% | 0.30% | 1.20% | | | 08:30 | GBP | Retail Sales Y/Y Jul | 3.30% | 2.80% | 2.90% | 3.10% | | 08:30 | GBP | Public Sector Net Borrowing (GBP) Jul | 8.0B | 0.3B | 13.0B | | | 08:30 | GBP | M4 Money Supply M/M Jul P | 1.00% | 0.20% | -0.20% | -0.30% | | 08:30 | GBP | M4 Money Supply Y/Y Jul P | -13.60% | 13.30% | 13.80% | -13.30% | | 09:00 | CHF | ZEW Expectations Aug | 18.6 | -- | 0 | | | 12:30 | CAD | Wholesale Sales M/M Jun | 0.60% | -0.10% | -0.30% | | | 12:30 | USD | Initial Jobless Claims | 576K | 550K | 558K | | | 14:00 | USD | Leading Indicators Jul | 0.60% | 0.60% | 0.70% | | | 14:00 | USD | Philadelphia Fed Survey Aug | 4.2 | -2 | -7.5 | | | 14:30 | USD | Natural Gas Storage | | 57B | 63B | | |
| Suggested Readings |
Fundamental Highlights Technical Highlights |
No comments:
Post a Comment