| Action Insight Mid-Day Report | More Downside in Dollar as Oil Rebounds while Gold's Firm Dollar's selloff accelerates after taking out near term support level against major currencies. Euro, Swissy and Aussie, break to new high against the greenback while dollar index took out 2009 low made in August. Rally in stocks give the greenback some pressure but it should be the strength in precious metals that really drives the dollar down. Adding to that, crude oil 's strong rebound from medium term trend line support adds further pressure to the dollar. More downside should be seen in dollar as gold heads towards 1033.9 high and as oil retests 75.0 resistance. Full Report Here... | | Special Reports | Central Banks Previews - RBNZ, BoE, BoC The Bank of Canada should probably leave the overnight rate unchanged at 0.25% for the 5th consecutive month. Economic developments in recent month have been consistent with or modestly better than the central bank's expectation. GDP contracted -3.4% qoq in 2Q09 after a downwardly revised -6.1% qoq decline in the previous quarter. This was inline the central bank's forecast of a -3.5% decline. However, payrolls unexpectedly increased +21.1K in August after falling -44.5K in the prior month while consumer spending also improved. With the worst of recession seems to be in rear mirror, we do not see the needs for additional unconventional measures. Full Report Here... AU Data to Watch - Retail Sales, Unemployment Rate Another important data for RBA's decision making. The number of payrolls is expected to have dropped -15K in August after a surprising increase of +32.2K in the previous. This probably resulted in rise in unemployment rate to 5.9% from 5.8% a month ago. In coming months, unemployment rate may continue to rise due to increase in participation rate as labors who gave up job seeking return to market while older workforces stay in their jobs longer. Full Report Here... | | Elliott Wave Analysis | GBP/CHF Elliott Wave Analysis Although sterling recovered after falling to 1.7157 earlier and minor consolidation would take place, we are keeping our view that top has possibly been formed at 1.8114 and upside should be limited to 1.7636 (50% Fibonacci retracement of 1.8114 to 1.7157) and reckon 1.7748 (61.8% Fibonacci retracement) would hold, bring another decline later. Below said support would extend towards 1.7000 but it is necessary to see a daily close below 1.6982 (50% Fibonacci retracement of 1.5849 to 1.8114) to add credence to this bearish count that c leg of wave 4 has ended at 1.8114, then test of strong support at 1.6624-1.6651 would follow, once this level is broken, this would confirm this view, then wave 5 would bring further fall to 1.6200 and 1.6000. Full Report Here... GBP/USD Elliott Wave Analysis Although the British pound fell again as expected to 1.6113 last week, as cable has recovered from there on dollar's broad-based weakness, suggesting the first leg of decline from 1.7044 has possibly ended there and consolidation within 1.6113-1.7044 would take place. Whilst recovery to 1.6625 cannot be ruled out, upside should be limited to 1.6688 (61.8% Fibonacci retracement of 1.7044 to 1.6113) and renewed selling should emerge around 1.6800 and bring another decline later this month. Full Report Here... | | Candlesticks & Ichimioku Analysis | GBPUSD Candlesticks and Ichimoku Analysis Despite falling marginally to 1.6113 last week, the rebound from there suggests consolidation would take place initially this week and recovery to the Tenkan-Sen (now at 1.6539) cannot be ruled out, however, as we are still keeping our view that a temporary top has been formed at 1.7044 (where a shooting star candlestick pattern was formed) upside would be limited and 1.6625 should hold, bring another decline later. Break of said support would bring test of 1.5983 support but break there is needed to add credence to our view and then correction of recent upmove to 1.5721 (50% Fibonacci retracement of 1.4398 to 1.7044) would follow. Full Report Here... USDCHF Candlesticks and Ichimoku Analysis The greenback has traded narrowly last week partly due to the release of non-farm payrolls data and as price is still trading below Tenkan-Sen, Kijun-Sen and Ichimoku cloud, suggesting the decline from 1.1967 should resume to our 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). However, only a break below chart support at 1.0370 would signal the entire decline from 1.2298 has resumed towards 1.0100 but dollar shall stay well above the psychological support at 1.0000. Full Report Here... | | Featured Technical Report | Market Highlights | EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.4299; (P) 1.4330; (R1) 1.4362; More EUR/USD's rally extends further to as high as 1.4506 so far, touches mentioned upper trendline resistance. Break of 1.4446 high confirms that whole rally from 1.2456 has resumed. At this point, intraday bias remains on the upside and further rise could be seen towards 61.8% retracement of 1.6039 to 1.2329 at 1.4622. Nevertheless, we'll continue to look for reversal signal as EUR/USD approaches this fibo resistance. On the downside, below 1.4411 minor support will turn intraday outlook neutral first. But another rise is still in favor as long as 1.4177 support holds. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | USDCHF | 1.0465 | 1.0598 | -133 | -1.27% | | GBPUSD | 1.6556 | 1.6347 | +209 | +1.26% | | EURUSD | 1.4483 | 1.4330 | +153 | +1.06% | | USDJPY | 92.18 | 93.05 | -87 | -0.94% | | AUDUSD | 0.8630 | 0.8555 | +75 | +0.87% | Last Updated: Sep 08, 13:15 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Sep 08, 13:15 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:01 | GBP | BRC Retail Sales Monitor Aug | -0.10% | -- | 1.80% | | | 23:50 | JPY | Current Account Total (JPY) Jul | 1.16T | 1.41T | 1.80T | | | 23:50 | JPY | Japan Money Stock M2+CD Y/Y Aug | 2.80% | 2.70% | 2.70% | | | 01:30 | AUD | NAB Business Confidence Aug | 18 | -- | 10 | | | 05:00 | JPY | Eco Watchers Survey: Current Aug | 41.7 | 43 | 42.4 | | | 05:45 | CHF | Unemployment Rate Aug | 4.00% | 4.10% | 3.90% | | | 06:00 | EUR | German Trade Balance (EUR) Jul | 13.9B | 11.3B | 12.2B | 12.1B | | 06:00 | EUR | German Current Account (EUR) Jul | 11.0B | 10.0B | 13.3B | 13.5B | | 08:30 | GBP | Industrial Production M/M Jul | 0.50% | 0.20% | 0.50% | 0.60% | | 08:30 | GBP | Industrial Production Y/Y Jul | -9.30% | -10.10% | -11.10% | -10.70% | | 08:30 | GBP | Manufacturing Production M/M Jul | 0.90% | 0.30% | 0.40% | 0.60% | | 08:30 | GBP | Manufacturing Production Y/Y Jul | -10.10% | -11.10% | -11.70% | -11.30% | | 10:00 | EUR | German Industrial Production M/M Jul | -0.90% | 1.60% | -0.10% | -0.80% | | 12:30 | CAD | Building Permits M/M Jul | -11.40% | 0.50% | 1.00% | | | | Suggested Readings | Fundamental Highlights Technical Highlights | | | Forex Brokers | | | Sponsors | 
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