| Action Insight Mid-Day Report |
Dollar Weakens again after Brief Consolidation Dollar falls sharply in early US session against Euro and Swissy after brief consolidations and the dollar index breaches 77 level. Gold continues to staying range around 1000 level and further rally to 1033.9 high is still likely after brief consolidation. On the other hand crude oil rises further on expectation that OPEC will keep output policy unchanged and is just shy of 72 level. Chicago Fed Evans said in a speech today that it's still early to start removing Fed's "policy accommodation." Evens said that it's unlikely the US will enter into "harmful deflationary episode or a repetition of the Great Inflation". 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... |
| Elliott Wave Analysis |
EUR/GBP Elliott Wave Analysis Early rise to 0.8839 adds credence to our view that low has been formed at 0.8400 in June and we are keeping our count that the (A) leg from 0.9805 has ended there and the rise from there is the beginning of (B) leg with a leg of A ended at 0.8699, followed by b leg at 0.8454 and c leg of A is now unfolding and is likely to extend to 0.8868 resistance (wave 4 top). Looking ahead, break there would bring stronger rebound to 0.9082. Full Report Here... USD/CAD Elliott Wave Analysis Although the greenback rebounded after trading above recent low at 1.0632 and test of resistance at 1.1126 cannot be ruled out, only a daily close above this level would add credence to our view that the wave v as well as c leg of wave B has ended at 1.0632 and further gain to 1.1307 (61.8% Fibonacci retracement of 1.1725 to 1.0632) would follow. Above there would confirm and extend rise to 1.1490 (38.2% Fibonacci retracement of 1.2716 to 1.0632) but resistance at 1.1725 (also just above 50% Fibonacci retracement of 1.2716 to 1.0632 at 1.1724). Full Report Here... |
| Candlesticks & Ichimioku Analysis |
AUDJPY Candlesticks and Ichimoku Analysis As indicated in our previous update that the Tenkan-Sen has continued to put a floor on the currency pair and the past 3 weeks all ended with a relatively long lower shadow candlesticks on the weekly chart, suggesting a test of recent high of 82.00 cannot be ruled out, however, break there is needed to confirm the upmove from 55.06 has resumed to 83.21 (50% projection of 55.56-80.46 measuring from 70.76). Having said that, upside should be limited to 85.00 and price is expected to falter well below 86.15 (61.8% projection of 55.56-80.46 measuring from 70.76), bring a strong retreat probably in Q4. Full Report Here... AUDUSD Candlesticks and Ichimoku Analysis The Australian dollar finally penetrated recent high at 0.8479 and resumed the upmove from 2008 low of 0.6007, the series of white candlesticks on the weekly chart suggests further gain to indicated upside target at 0.8708 (50% projection of 0.6248 to 0.8265 measuring from 0.7700) is under way, however, aussie is likely to falter well below 0.8947 (61.8% projection) and psychological resistance at 0.9000 would remain intact, bring a strong retreat later this month or in early Q4. Full Report Here... |
| Featured Technical Report | Market Highlights |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 1.0401; (P) 1.0502; (R1) 1.0572; More USD/CHF's fall resumes after brief consolidation and reaches as low as 1.0400 in early US session. At this point, intraday bias remains on the downside for mentioned lower trend line support (now at 1.0381). But strong support is anticipated at 1.0366 to bring strong rebound. On the upside, above 1.0488 minor resistance will turn intraday outlook neutral first. Nevertheless, break of 1.0714 resistance is needed to indicate that USD/CHF has bottomed out. Otherwise, another fall is mildly in favor. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | EURUSD | 1.4565 | 1.4480 | +85 | +0.58% | | USDCHF | 1.0414 | 1.0472 | -58 | -0.56% | | EURCAD | 1.5694 | 1.5631 | +63 | +0.40% | | NZDUSD | 0.6986 | 0.6958 | +28 | +0.40% | | EURJPY | 134.12 | 133.68 | +44 | +0.33% | Last Updated: Sep 09, 13:35 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Sep 09, 13:35 GMT |
| Economic Indicators Update |
| GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:01 | GBP | Nationwide Consumer Confidence Aug | 63 | 62 | 60 | 61 | | 01:30 | AUD | Retail Sales M/M Jul | -1.00% | 0.60% | -1.40% | -0.80% | | 01:00 | AUD | Westpac Consumer Confidence Sep | 5.20% | -- | 3.70% | | | 05:00 | JPY | Leading Indicators Jul P | 83 | 81.9 | 79.9 | 80.9 | | 06:00 | EUR | German CPI M/M Aug F | 0.20% | 0.20% | 0.20% | | | 06:00 | EUR | German CPI Y/Y Aug F | 0.00% | 0.00% | 0.00% | | | 08:30 | GBP | Trade Balance (GBP) Jul | -6.479B | -6.250B | -6.451B | -6.510B | | 12:15 | CAD | Housing Starts Aug | 150K | 136.5K | 132.1K | | | 18:00 | USD | Fed's Beige Book | | -- | -- | | | 21:00 | NZD | RBNZ Interest Rate Decision | | 2.50% | 2.50% | | | | OPEC Meetings | | | | | |
| Suggested Readings |
Fundamental Highlights Technical Highlights |
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