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Mid-Day Report: Greenback Falls Broadly on Much Weaker-than-Expected TIC and Empire State ManufacturingThe greenback came under broad-based pressure after the release of much weaker-than-expected U.S. economic data. The first wave of selling appeared shortly after the release of August Empire State manufacturing index which showed a -7.7 reading, well below economists' forecast of 0 and also worse than last month's figure of -3.76. The index has continued to weaken for 4 consecutive months and with 3 straight months of negative figure. The data showed a clear sign of dropping in capital spending and investors' confidence, general business conditions outlook index also fell to 8.7 this month from 32.22 in July (one of the biggest falls in history). |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6187; (P) 1.6250; (R1) 1.6333; More. GBP/USD's rebound from 1.6110 extends further to as high as 1.6373 so far today and the break of 1.6336 minor resistance suggests that pull back from 1.6474 has already finished at 1.6110. Intraday bias is back on the upside for retesting 1.6474 first. Break will resumption of rally from 1.5780 and should target 61.8% projection of 1.5780 to 1.6474 from 1.6110 at 1.6539, which is close to 1.6546 resistance. As noted before, break there will affirm the bullish case that correction from 1.6746 has finished with three waves down to 1.5780 already and should send GBP/USD through 1.6746 resistance next. On the downside, below 1.6255 minor support will turn bias neutral and would likely extend the consolidation from 1.6474. |
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Trade Idea Update: GBP/USD – Buy at 1.6260As the British pound has risen again after brief retreat and price just broke indicated resistance at 1.6336-38 (previous resistance and 61.8% Fibonacci retracement of 1.6478-1.6111), adding credence to our bullish view for the rise from last week’s low of 1.6111 to extend gain towards 1.6375/80 but weakening of near term upward momentum should limit upside and resistance at 1.6411 should cap upside. Trade Idea Update: EUR/USD – Buy at 1.4255Despite intra-day brief retreat to 1.4264, as the single currency has risen again after finding support around the Kijun-Sen, suggesting the rebound from 1.4104 (last week’s low) is still in progress and further gain to 1.4370 would be seen, however, as broad outlook remains consolidative, resistance at 1.4402 should limit upside and price should falter well below resistance at 1.4432, bring retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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