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Mid-Day Report: Sentiments Weighed Down By Poor Economic Data, Dollar JumpsDollar, and to a lesser extent, yen and swissy franc, strength today as weak economic data intensified worries on global economic slow down. HSBC China PMI dropped to a 11-month low of 50.1 from May's final reading of 51.6. Eurozone PMI manufacturing dropped considerably from 54.6 to 52 in June while services P{MI dropped from 56 to 54.2. UK CBI reported sales turned negative to -2 in June. Meanwhile, US initial jobless claims also rose to 429k in the week ended July 18. Major European indices are all in red while US stock futures point to lower opening. CRB commodity index extended recent decline and is heading to 330 level while dollar index jumped to as high as 75.69 so far. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9704; (P) 0.9729; (R1) 0.9757; More. USD/CAD drew strong support from near term rising channel and rebounded. The break of 0.9775 minor resistance indicates that pull back from 0.9898 is already completed. With 0.9670 support intact, rebound from 0.9444 is still expected to continue. Intraday bias is flipped back to the upside for 0.9898 first. Break will target 0.9973 key resistance next (38.2% retracement of 1.0851 to 0.9444 at 0.9981). On the downside, however, break of 0.9670 will argue that rebound from 0.9444 is completed and will turn outlook bearish for this low and below. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD – Sell at 1.6105Although the British pound has fallen again after brief recovery, loss of near term downward momentum should prevent sharp fall below 1.5950 and reckon 1.5919 (61.8% Fibonacci retracement of 1.5407 to 1.6747) would hold on first testing, risk from there has increased for a corrective rebound later. Above the Kijun-Sen (now at 1.6053) would bring retracement to previous support at 1.6078) but renewed selling interest should emerge below 1.6109 (another previous support), bring such a decline. Trade Idea: AUD/USD – Sell at 1.0700Although the Australian dollar has retreated after yesterday’s rebound to 1.0651, break of support at 1.0478 is needed to signal the rebound from 1.0440 has ended at 1.0775 and bring another test of 1.0440. Looking ahead, below there is needed to confirm a downside break of recent 1.0440-1.0775 range has taken place (which also means the b leg correction from 1.0440 has ended), bring further weakness in c leg for a stronger retracement of recent upmove to previous support at 1.0390 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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