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| Action Insight Market Overview | Markets Snapshot |
Dollar Dips as Durables Dropped Steepest in Nearly a YearDollar weakens in early US session after release of disappointing economic data. Durable goods orders in US fell sharply by -7.3% in July, much worse than expectation of -3.6%. That's also the largest decline since last August and snapped three consecutive months of expansions. Ex-transport orders also dropped -0.6% versus consensus of 0.5%. Dollar index recovered to 81.51 earlier today but dipped back to 81.30 below the release. 10 year yield dips further today and breached 2.8% level. Stock futures also point to a slightly lower opening.Full Report Here... |    |
| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 98.35; (P) 98.75; (R1) 99.11; More...USD/JPY dips mildly in early US session and intraday bias is turned neutral first. A temporary top is in place at 99.14 and some consolidations would be seen. But another rise remains mildly in favor as long as 96.90 support holds. Above 99.14 will target 99.94 first and break will confirm completion of the pull back from 101.53 at 95.80 and should send the pair through 101.53 resistance. The overall outlook is unchanged as price actions from 103.73 is viewed as a consolidation pattern and rebound from 93.78 is treated as the second leg. Hence, in that case, we'd expect strong resistance from 103.73 to bring reversal and starts another fall to extend the consolidation. Meanwhile, below 96.90 minor support will turn bias to the downside for 95.80 and below. Read more... |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Despite intra-day brief fall to 1.3356, the single currency has rebounded in New York morning on worse-than-expected U.S. durable goods order, however, indicated selling interest remain from 1.3400 up to 1.3420 with stops building up above 1.3425, followed by bigger offers at 1.3450 (stops above 1.3455) and further out at 1.3475-85 as well as 1.3500. On the downside, whilst bids at 1.3365 were filled, buy orders are still noted at 1.3350-55, 1.3325-30 and 1.3300-05, fresh demand is expected at 1.3285-90 (stops below 1.3280), 1.3265 and further out at 1.3250, sizeable bids are tipped at 1.3200-10.Read more... | |||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF - Hold long entered at 0.9200Despite Friday's fall from 0.9263 to 0.9190, as temporary low has been formed at 0.9147 earlier last week, consolidation with mild upside bias remains for another rebound, above said resistance would add credence to this view, bring test of 0.9290 resistance (last week's high), a sustained breach of this level would confirm and bring retracement of recent decline to 0.9300-05 (61.8% Fibonacci retracement of 0.9396-0.9147) and possibly 0.9330-40Read more... Trade Idea Update: EUR/USD - Hold short entered at 1.3400Despite intra-day brief fall to 1.3356, as the single currency has rebounded after holding above the Ichimoku cloud top, suggesting caution on our short position entered at 1.3400 and Friday's high of 1.3410 needs to hold to retain bearish prospect of another fall, below said support would bring test of indicated support at 1.3334 (Friday's low), break there would add credence to our view that top has been formed at 1.3453 last week, bring another test of previous support at 1.3299.Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 | |||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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