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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Loonie Tumbles after Retail Sales, FOMC Minutes NextCanadian dollar was sharply lower in early US session as retail sales data disappointed. The headline sales unexpectedly dropped -0.4% mom in June, comparing to consensus of 0.1% growth. Ex-auto sales also dropped -0.4% mom comparing to expectation of 0.3% mom. USD/CAD's break of 0.9940 minor resistance is taken as sign of near term reversal. And EUR/CAD has already showed short term bottoming. Elsewhere, dollar and yen are mildly firmer on as global equity markets weaken. Focus will be on Greek prime minister Samaras's meeting with Luxembourg prime minister Juncker, as well as on FOMC minutes. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9854; (P) 0.9877; (R1) 0.9911; More. USD/CAD's break of 0.9940 minor resistance suggests that a short term bottom is formed at 0.9842 on bullish convergence condition in 4 hours MACD. Intraday bias is back on the upside for 1.0065 support turned resistance, which is close to 38.2% retracement of 1.0445 to 0.9842 at 1.0072. Break there should confirm completion of such corrective fall from 1.0445 and target 1.0231 resistance and above. Below 0.9842 will delay this bullish view and bring another decline. But again, we view fall from 1.0445 as a corrective move and expect strong support ahead of 0.9799 to contain downside. |
| Special Report |
RBA Minutes Gave No Hint On The Next Rate DecisionThe RBA's minutes for the August meeting contained few surprises, as most of the issues were covered in the RBA quarterly Statement on Policy which was released several days after the August meeting. The minutes confirmed that the RBA acknowledged the peak in mining capex and the improvement in the outlook for housing construction from 2H2012. While keeping the cash rate unchanged at 3.5%, policymakers delivered no hints on the next move. Yet, we believe another rate cut would be announced in the fourth quarter as unemployment will probably increase due to tight financial conditions and fiscal consolidation. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Despite intra-day rebound to 1.2478 in European session, the single currency ran into indicated offers there and has retreated, bids at 1.2450 were filled, however, buying interests from various names are reported at 1.2420-30 and also at 1.2400 with stops building up below 1.2380-90 but fresh demand from Asian and Middle East names should emerge further out at 1.2360-70. On the upside, offers remain at 1.2485-95 with buy stop orders placed above 1.2500 option barrier (related to 1.20-1.25 DNT) and also at 1.2510-20, however, cross-related offers from SNB are tipped at 1.2540-50 with more stops above 1.2560. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 0.9680Yesterday’s selloff below previous support at 0.9656 confirms our bearish view that early decline from 0.9972 top has resumed for weakness towards 0.9601 (38.2% Fibonacci retracement of 0.9002-0.9972) would be seen, below there would extend further fall to 0.9570-80, however, near term oversold condition should prevent sharp fall below 0.9550 and reckon 0.9550 would hold from here. Trade Idea: EUR/JPY – Buy at 97.75As the single currency has maintained a firm undertone after resuming the rise from temporary low of 94.12, suggesting near term bullishness remains for retracement of recent decline to 99.20-30 and possibly to 99.50, however, near term overbought condition should prevent sharp move beyond psychological resistance at 100.00 and risk from there I seen for a retreat to take place later this week. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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