Australia posted stagnant growth of 0.6% against 0.6% previous quarter

Week 23, MID-WEEK updates.

As follows are the mid-week updates on the EURUSD, GBPUSD, AUDUSD.

EURUSD:

Commentary :
As there is still room for the EURUSD to head up to 1.3100 level, will be expecting placing  a SHORT at the 1.3140 level with a SL above 1.3200 and TP @ 1.2980. RRR will be 2.3.

GBPUSD:

Commentary :
Will be expecting the GBPUSD to head up re-test previous high level and at the same time, will be looking out for divergence in price action against MACD/RSI. Therefore, will be expecting a SHORT for this pair @ 1.5380, TP1 @ 1.5260, TP2 @ 1.5180 with a SL above 1.5430.

AUDUSD:

Commentary :
The AUDUSD posted 0.6% GBP growth against prior quarter 0.6%, falling short of 0.2% of expectation of 0.8%. My take in the AUDUSD today will be a SHORT at 0.9680, with a SL @ 0.9720, TP @ 0.9550.

On the side note, today major economic data we want to take note is the

U.K Service PMI – 52.9 previous month against 53.1 expectation.
Spain & Italy Service PMI – with both expectation to be higher than previous month
Eurzone Retail Sales – Expectation of -0.2% against -0.1% previous month
U.S. ADP Non-farm employment change – where expectation is 171K against 119K previous month (This is will be a huge moving factor the USD based CCY.
Canada’s Building Permit – where expectation is -2.6% against 8.6% previous month
U.S. Non-Manufacturing PMI – Expectation is 53.4 against 53.1 previous month
Lastly, Factory Orders m/m – Expectation of 1.6% against -4.9% previously.

Of all this, we would also like to take note that the U.S. Beige Book will be released at 2AM (GMT+8) later tonight.

That’s all for now. We will be reviewing the USDJPY soon tonight. Especially when Abe revealed the Third Arrow of his Abenomics, and we try to see the impact of that on the USDJPY. Tentatively, people are deeming it to be not as powerful as expected, and we are seeing the USDJPY falling below 100 again upon hitting previous low support level (100.45).