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USD Mid-day Analysis

The Dollar has some macro-economic differential head winds this morning in the face of a positive 2ndquarter UK GDP release.

From the August low the September Canadian has mounted a rally of roughly 80 ticks and

The Pound has been able to rebound slightly in the face of a positive 2nd Quarter GDP result.

EUR/USD continues to hold at the lows butrallies have lost any bullish momentum. Theproximity of the key support at 1.3296,

Today’s highlights: GBPUSD is holding key support at 1.6693/61 for now, but an eventual break remains favoured to complete a large top.

FX majors mostly tread water with EUR steady at 1.336 and USDJPY marginally higher to 102.5.

EURUSD: The bear triangle yesterday traced out the last sub wave, thee-wave, and should hence now stand ready to plunge lowerto a fresh low.

The decline from 103.09-101.51 unfolded in 5 waves and we have marked this wave-A of an A-B-C move.

Yesterday’s call was for “… the bounce off the low to continue as wave-c completes”.

Focus continues to be on the geo-political development in Ukraine,

Bulls retain the upper hand as the precious metal consolidates above the $1302.0-1304.8 support region with

Aussie started this morning’s session at $0.9319 after marking a $0.9286 to $0.9328 range during the US hours overnight.