Monday, December 9, 2013

Action Insight Daily Report 12-10-13

Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
Calendar	Elliott Wave Trades	Markets Volatility	Pivot Points	Heat Map	Daily Fundamentals

Action Insight Market Overview	Markets Snapshot
Daily Report: Dollar Stayed Weak against Europeans Despite Tapering Talks Dollar continued to shrug off tapering talks and weakened against European majors. The dollar index dipped to as low as 80.019 in Asian session before recovering and looks set to take out 80 psychological level today. St. Louis Fed Bullard threw the idea of small December tapering in a speech overnight. Bullard said that "based on labor market data alone, the probability of a reduction in the pace of asset purchases has increased." And, "a small taper might recognize labor market improvement while still providing the opportunity to carefully monitor inflation during the first half of 2014." He noted that "there is no widely accepted reason why inflation is running as low as it is" but "should inflation not return toward target, the Fed could pause tapering at subsequent meetings." Full Report Here...
Featured Technical Report
GBP/USD Daily Outlook Daily Pivots: (S1) 1.6356; (P) 1.6393; (R1) 1.6465; More... GBP/USD's rally resumed after brief consolidation and reaches as high as 1.6465 so far today. Intraday bias is back on the upside and current rally should extend to 61.8% projection of 1.4813 to 1.6259 from 1.5853 at 1.6747, which is close to 1.6476 next medium term resistance. On the downside, break of 1.6290 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous	Revised
23:50	JPY	Japan Money Stock M2+CD Y/Y Nov	4.30%	4.30%	4.10%
23:50	JPY	Tertiary Industry Index M/M Oct	-0.70%	0.30%	-0.20%	0.00%
0:01	GBP	RICS House Price Balance Nov	58%	59%	57%
0:30	AUD	Home Loans Oct	1.00%	1.30%	4.40%	3.50%
0:30	AUD	NAB Business Confidence Nov	5		5	6
5:00	JPY	Consumer Confidence Nov		44.2	41.2
5:30	CNY	Industrial Production Y/Y Nov		10.10%	10.30%
5:30	CNY	Fixed Assets Ex Rural YTD Y/Y Nov		20.10%	20.10%
5:30	CNY	Retail Sales Y/Y Nov		13.20%	13.30%
6:00	JPY	Machine Tool Orders Y/Y Nov P			8.40%
9:30	GBP	Industrial Production M/M Oct		0.40%	0.90%
9:30	GBP	Industrial Production Y/Y Oct		3.20%	2.20%
9:30	GBP	Manufacturing Production M/M Oct		0.40%	1.20%
9:30	GBP	Manufacturing Production Y/Y Oct		2.90%	0.80%
9:30	GBP	Visible Trade Balance (GBP) Oct		-9.1B	-9.8B
15:00	GBP	NIESR GDP Estimate Nov			0.70%
15:00	USD	Wholesale Inventories Oct		0.30%	0.40%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to move higher and offers at 1.3725 were filled but sell orders are still noted at 1.3730-35, 1.3750 and 1.3775, fresh selling interest is tipped at 1.3800 and further out at 1.3825. On the downside, bids remain at 1.3680-90 and from 1.3660 down to 1.3640, fresh demand should emerge around 1.3625 and 1.3600, more buy orders are expected at 1.3585 and 1.3550-60.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Buy at 0.8320

As the single currency has continued to trade with a firm bias after last week's rally, adding credence to our view that a temporary low is possibly formed at 0.8252 last week and consolidation with upside bias is seen for test of 0.8415-16 key resistance but break there is needed to confirm and suggest recent decline has ended

Trade Idea: USD/CAD - Buy at 1.0565

Despite Friday's marginal rise to 1.0708, lack of follow through buying on break of previous resistance at 1.0707 and the subsequent retreat suggest consolidation would be seen and pullback to 1.0600 cannot be ruled out, however, reckon support at 1.0559 would limit downside and bring another upmove later, above said resistance would extend recent upmove from 1.0182 low (wave (c) bottom) to 1.0730