Wednesday, December 11, 2013

Action Insight Daily Report 12-12-13

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: NZDUSD Steady after RBNZ, SNB Next Equities in US dropped sharply overnight as the bipartisan budget agreement reached earlier this week triggered some anxiety that Fed would taper the asset purchase program sooner as there is stability on the fiscal front. The house of representatives could vote as soon as today while Fed will have the last FOMC meeting in 2013 next week. There are increasing speculations that Fed would start scaling back the treasury buying during this meeting, even though that might only be a small step. DOW failed to hold on to 16000 level and dropped -129.60 pts to close at 15843.53. S&P 500 also closed down -20.40 pts at 1782.22. 10 year yield, on the other hand, rose 0.047% to close at 2.844% while 30 year yield close up 0.051% at 3.880%. However, there wasn't much support for the dollar as it stayed soft against Euro and Swiss Franc, as well as Canadian dollar and yen. Full Report Here...
Featured Technical Report
USD/CHF Daily Outlook Daily Pivots: (S1) 0.8839; (P) 0.8863; (R1) 0.8886; More... No change in USD/CHF's outlook. With 0.8934 minor resistance intact, deeper decline is expected in the pair. Sustained break of long term retracement level at 0.8861 will have larger bearish implication and would pave the way to 0.8518 next. On the upside, though, above 0.8934 will argue that a short term bottom is formed and would bring stronger rebound back to 4 hours 55 EMA (now at 0.8958). 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
20:00	NZD	RBNZ Rate Decision	2.50%	2.50%	2.50%
00:00	AUD	Consumer Inflation Expectation (Dec)	2.10%		1.90%
00:30	AUD	Employment Change Nov	21K	10.3K	1.1K
00:30	AUD	Unemployment Rate Nov	5.80%	5.80%	5.70%
08:30	CHF	SNB Rate Decision		0.25%	0.25%
09:00	EUR	ECB Publishes Monthly Report
10:00	EUR	Eurozone Industrial Production M/M Oct		0.40%	-0.50%
13:30	CAD	New Housing Price Index M/M Oct		0.30%	0.00%
13:30	USD	Advance Retail Sales Nov		0.30%	0.40%
13:30	USD	Retail Sales Less Autos Nov		0.20%	0.20%
13:30	USD	Initial Jobless Claims (DEC 6)		321K	298K
13:30	USD	Import Price Index M/M Nov		-0.80%	-0.70%
15:00	USD	Business Inventories Oct		0.40%	0.60%
15:30	USD	Natural Gas Storage			-162B

Orders and Options Watch

US Session: Orders and Options Watch

GBP: The British pound extended intra-day fall after faltering below 2-year high formed yesterday at 1.6466, bids at 1.6400-10 and 1.6375-85 were filled but buy orders in good size are still noted at 1.6350-60 and 1.6330, more buy orders are reported at 1.6315 and 1.6290-00 (more stops below). On the upside, offers are lowered to 1.6410-20, 1.6440-50 and in good size at 1.6470-80, more sell orders are tipped ahead of barrier at 1.6500, 1.6520-30 and 1.6550.

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Forex Trade Ideas

Trade Idea: USD/CAD - Buy at 1.0565

As the greenback has retreated from last week's high of 1.0708, retaining our view that consolidation below this level would be seen and pullback towards support at 1.0559 cannot be ruled out before prospect of another upmove later, above said resistance at 1.0708 would extend recent upmove from 1.0182 low (wave (c) bottom) to 1.0730 (1.236 times projection of 1.0271-1.0526 measuring from 1.0415) and possibly 1.0750-60

Trade Idea: EUR/GBP - Buy at 0.8350

As the single currency has risen again today after holding above this week's low of 0.8351, adding credence to our bullish view that a temporary low is possibly formed at 0.8252 and bullishness remains for this rise to bring a stronger correction of recent decline towards 0.8464 resistance later, however, break there is needed to retain upside bias and encourage for further subsequent rise towards 0.8500.