Sunday, December 15, 2013

Action Insight Daily Report 12-16-13

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: Yen Rebounds Further on Encouraging Tankan The Japanese yen extends rebound in Asian session today with the boost from an encouraging Q4 Tankan survey. The large manufactures index rose to 16 versus expectation of 15, up from 12. That was the highest reading in six years since 2008. Improvements were also seen in sentiments of medium and small companies, which rose to 6 and 1. Large Non-manufacturing index improved to 20, also beat expectation of 15, up from 14. Medium and small non-manufacturing sentiments also improved to 11 and 4 respectively. Large companies are planning to increase capital spending by 4.6% in 2014. The results showed the the so Abenomics are not only helping large companies, but also spreading to businesses of all sizes. And overall, the survey points to further expansion in the Japanese economy through first half of 2014. Full Report Here...
Featured Technical Report
GBP/JPY Daily Outlook Daily Pivots: (S1) 167.30; (P) 168.56; (R1) 169.41; More..... GBP/JPY dips lower in Asian session today and the break of 167.52 minor support indicate that a near term top is formed at 170.05, on bearish divergence condition in 4 hours MACD. Intraday bias is back on the downside for 165.86 support. Break will target 55 days EMA (now at 162.05). But strong support would be seen above 159.98 to bring rebound. On the upside, decisive break of 170.05 is needed to confirm rally resumption. Otherwise, we'd expect corrective trading to extend. 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
21:00	NZD	Westpac NZ Consumer Confidence Q4	120.1		115.4
23:50	JPY	Tankan Large Manufacturers Index Q4	16	15	12
23:50	JPY	Tankan Non-Manufacturing Index Q4	20	16	14
0:01	GBP	Rightmove House Prices M/M Dec	-1.90%		-2.40%
1:45	CNY	HSBC/Markit Flash Manufacturing PMI Dec	50.5	50.9	50.8	50.5
8:00	EUR	French PMI Manufacturing Dec P		49	48.4
8:00	EUR	French PMI Services Dec P		48.7	48
8:30	EUR	German PMI Manufacturing Dec A		53	52.7
8:30	EUR	German PMI Services Dec A		55.3	55.7
9:00	EUR	Eurozone PMI Manufacturing Dec A		51.9	51.6
9:00	EUR	Eurozone PMI Services Dec A		51.5	51.2
10:00	EUR	Eurozone Trade Balance (EUR) Oct		14.5B	14.3B
13:30	CAD	International Securities Transactions (CAD) Oct		9.24B	8.36B
13:30	USD	Empire State Manufacturing Dec		5	-2.21
13:30	USD	Non-Farm Productivity Q3 F		2.80%	1.90%
13:30	USD	Unit Labor Costs Q3 F		-1.40%	-0.60%
14:00	USD	Net Long-term TIC Flows Oct		$40.0B	$25.5B
14:15	USD	Industrial Production Nov		0.60%	-0.10%
14:15	USD	Capacity Utilization Nov		78.40%	78.10%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency slipped again from 1.3769 to as low as 1.3708 just ahead of US opening and bids at 1.3745-50 and stops below 1.3735 were tripped, however, bids are still seen at 1.3700-10 (stops below 1.3680) and further out at 1.3650-60 with more stops tipped below both levels, fresh demand from macro names should emerge around 1.3610-30 area. On the upside, offers are reported from 1.3750 up to 1.3770 (some stops above), selling interest is located at 1.3790-10 area, more sell orders are tipped at 1.3820-25, 1.3840-50 (another barrier) and 1.3870-85.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Buy at 0.8350

As the single currency has continued to move higher, adding credence to our bullish view that a temporary low has been formed at 0.8252 earlier this month 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 headway towards 0.8500

Trade Idea: USD/CAD - Hold long entered at 1.0565

As the greenback has staged a strong rebound after finding good support at 1.0561, retaining our bullishness for recent upmove to resume after consolidation, above 1.0670-75 would signal the pullback from 1.0708 has ended and bring a retest of this level later, however, break of said resistance is needed to extend recent upmove from 1.0182 low (wave (c) bottom) to 1.0730