Tuesday, December 17, 2013

Action Insight Daily Report 12-18-13

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: Markets Staying in Consolidations ahead of FOMC Markets are generally staying in consolidative mode as traders await the FOMC announcement today. DOW ended down -9.31 pts lower at 15875.26 after failing to extend this week's rebound. Ten year yield pared back this week's gain and closed down at 2.843%. Dollar index continues to hover around 80 handle. In the currency markets, EUR/USD is staying in tight range below 1.3810 temporary top. Nonetheless, cross selling in EUR/CHF pushed USD/CHF below corresponding level of 0.8839 briefly. GBP/USD extended recent pull back from 1.6465 and reached as low as 1.6216 so far. USD/JPY recovered mildly and is back pressing 103 but is also bounded in familiar range. Full Report Here...
Featured Technical Report
AUD/USD Daily Outlook Daily Pivots: (S1) 0.8868; (P) 0.8913; (R1) 0.8944; More... AUD/USD's fall resumed after brief consolidations and dips to 0.8881 so far. Intraday bias remains on the downside for 0.8847 low. Decisive break there will target next medium term fibonacci level at 0.8544. Meanwhile, above 0.8969 minor resistance will suggest short term bottoming and turn bias back to the upside for 0.9166 resistance and above. 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
21:45	NZD	Current Account Balance Q3	-4.780B	-4.600B	-1.252B
23:30	AUD	Westpac Leading Index M/M Nov	-0.10%		0.10%
23:50	JPY	Trade Balance (JPY) Nov	-1.35T	-1.13T	-1.07T	-1.09T
0:00	NZD	NBNZ Business Confidence Dec	64.1		60.5
2:00	CNY	Conference Board Leading Index Nov	1.40%		0.60%
9:00	EUR	German IFO - Business Climate Dec		109.5	109.3
9:00	EUR	German IFO - Current Assessment Dec		112.5	112.2
9:00	EUR	German IFO - Expectations Dec		106.5	106.3
9:30	GBP	BoE Minutes		0--0--9	0--0--9
9:30	GBP	Jobless Claims Change Nov		-35.0K	-41.7K
9:30	GBP	Claimant Count Rate Nov		3.80%	3.90%
9:30	GBP	ILO Unemployment Rate 3M Oct		7.60%	7.60%
10:00	CHF	ZEW (Expectations) Dec			31.6
11:00	GBP	CBI Reported Sales Dec		10	1
13:30	CAD	Wholesale Sales M/M Oct		0.30%	0.20%
13:30	USD	Housing Starts Nov		950K
13:30	USD	Building Permits Nov		990K	1034K
15:30	USD	Crude Oil Inventories			-10.6M
19:00	USD	FOMC Rate Decision		0.25%	0.25%
19:30	USD	Fed's Bernanke Press Conference

Orders and Options Watch

US Session: Orders and Options Watch

GBP: The British pound dropped again in London and bids at 1.6290-00 as well as 1.6260 were filled but buy orders are still noted at 1.6250 (some stops placed below 1.6240) and further out at 1.6225, mixture of bids and stops is located at 1.6190-00. On the upside, offers are now lowered to 1.6310 and in good size at 1.6340-50 (stops are building up above 1.6360), more sell orders are located at 1.6390 and 1.6420, selling interest from leverage accounts and macro names should emerge around 1.6440-50, followed by mixture of offers and stops at 1.6470.

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Forex Trade Ideas

Trade Idea Update: EUR/USD - Buy at 1.3730

As the single currency has retreated after meeting resistance at 1.3782, retaining our view that further consolidation is in store and another corrective fall cannot be ruled out, however, reckon 1.3727 (yesterday's low) would limit downside and bring another rebound later. Above said resistance would bring test of 1.3800, then last week's high of 1.3811, break there would extend gain to recent high of 1.3833

Trade Idea Update: USD/CHF - Sell at 0.8900

Yesterday's fall to 0.8847 signals correction from last week's low of 0.8840 has ended at 0.8918 and retest of this level would be seen, however, break of this support is needed to confirm recent decline has resumed and extend weakness to 0.8815-20 (50% projection of 0.9839-0.8890 measuring from 0.9251) but oversold condition should limit downside to 0.8800