Tuesday, December 3, 2013

Action Insight Daily Report 12-3-13

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Calendar	Elliott Wave Trades	Markets Volatility	Pivot Points	Heat Map	Daily Fundamentals

Action Insight Market Overview	Markets Snapshot
Daily Report: Aussie, Mildly Lower after RBA, Dollar Firmer on Fed Speculations Aussie weakens mildly but stays in range against dollar and euro after RBA left rates unchanged at 2.50% as widely expected. The accompanying statement was almost a carbon copy of the prior ones. The central bank noted the full effects of prior rates "are still coming through, and will be for a while yet". Also, it reiterated that Aussie remained "uncomfortably high" in spite of recent depreciation and "a lower level of the exchange rate is likely to be needed to achieve balanced growth in the economy. Overall, some analysts noted that RBA would be happy to stay on sidelines and the bar for another rate cut is quite high. Also released from Australia today, retail sales rose slightly more than expected by 0.50% mom in October. Technically, AUD/USD is consolidating above 0.9055 temporary low while EUR/AUD is consolidating below 1.5030 temporary top. Outlook is quite mixed as another decline is mildly in favor in AUD/USD. But EUR/AUD could extend the pull back from 1.5030. Full Report Here...
Featured Technical Report
AUD/USD Daily Outlook Daily Pivots: (S1) 0.9074; (P) 0.9121; (R1) 0.9152; More... Aussie weakens today but stays in range above 0.9055 temporary low. Intraday bias remains neutral first. With 0.9203 minor resistance intact, the decline from 0.9757 could extend lower. Below 0.9055 temporary low will target 100% projection of 0.9757 to 0.9267 from 0.9447 at 0.8957. On the upside, though, break of 0.9203 will indicate short term bottoming and would turn bias back to the upside for 0.9267/9447 resistance zone. 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	Monetary Base Y/Y Nov	52.50%		45.80%
0:01	GBP	BRC Sales Like-For-Like Y/Y Nov	0.60%	1.10%	0.80%
0:30	AUD	Retail Sales M/M Oct	0.50%	0.40%	0.80%	0.90%
1:00	CNY	Non-manufacturing PMI Nov	56		56.3
1:30	JPY	Labor Cash Earnings Y/Y Oct	0.10%	0.10%	0.10%	-0.20%
3:30	AUD	RBA Rate Decision	2.50%	2.50%	2.50%
9:30	GBP	PMI Construction Nov		59	59.4
10:00	EUR	Eurozone PPI M/M Oct		-0.20%	0.10%
10:00	EUR	Eurozone PPI Y/Y Oct		-1.00%	-0.90%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: Despite intra-day brief bounce to 1.3616, the single currency has retreated sharply after faltering below Friday's high of 1.3622 and bids at 1.3575-80, 1.3565 and 1.3550 were filled, however, some buy orders are still seen at 1.3510-20, fresh demand should emerge from 1.3495 down to 1.3475 with stops building up below 1.3470-75 and 1.3450. On the upside offers are lowered to 1.3560-80 area, mixture of offers and stops is seen at 1.3620-25, selling interest is still seen around 1.3640-50 (stops above barrier at 1.3650), offers are reported at 1.3670, 1.3700 and further out at 1.3750.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Sell at 0.8340

Euro's selloff after breaking support at 0.8300 adds credence to our view that recent decline from 0.8815 (wave iii top) is still in progress and may bring a stronger correction of early upmove in wave iv towards 0.8250, then 0.8230, however, downside should be limited to 0.8200 due to oversold condition and risk from there is seen for a rebound to take place later

Trade Idea: USD/CAD - Buy at 1.0535

Current rally above indicated resistance at 1.0609 confirms early upmove from 1.0182 low (wave (c) bottom) has resumed and encourage for further gain to 1.0670-75 (100% projection of 1.0271-1.0526 measuring from 1.0415) and possibly towards 1.0700-10, however, overbought condition should prevent sharp move beyond 1.0730