Sunday, December 8, 2013

Action Insight Daily Report 12-9-13

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 Weakness Continues as China Data Lifted Risk Appetite Yen's broad based weakness continued in Asian session today on risk appetite. Economic data released from China eased worry on tightening and boosted Asian equities higher. Headline CPI eased to 3.0% in November from an 8-month high of 3.2%. Food inflation, easing to 5.9% yoy from 6.5% in October, remains the main driver of overall inflation, although both food and core inflation moderated slightly. Merchandise exports climbed 12.7% yoy in November, up from 5.6% a month ago and consensus of a 6.5% increase. Seasonally adjusted, export grew 13.2% in November. Imports rose 5.3% yoy, down from 7.6% in October. Seasonal adjusted, November import growth accelerated to 9.3% yoy, up from 2.7% in October and confirming a pickup in domestic demand. The trade surplus rose to US$ 33.8B, the highest level since early 2009, in November. Economists viewed that inflation won't be a big problem to Chinese authority in the coming months and would give leeway for keeping policies unchanged. The strong growth in exports also argued that the economy would regain momentum ahead. Full Report Here...
Featured Technical Report
EUR/JPY Daily Outlook Daily Pivots: (S1) 139.57; (P) 140.30; (R1) 141.67; More... EUR/JPY edges higher to 141.55 so far today as recent rally continues. Intraday bias stays on the upside and current rise would target 61.8% projection of 134.10 to 140.02 from 138.45 at 142.10 next. On the downside, break of 138.45 support is needed to signal near term topping. Otherwise, outlook will stay cautiously bullish now. 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	Manufacturing Activity Q3	4.70%		-2.00%	-1.20%
23:50	JPY	Current Account (JPY) Oct	-0.06T	0.12T	-0.13T
23:50	JPY	GDP Q/Q Q3 F	0.30%	0.40%	0.50%
23:50	JPY	GDP Deflator Y/Y Q3 F	-0.30%	-0.30%	-0.30%
1:30	CNY	CPI Y/Y Nov	3.00%	3.20%	3.20%
1:30	CNY	PPI Y/Y Nov	-1.40%	-1.50%	-1.50%
5:00	JPY	Eco Watchers Sentiment Nov	53.5	52.3	51.8
6:45	CHF	Unemployment Rate Nov		3.20%	3.20%
7:00	EUR	German Trade Balance (EUR) Oct		17.4B	18.8B
8:15	CHF	Retail Sales (Real) Y/Y Oct		1.70%	1.00%
9:30	EUR	Eurozone Sentix Investor Confidence (Dec)		10.5	9.3
11:00	EUR	German Industrial Production M/M Oct		0.80%	-0.90%
13:15	CAD	Housing Starts Nov		195K	198.3K

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency went through a very choppy session today, retreated sharply from 1.3640 to 1.3543 on stronger-than-expected US data and then rallied from there in New York morning to a fresh 5-week high above 1.3650 due to ECB's press conference. Offers at 1.3640-50 were filled, stops placed above 1.3665-70 are in focus, mixture of offers and stops is located further out at 1.3700-10. On the downside, bids are now seen at 1.3600 and in good size at 1.3540-45, more buy orders are located at 1.3525-30 with sell stops building up below 1.3520 and 1.3490-00 (bids above).

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Forex Trade Ideas

Trade Idea: USD/CAD - Buy at 1.0565

As the greenback has retreated after intra-day marginal rise to 1.0708, suggesting minor consolidation below this level 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

Trade Idea Wrap-up: GBP/USD - Buy at 1.6355

As the British pound has rebounded again after finding renewed buying interest at 1.6293 in New York morning, suggesting correction from 1.6443 has possibly ended there and above 1.6404 resistance would add credence to this view and bring a retest of said recent high at 1.6443, break there would encourage for further gain to 1.6470-75 but reckon psychological resistance at 1.6500 would hold from here