Tuesday, December 17, 2013

Action Insight Mid-Day Report 12-17-13

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
Mid-Day Report: Dollar Staying in Range after Inflation Data Dollar remains in tight range against euro and yen after tamer than expected inflation data. CPI was flat mom rose 1.2% yoy in November. While the reading showed a mild pick up from October's 1.0% yoy, it missed expectation of 1.3% yoy. Core CPI was unchanged at 1.7% yoy as expected. Stock futures point to a mildly higher open in US markets. While DOW could extend this week's rebound, we'd expect some pressure above 16000 handle. After all, investors would stay cautious ahead of FOMC announce tomorrow where Fed will decide whether to taper the asset purchase of not. Plus, Fed will also release new economic projections. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6274; (P) 1.6311; (R1) 1.6335; More... GBP/USD dips mildly earlier today and intraday bias stays on the downside. The corrective fall from 1.6465 could extend to 55 days EMA (now at 1.6141). On the upside, above 1.6359 minor resistance will turn bias neutral first. Break of 1.6465 will indicate resumption of recent rally and should target 61.8% projection of 1.4813 to 1.6259 from 1.5853 at 1.6747, which is close to 1.6476 next medium term resistance. 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
23:00	AUD	Conference Board Leading Index Oct	0.50%		0.30%
00:30	AUD	RBA Minutes
09:30	GBP	DCLG UK House Prices Y/Y Oct	5.50%	4.10%	3.80%
09:30	GBP	PPI Input M/M Nov	-0.70%	-0.50%	-0.60%
09:30	GBP	PPI Input Y/Y Nov	-0.20%	-1.00%	-0.30%
09:30	GBP	PPI Output M/M Nov	-0.20%	0.00%	-0.30%
09:30	GBP	PPI Output Y/Y Nov	0.80%	0.90%	0.80%
09:30	GBP	PPI Output Core M/M Nov	-0.10%	0.00%	0.10%
09:30	GBP	PPI Output Core Y/Y Nov	0.70%	0.90%	0.90%
09:30	GBP	CPI M/M Nov	0.10%	0.20%	0.10%
09:30	GBP	CPI Y/Y Nov	2.10%	2.20%	2.20%
09:30	GBP	Core CPI Y/Y Nov	1.80%	1.80%	1.70%
09:30	GBP	RPI M/M Nov	0.10%	0.10%	0.00%
09:30	GBP	RPI Y/Y Nov	2.60%	2.70%	2.60%
10:00	EUR	German ZEW (Economic Sentiment) Dec	62	55	54.6
10:00	EUR	German ZEW (Current Situation) Dec	32.4	29.9	28.7
10:00	EUR	Eurozone ZEW (Economic Sentiment) Dec	68.3	60.9	60.2
10:00	EUR	Eurozone CPI M/M Nov F	-0.10%	-0.10%	-0.10%
10:00	EUR	Eurozone CPI Y/Y Nov F	0.90%	0.90%	0.90%
10:00	EUR	Eurozone CPI - Core Y/Y Nov	0.90%	1.00%	1.00%
11:00	GBP	CBI Trends Total Orders Dec	12	11	11
13:30	CAD	Manufacturing Shipments M/M Oct	1.00%	-0.30%	0.60%
13:30	USD	CPI M/M Nov	0.00%	0.10%	-0.10%
13:30	USD	CPI Y/Y Nov	1.20%	1.30%	1.00%
13:30	USD	CPI Core M/M Nov	0.20%	0.10%	0.10%
13:30	USD	CPI Core Y/Y Nov	1.70%	1.70%	1.70%
15:00	USD	NAHB Housing Market Index Dec		55	54

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