Thursday, December 19, 2013

Action Insight Mid-Day Report 12-19-13

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 Maintains Post FOMC Gain Despite Surge in Jobless Claims Dollar stays firm in early US session and is holding on to the post FOMC gains. Data from US saw initial jobless claims rose another 10k to 379k in the week ended December 14, much higher than expectation of a fall to 332k. Continuing claims rose 94k to 2.88m in the week ended December 7. The data provided little impact to the markets as economists saw the jump in claims as a result of year end distortions only. The greenback was boosted by Fed's decision to taper the quantitative easing program in January and provided a set of more optimistic economic projections. While the dollar is up against all other major currencies today, it should also be noted that Sterling is still the strongest currency this week and is holding on to its gain against the dollar. Meanwhile, commodity currencies are performing worst in spite of strong stock market rally in US. Among them, Australian dollar is worst performing. Full Report Here...
Featured Technical Report
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.8868; (P) 0.8908; (R1) 0.8977; More... USD/CHF edges higher to 0.8985 so far in early US session and intraday bias remains on the upside. As noted before, a short term bottom is formed at 0.8832 and the pair could have failed to sustain below 0.8861 fibonacci level already. Current rebound might now extend towards 55 days EMA (now at 0.9044) first. But again, in case of another fall, sustained trading below 0.8861 will have larger bearish implication and would pave the way to 0.8518 next. 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	GDP Q/Q Q3	1.40%	1.10%	0.20%
04:30	JPY	All Industry Activity Index M/M Oct	-0.20%	-0.30%	0.40%
07:00	CHF	Trade Balance (CHF) Nov	2.11B	2.80B	2.43B	2.28B
09:00	EUR	Eurozone Current Account (EUR) Oct	21.8B	14.2B	13.7B
09:30	GBP	Retail Sales M/M Nov	0.30%	0.30%	-0.70%
13:30	USD	Initial Jobless Claims (DEC 14)	379K	332K	368K	369K
15:00	USD	Philly Fed Survey Dec		10	6.5
15:00	USD	Existing Home Sales Nov		5.02M	5.12M
15:00	USD	Leading Indicators Nov		0.70%	0.20%
15:30	USD	Natural Gas Storage			-81

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency traded in relatively narrow range after yesterday's volatile price action, some demand is still seen at 1.3650 with more stops tipped below, more buy orders are reported at 1.3515-20 and 1.3500. On the upside, offers remain at 1.3690-00 and 1.3720-30, more offers are expected at 1.3760-70 and mixture of offers and stops in good size is located at 1.3815-25, selling interest is tipped at 1.3840-50 (option barrier) and 1.3870-85.

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Forex Trade Ideas

Trade Idea Update: EUR/USD - Turn short at 1.3730

Although the single currency did resume recent upmove yesterday in late NY, lack of follow through buying on break of previous resistance at 1.3811 and the subsequent post-FOMC selloff signal a temporary top has been formed at 1.3812, hence consolidation with downside bias is seen for correction of early upmove towards support at 1.3620, however, break there is needed to retain bearishness and bring further subsequent weakness to 1.3590-00.

Trade Idea Update: GBP/USD - Sell at 1.6430

Although the British pound rallied to 1.6485 yesterday in late NY, the subsequent retreat suggests consolidation below this level would be seen and test of 1.6340-45, break there would suggest top is possibly formed and bring weakness towards the Ichimoku cloud (now at 1.6275-82) but below there is needed to confirm and bring another decline to 1.6250, then towards support at 1.6250.