Tuesday, December 3, 2013

Action Insight Mid-Day Report 12-3-13

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: Yen Recovers as Stocks Retreat, Canadian Dollar Weak Yen recovers against other major currencies today as investors took profits from stock markets. Major European indices are staying in negative territory while US futures also point to lower opens. While there were some speculations that Fed could start tapering earlier than expected, the greenback failed to hold on to this week's gain against European majors. AUD/USD also failed to break through 0.9055 temporary low in spite of initial weakness today. Nonetheless, USD/CAD extended recent rise and took out 1.0656 resistance, hitting the highest level since 2010. No economic data is scheduled to be released from US today and focus will turn to tomorrow's job and services data. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3506; (P) 1.3560 (R1) 1.3596; More.... EUR/USD recovers today but stays in range below 1.3621 temporary top and intraday bias remains neutral. With 1.3520 minor support intact, stronger rise might be seen and above 1.3621 will extend the rebound from 1.3294 towards 100% projection of 1.3294 to 1.3578 from 1.3399 at 1.3683. But we'd expect upside to be limited there to complete the rebound from 1.3294. Fall from 1.3832 is expected to resume later and break of 1.3520 will turn bias to the downside for 1.3399 and below first. 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	62.6	59	59.4
10:00	EUR	Eurozone PPI M/M Oct	-0.50%	-0.20%	0.10%	0.20%
10:00	EUR	Eurozone PPI Y/Y Oct	-1.40%	-1.00%	-0.90%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency staged a strong rebound from intra-day low of 1.3524 on dollar's broad-based weakness, offers at 1.3570-80 were filled but sell orders are still noted at 1.3600 and 1.3620-30 (stops above), fresh selling interest should emerge from 1.3650 up to 1.3670. On the downside, bids are raised to 1.3560-65 and in good size at 1.3520-25, more buy orders are located from 1.3500 down to 1.3480, fresh demand should emerge at 1.3450-60, 1.3420 and further out at 1.3400.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Buy at 1.6315

Although the British pound has rebounded after finding support around the Ichimoku cloud, as long as yesterday's high of 1.6443 holds, further consolidation would be seen and risk of another corrective fall cannot be ruled out, below yesterday's low of 1.6343 would bring retracement of recent rise to support at 1.6315 (Friday's low), however, reckon downside would be limited and bring another upmove later. A break of said resistance at 1.6443 would signal recent upmove has resumed and extend further gain to 1.6450, then 1.6475-80

Trade Idea Update: USD/JPY - Buy at 102.05

As the greenback has retreated after intra-day rise to 103.38, suggesting consolidation below this level would be seen and pullback to previous support at 102.12 cannot be ruled out, however, reckon 102.00-05 (38.2% Fibonacci retracement of 99.79-103.38) would limit downside and bring another rise later, above said resistance would extend recent upmove to 103.50-58