Monday, December 9, 2013

Action Insight Mid-Day 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
Mid-Day Report: Euro Firm as Markets Awaits Fedspeaks Euro remains firm against dollar and yen today after lackluster data release. Eurozone Sentix investor confidence unexpectedly dropped to 8 in December. German industrial production contracted -1.2% mom in October. German trade surplus came in narrower than expected at EUR 16.8b in October. Other data from Europe saw Swiss unemployment rate unchanged at 3.2% in November while retail sales rose 1.2% yoy in October. Markets are generally quiet today as focus will be on central banker's speeches. BoE governor Carney will speak at Economic Club of New York. More importantly, Fed's Lacker, Bullard and Fisher are also scheduled to speak today. Markets will try to get more hints on Fed's stance before December FOMC meeting. The attention will be on any comments regarding the timing of tapering, and more importantly, the pace of tapering. Full Report Here...
Featured Technical Report
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.8892; (P) 0.8937; (R1) 0.8963; More... Intraday bias in USD/CHF remains on the downside for 0.8889 low. Break will resume larger decline and should target long term retracement level at 0.8861. On the upside, above 0.8983 minor resistance will turn bias neutral and bring consolidations 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
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%
01:30	CNY	CPI Y/Y Nov	3.00%	3.20%	3.20%
01:30	CNY	PPI Y/Y Nov	-1.40%	-1.50%	-1.50%
05:00	JPY	Eco Watchers Sentiment Nov	53.5	52.3	51.8
06:45	CHF	Unemployment Rate Nov	3.20%	3.20%	3.20%
07:00	EUR	German Trade Balance (EUR) Oct	16.8B	17.4B	18.8B
08:15	CHF	Retail Sales (Real) Y/Y Oct	1.20%	1.70%	1.00%
09:30	EUR	Eurozone Sentix Investor Confidence (Dec)	8	10.5	9.3
11:00	EUR	German Industrial Production M/M Oct	-1.20%	0.80%	-0.90%	-0.70%
13:15	CAD	Housing Starts Nov	192K	195K	198.3K

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to move higher and offers at 1.3725 were filled but sell orders are still noted at 1.3730-35, 1.3750 and 1.3775, fresh selling interest is tipped at 1.3800 and further out at 1.3825. On the downside, bids remain at 1.3680-90 and from 1.3660 down to 1.3640, fresh demand should emerge around 1.3625 and 1.3600, more buy orders are expected at 1.3585 and 1.3550-60.

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Forex Trade Ideas

Trade Idea Update: EUR/USD - Buy at 1.3670

As the single currency has risen again after brief pullback, suggesting recent upmove is still in progress and may extend further gain to 1.3747-50 (100% projection of 1.3399-1.3622 measuring from 1.3524 and 1.236 times projection of 1.3295-1.3579 measuring from 1.3399 respectively) and possibly towards 1.3770-80

Trade Idea Update: GBP/USD - Buy at 1.6335

Although cable retreated after meeting resistance at 1.6393 on Friday, as sterling found renewed buying interest around 1.6315-20 and has rebounded again, retaining our view that low has been formed at 1.6293 and upside bias remains for test of resistance at 1.6404 but break there is needed to signal the correction from 1.6443 has ended at 1.6293, retest of said recent high at 1.6443