Monday, January 13, 2014

Action Insight Daily Report 1-14-14

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: Dollar and Yen Retraced, Stocks Tumbled DOW dropped -179 pts, or -1.09% overnight to close at 16257.94. Also, it's the biggest plunge since last September. That compares to the record close of 16576.66 made on December, nearly -2% off. S&P 500 dropped -23.17 pts, or -1.26% to close at 1819.12, comparing to record close of 1848.36 made also on December 31, -1.6% off. Some analyst viewed the moves as late reaction to Friday's NFP disappointment. Also, investors are getting nervous ahead of earnings releases this week which could add pressures to the markets. Treasury yields extended last week's decline with 30 year yield dropping to 3.767% while 10 year yield dropped to 2.827%. Dollar index's decline, on the other hand, lost some momentum as it hits the flat 55 days EMA and hovers around 80.6 at the time of writing. Full Report Here...
Featured Technical Report
EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8301; (P) 0.8324; (R1) 0.8365; More.... The break of 0.8331 minor resistance suggests that a short term bottom formed in EUR/GBP at 0.8230. Intraday bias is back on the upside and current rise would extend towards 0.8466 resistance. Decisive there should confirm near term trend reversal and turn outlook bullish. On the downside, another decline cannot be ruled out yet. But again, fall from 0.8768 is viewed as a terminal triangle, in its final leg. In case of another fall, we'd expect strong support above 0.8164 cluster to bring reversal. 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

2014 Elliott Wave Forecast

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous
23:50	JPY	Current Account Total (JPY) Nov	-0.05T	-0.02T	-0.06T
5:00	JPY	Eco Watchers Survey: Current Dec		54.2	53.5
9:30	GBP	PPI Input M/M Dec		-0.20%	-0.70%
9:30	GBP	PPI Input Y/Y Dec			-1.00%
9:30	GBP	PPI Output M/M Dec		0.20%	-0.20%
9:30	GBP	PPI Output Y/Y Dec			0.80%
9:30	GBP	PPI Output Core M/M Dec			-0.10%
9:30	GBP	PPI Output Core Y/Y Dec			0.70%
9:30	GBP	CPI M/M Dec			0.10%
9:30	GBP	CPI Y/Y Dec		2.10%	2.10%
9:30	GBP	Core CPI Y/Y Dec		1.80%	1.80%
9:30	GBP	RPI M/M Dec			0.10%
9:30	GBP	RPI Y/Y Dec		2.70%	2.60%
10:00	EUR	Eurozone Industrial Production M/M Nov		1.60%	-1.10%
13:30	USD	Advance Retail Sales Dec		0.30%	0.70%
13:30	USD	Retail Sales Less Autos Dec		0.40%	0.40%
13:30	USD	Import Price Index M/M Dec		0.50%	-0.60%
15:00	USD	Business Inventories Nov		0.30%	0.70%

Orders and Options Watch

US Session: Orders and Options Watch

GBP: The British pound dropped today since London morning on active selling by real money accounts, bids at 1.6420-30 were filled, mixture of bids and stops at 1.6370-80 is in focus, more buy orders are located at 1.6350,1.6325-35 , and 1.6300-10. On the upside, offers are lowered to 1.6470-80 and also in good size at 1.6515-20 (stops above), more selling interest should emerge around 1.6540-50 with stops placed above 1.6550, sell orders are located at 1.6580-00 area with some stops placed above 1.6610.

Trade Idea: EUR/GBP - Hold long entered at 0.8250

As the single currency has risen again after finding renewed buying interest at 0.8285, adding credence to our bullish view that a temporary low is formed at 0.8231 last week, near term upside bias remains for such rebound to bring retracement of recent decline to 0.8373, however, only break of resistance at 0.8393 would signal fall from 0.8467 has ended, bring another rise to this level.

Trade Idea: USD/CAD - Buy at 1.0800

As the greenback has retreated after faltering below last week's high of 1.0946, suggesting consolidation below this level would be seen and pullback to 1.0830-40 cannot be ruled out, however, reckon 1.0790-00 would limit downside and bring another upmove later, above said resistance at 1.0946 would extend recent upmove to 1.1000-10 but overbought condition should prevent sharp move beyond 1.1050