Tuesday, January 7, 2014

Action Insight Mid-Day Report 1-7-14

Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Dollar Mixed in Consolidations, USD/CAD Firmer after Trade Data Dollar remains rather mixed today and volatility is quite limited. Euro attempted a recovery but was lacked follow through buying. On the other hand, with help in cross weakness, USD/CHF is extending recent rise. The Japanese yen is stuck is tight range against other major currencies and might continue to consolidate as stocks recover. The more notable move is in USD/CAD which jumps after economic data. US trade deficit came in much narrower than expected at USD -34.3b in November. On the other hand, Canada trade deficit was at CAD -0.9b, wider than consensus of CAD -0.15b. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3581; (P) 1.3617 (R1) 1.3662; More.... Intraday bias in EUR?USD remains neutral for some consolidations above 1.3571 temporary low. Considering bearish divergence condition in daily MACD, the rise from 1.2755 might be completed at 1.3892. Another fall is expected and below 1.3571 will target 38.2% retracement of 1.2755 to 1.3892 at 1.3458 first. On the upside, above 1.3676 minor resistance will bring recovery. But risk will stays on the downside in near term. 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	Revised
23:50	JPY	Monetary Base Y/Y Dec	46.60%	55.20%	52.50%
00:30	AUD	Trade Balance (AUD) Nov	-118M	-250M	-529M
08:00	CHF	Foreign Currency Reserves Dec	435.2B	435.0B	435.7B	435.9B
08:55	EUR	German Unemployment Change Dec	-15K	-2K	10K	9K
08:55	EUR	German Unemployment Rate Dec	6.90%	6.90%	6.90%
10:00	EUR	Eurozone PPI M/M Nov	-0.10%	-0.10%	-0.50%
10:00	EUR	Eurozone PPI Y/Y Nov	-1.20%		-1.40%	-1.30%
10:00	EUR	Eurozone CPI Estimate Y/Y Dec	0.80%	0.90%	0.90%
13:30	CAD	International Merchandise Trade (CAD) Nov	-0.9B	-0.15B	0.08B
13:30	USD	Trade Balance Nov	-34.3B	-$40.0B	-$40.6B
15:00	CAD	Ivey PMI Dec		55	53.7

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency found buying interest at 1.3610 again in European session and has rebounded but sell orders are still noted at 1.3650-55 (stops above 1.3660) and 1.3675-80 (stops above), more selling interest is located at 1.3700 and in good size at 1.3725-30 with stops placed above 1.3750 and 1.3780. On the downside, buy orders (fair size) remain at 1.3600-10 and at 1.3570-75, more bids are expected at 1.3550 and 1.3525-30 with bigger stops building up below 1.3520, fresh demand should emerge around 1.3500 and further out at 1.3485.

Trade Idea Update: EUR/USD - Sell at 1.3695

Despite yesterday's initial brief fall to 1.3571, the subsequent rebound suggests consolidation above this level would be seen and corrective bounce to resistance at 1.3677 would be seen, however, reckon 1.3695-00 (50% Fibonacci retracement of 1.3819-1.3571) would limit upside and bring another decline later. A break of said support at 1.3571 would extend the decline from 1.3894 top for weakness to 1.3550-60

Trade Idea Update: GBP/USD - Sell at 1.6500

As the British pound rebounded after falling to 1.6338 yesterday, suggesting the decline from 1.6604 has formed a temporary low there, hence consolidation above this level is seen with mild upside bias for recovery to 1.6474 (previous resistance), however, reckon 1.6500 would limit upside and bring another decline later. A break of said support at 1.6338 would extend the fall from 1.6604 top to previous support at 1.6316