Friday, February 28, 2014

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News Delivered To You: Daily Technical Analysis

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Action Insight Mid-Day Report 2-28-14

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Action Insight Market Overview Markets Snapshot

Mid-Day Report: Euro Jumps as CPI Beat Expectations

Euro jumps sharply against most major currencies today as inflation data eased the pressure for ECB to take immediate action to add stimulus during next week's meeting. CPI came in at 0.8% yoy in February, unchanged from upwardly revised 0.8% yoy in January. Unemployment rate was also unchanged at 12.00%. Earlier today, ECB president Draghi said that the central bank will "remain alert as to whether any indication on further downside risks to price stability emerge" and pledged that ECB stands "ready to act". EUR/USD surged through 1.3772 resistance in reaction to the news and resumed recent rebound from 1.3476. It's possibly now heading to 1.3892 (2013 high). Nonetheless, note that Swiss Franc is even stronger with EUR/CHF extending recent fall to as low as 1.2148. Other data released from Europe saw German retail sales rose 2.5% yoy in January, Swiss KOF leading indicator improved to 2.03 in February, UK Gfk consumer confidence was unchanged at -7 in February.

Full Report Here...


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Featured Technical Report

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3659; (P) 1.3692 (R1) 1.3743; More....

EUR/USD's strong rise today and break of 1.3772 resistance indicates that rise from 1.3476 has resumed. More importantly, daily MACD was kept above signal line and there was strong support from 55 days EMA. Both have near term bullish implications. Intraday bias is back on the upside for 1.3892 first. Break will confirm larger up trend resumption and will target 1.4 psychological level next. On the downside, break of 1.3642 is now needed to confirm completion of the rebound. Or outlook will stay mildly bullish.

Read more...

Economic Indicators Update

 

GMT Ccy Events Actual Consensus Previous Revised
21:45 NZD Building Permits M/M Jan -8.30% 7.60% 7.10%
23:13 JPY Nomura/ JMMA Manufacturing PMI Feb 55.5 56.6
23:30 JPY National CPI Core Y/Y Jan 1.30% 1.30% 1.30%
23:30 JPY Tokyo CPI Core Y/Y Feb 0.90% 0.80% 0.70%
23:30 JPY Household Spending Y/Y Jan 1.10% 0.20% 0.70%
23:30 JPY Unemployment Rate Jan 3.70% 3.70% 3.70%
23:50 JPY Industrial Production M/M JanPreliminar 4.00% 3.10% 0.90%
23:50 JPY Retail Trade Y/Y Jan 4.40% 3.90% 2.60% 2.50%
00:01 GBP Gfk Consumer Confidence Feb -7 -6 -7
05:00 JPY Housing Starts Y/Y Jan 12.30% 15.30% 18.00%
07:00 EUR German Retail Sales Y/Y Jan 2.50% 1.20% -2.50% -1.70%
08:00 CHF KOF Leading Indicator Feb 2.03 2.03 1.98 2.01
10:00 EUR CPI Y/Y Feb P 0.80% 0.70% 0.70% 0.80%
10:00 EUR Unemployment Rate Jan 12.00% 12.00% 12.00%
13:30 CAD GDP M/M Dec -0.50% -0.20% 0.20%
13:30 USD GDP Annualized Q4 P 2.40% 2.70% 3.20%
13:30 USD GDP Price Index Q4 P 1.60% 1.30% 1.30%
14:45 USD Chicago PMI Feb 58.2 59.6
14:55 USD U. of Michigan Consumer Sentiment Feb F 81.4 81.2
15:00 USD Pending Home Sales M/M Jan 2.90% -8.70%
 
Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency rallied on higher-than-expected EMU's CPI data, stops above 1.3780 and barrier at 1.3800 were tripped, some offers are reported at 1.3825-30 and mixture of offers and stops is located further out at 1.3850, sizeable sell orders are expected to emerge around 1.3890-00. On the downside, bids are raised to 1.3770-80 and 1.3740-50, some stops are placed below 1.3720, followed by fresh demand around 1.3690-00 and 1.3660-65.

Read more...

Forex Trade Ideas

Trade Idea Update: USD/CHF - Sell at 0.8840

Dollar's intra-day breach of previous chart support at 0.8799 confirms our view that early decline has resumed and bearishness remains for further decline to 0.8788 (61.8% projection of 0.9082-0.8852 measuring from 0.8930) and then 0.8765-70 (1.236 times projection of 0.9157-0.8903 measuring from 0.9082) but reckon 0.8740-50 would limit downside due to near term oversold condition.

Read more...

Trade Idea Update: EUR/USD - Buy at 1.3770

Current rally above 1.3773 resistance after the release of eurozone data signals recent upmove has resumed and further gain to 1.3825-30 (61.8% projection of 1.3477-1.3773 measuring from 1.3643) and then 1.3850 would bee seen, however, near term overbought condition would limit upside to 1.3870 and previous resistance at 1.3894 would hold from here, risk from there is seen for a retreat to take place later.

Read more...

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500

Suggested Readings

Fundamental Highlights

Technical Highlights

 

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Thursday, February 27, 2014

Action Insight Daily Report 2-28-14

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Action Insight Market Overview Markets Snapshot

Daily Report: Renewed Selloff in Yen Crosses on Risk Aversion

Much volatility was seen in the Japanese yen overnight as initial strength was countered by return of risk appetite. DOW and S&P 500 both closed higher and lifted yen crosses for recoveries. However, renewed risk aversion in Asian session triggered another selloff in yen crosses again. Technically, EUR/JPY has already took out 139.21 minor support yesterday. USD/JPY also took out 101.66 minor support today which added more evidence to yen strength. Focus will now also be on 169.11 minor support in GBP/JPY today and break will further affirm the bullish case in yen. Data released in Japan saw national CPI core unchanged at 1.3% yoy in January while Tokyo CPI core rose to 0.9% yoy in February. Household spending rose 1.2% yoy in January, unemployment rate was unchanged at 3.7%, industrial production rose 4.0% mom, retail sales rose 4.4% yoy, housing starts rose 12.3% yoy. PMI manufacturing dropped slightly to 55.5 in February.

Full Report Here...


jpyvol.png
nzdusdpiv.png

Featured Technical Report

USD/JPY Daily Outlook

Daily Pivots: (S1) 101.74; (P) 102.09; (R1) 102.46; More...

USD/JPY's decline extends today and took out 101.66 minor support. The development suggests that the corrective recovery from 100.75 has completed at 102.82 already. Intraday bias is back on the downside. The larger fall from 105.41 is resuming for 100.75 low and then 100.61 key support level. Decisive break there will have larger bearish implication and will target 61.8% projection of 105.41 to 100.75 from 102.82 at 99.94 next. On the upside, though, break of 102.82 will indicate that fall from 105.41 might have finished and will turn near term outlook bullish.

Read more...

Economic Indicators Update

 

GMT Ccy Events Actual Consensus Previous Revised
21:45 NZD Building Permits M/M Jan -8.30% 7.60% 7.10%
23:13 JPY Nomura/ JMMA Manufacturing PMI Feb 55.5 56.6
23:30 JPY National CPI Core Y/Y Jan 1.30% 1.30% 1.30%
23:30 JPY Tokyo CPI Core Y/Y Feb 0.90% 0.80% 0.70%
23:30 JPY Household Spending Y/Y Jan 1.10% 0.20% 0.70%
23:30 JPY Unemployment Rate Jan 3.70% 3.70% 3.70%
23:50 JPY Industrial Production M/M JanPreliminar 4.00% 3.10% 0.90%
23:50 JPY Retail Trade Y/Y Jan 4.40% 3.90% 2.60% 2.50%
0:01 GBP Gfk Consumer Confidence Feb -7 -6 -7
5:00 JPY Housing Starts Y/Y Jan 12.30% 15% 18%
7:00 EUR German Retail Sales Y/Y Jan 1.20% -2.50%
8:00 CHF KOF Leading Indicator Feb 2.03 1.98
10:00 EUR CPI Y/Y Feb P 0.70% 0.70%
10:00 EUR Unemployment Rate Jan 12.00% 12.00%
13:30 CAD GDP M/M Dec -0.20% 0.20%
13:30 USD GDP Annualized Q4 P 2.70% 3.20%
13:30 USD GDP Price Index Q4 P 1.30% 1.30%
14:45 USD Chicago PMI Feb 58.2 59.6
14:55 USD U. of Michigan Consumer Sentiment Feb F 81.4 81.2
15:00 USD Pending Home Sales M/M Jan 2.90% -8.70%
 
Orders and Options Watch

US Session: Orders and Options Watch

JPY: Dollar dropped sharply earlier today on cross-buying in yen, bids at 102.00-10 and 101.80-85 together with stops below 101.80 were cleared, however, more buy orders are expected at 101.70 (stops below 101.60-65), mixture of bids and stops is located at 101.35-45, fresh demand should emerge around 101.20-25 and 101.00.On the upside, offers in good size are still noted at 102.40, 102.60-80 region and 103.00-20 area (from Asian sovereign names), selling interest is tipped further out at 103.40-50 (stops above).

Read more...

Forex Trade Ideas

Trade Idea: EUR/GBP - Buy at 0.8180

As the single currency has remained under pressure, retaining our view that near term downside risk remains for the retreat from 0.8286 to bring further weakness towards 0.8180-90, however, still reckon downside would be limited and support at 0.8158 (last week's low) should hold, bring another rebound later, above 0.8252-57 would bring test of resistance at 0.8286

Read more...

Trade Idea: USD/CAD - Buy at 1.1020

As the greenback has staged a rebound after falling to 1.1054 earlier this week, consolidation would be seen but reckon 1.1150 would limit upside and near term downside risk remains for another corrective fall, below 1.1070-75 would bring retracement of recent rise to 1.1015-20 (61.8% Fibonacci retracement of 1.0910-1.1194), however, sharp fall below there should not be repeated and bring another rise later

Read more...

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500

Suggested Readings

Fundamental Highlights

Technical Highlights

 

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News Delivered To You: DailyFX For Beginners

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