Sunday, February 9, 2014

Action Insight Daily Report 2-10-14

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: Yen Soft as Risk Rebound Continues Asian equities are generally higher today following the extended rebound in US last Friday. Nikkei is trading up nearly 250 pts, or 17% at the time of writing. Yen crosses are firm as recoveries continue while dollar remains soft against European majors. The economic data is rather light today and traders would look through today's data towards the major events this week. That firstly include the new Fed chairman Yellen's inaugural testimonies before the House Financial Services Committee tomorrow and the Senate Banking Committee on Thursday. it's not likely for Yellen to bring new insights on the central bank's policy changes. Yet, she would probably discuss options the FOMC might use regarding the forward guidance, such as lowering the threshold on the unemployment rate and adding an inflation floor. Moreover, last week's employment report should not do much to change the Fed economic assessment as January's data should indeed be derailed by extreme weather during the month. Full Report Here...
Featured Technical Report
GBP/JPY Daily Outlook Daily Pivots: (S1) 166.66; (P) 167.34; (R1) 168.56; More..... Intraday bias in GBP/JPY remains mildly on the upside for the moment as rebound form 163.87 continues. Current development argues that pull back from 174.84 might be finished at 163.87 already. Further rally could be seen to 173.65/174.84 resistance zone. Meanwhile, break of 166.11 minor support revive the bearish outlook and turn bias back to the downside for 163.87 and then 159.98 key support. 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
23:50	JPY	Current Account (JPY) Dec	-0.20T	-0.06T	-0.05T
5:00	JPY	Consumer Confidence Jan	40.5	43.9	41.3
6:00	JPY	Eco Watchers Survey: Current Jan	54.7	55.5	55.7
6:45	CHF	Unemployment Rate Jan		3.20%	3.20%
9:30	EUR	Eurozone Sentix Investor Confidence Feb		10.1	11.9
13:15	CAD	Housing Starts Jan		185.0K	189.7K

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency jumped in NY opening shortly after the release of lower-than-expected NFP data, however, offers in good size are still noted at 1.3645-50 and 1.3670-80, buy stops are building up above 1.3700. On the downside, bids in good size remain at 1.3550, 1.3535 and 1.3515, more buy orders are tipped at 1.3490-00 and 1.3475 with stops building up below 1.3450-60, fresh demand should emerge around 1.3420-30, 1.3400 and further out at 1.3350-60.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Buy at 0.8240

As the single currency has retreated after rising to 0.8350 yesterday, minor consolidation would bee seen and pullback to 0.8265-70 cannot be ruled out, however, if our view that a temporary low possibly formed at 0.8168 is correct, downside should be limited to 0.8240-50 and bring another rise later. A break of said resistance at 0.8350 would extend the rebound from 0.8168 temporary low for retracement of recent decline towards next resistance at 0.8393 later

Trade Idea: USD/CAD - Sell at 1.1100

As the greenback slipped again after brief recovery, adding credence to our view that a temporary top is possibly formed at 1.1224 last week and consolidation with downside bias remains for retracement of recent upmove to support at 1.0950-55 but a drop below there is needed to signal the wave v has ended at 1.1224, bring correction of entire rise to 1.0900-05 but reckon support at 1.0843 would hold from here.