Thursday, February 13, 2014

Action Insight Daily Report 2-14-14

Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
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Action Insight Market Overview	Markets Snapshot
Daily Report: Euro Advances as French and German GDP Beat Expectations Euro strengthens mildly in early European session on positive growth data. French GDP rose 0.3% qoq in Q4, up from Q3's 0% qoq and beat expectation of 0.2% qoq. German Q4 GDP grew 0.4% qoq versus expectation of 0.3% qoq, up from prior quarter's 0.3% qoq. Eurozone will release regional GDP later today and is expected to show 0.3% qoq growth, up from prior 0.1% qoq. We might see a mild upside surprise there. Italy will also release Q4 GDP figures. Rally is EUR/USD is so far quite cautious as there are concerns that Q4's figure were just temporary strength and the economy would become weaker again in Q1. And, ECB is still favor much deflationary risk and could add stimulus in the latter part of the year. Nonetheless, technically, EUR/USD's recent correction could have already finished at 1.3476 and we might see a break of 1.3739 resistance for retesting 1.3892 high in near term. Full Report Here...
Featured Technical Report
EUR/USD Daily Outlook Daily Pivots: (S1) 1.3612; (P) 1.3652 (R1) 1.3719; More.... EUR/USD's rebound from 1.3476 extends higher today and intraday bias remains on the upside for 1.3739 resistance. Break will confirm that whole pull back from 1.3892 has completed at 1.3476 already. In such case, the larger rally would be resuming for another high above 1.3892. On the downside, below 1.3561 minor support will turn bias back to the downside for 1.3476 low and 38.2% retracement of 1.2755 to 1.3892 at 1.3458. 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
1:30	CNY	CPI Y/Y Jan	2.50%	2.40%	2.50%
1:30	CNY	PPI Y/Y Jan	-1.60%	-1.60%	-1.40%
6:30	EUR	French GDP Q/Q Q4 P	0.30%	0.20%	-0.10%	0.00%
7:00	EUR	German GDP Q/Q Q4 P	0.40%	0.30%	0.30%
9:00	EUR	Italian GDP Q/Q Q4 P		0.10%	0.00%
10:00	EUR	Eurozone Trade Balance (EUR) Dec		14.0B	16.0B
10:00	EUR	Eurozone GDP Q/Q Q4 A		0.30%	0.10%
13:30	CAD	Manufacturing Shipments M/M Dec		0.50%	1.00%
13:30	USD	Import Price Index M/M Jan		0.10%	0.00%
14:15	USD	Industrial Production Jan		0.30%	0.30%
14:15	USD	Capacity Utilization Jan		79.40%	79.20%
14:55	USD	U. of Michigan Confidence Feb P		80.5	81.2

Orders and Options Watch

US Session: Orders and Options Watch

GBP: The British pound continued to edge higher and offers at 1.6670 were filled and stops above 1.6680 are now in focus, however, more sell orders are expected at 1.6700-10, mixture of offers and stops is tipped at 1.6740-50. On the downside, bids are raised to 1.6620-30 and 1.6590-00, more buy orders are reported at 1.6570 and 1.6550, buying interest is located at 1.6500-20 area (some stops below 1.6480-85), fresh demand should emerge around 1.6450-60.

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Forex Trade Ideas

Trade Idea: USD/JPY - Buy at 101.50

Although the greenback has recovered after intra-day fall to 101.57 and test of the Kijun-Sen (now at 101.99) cannot be ruled out, reckon intra-day resistance at 102.41 would cap upside and near term downside risk remains for the fall from 102.70 to extend another decline towards previous support at 101.45 before prospect of another rebound later. Above said resistance at 102.41 would signal retreat from 102.70 has ended

Trade Idea: USD/CAD - Sell at 1.1120

Although the retreat from 1.1089 has kept price under pressure, a break of indicated support at 1.0968 is needed to signal fall from 1.1224 top is still in progress for retracement of recent upmove to support at 1.0950-55 but only a drop below there would add credence to our view that the wave v has ended at 1.1224, bring correction of entire rise to 1.0900-05, however, reckon support at 1.0843 would hold from here.