Monday, February 17, 2014

Action Insight Daily Report 2-18-14

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 Tumbled as BoJ Doubled Loan Program Yen drops sharply after BoJ left rates unchanged at near zero level today and boosted the loan program. The central bank doubled the so called Growth Supporting Funding Facility from JPY 3.5T to JPY 7T. Also, BoJ Extended the term of its loan support program by one year. The target was increase in monetary base was held unchanged at JPY 60-70T. The moves today was seen by the markets as a sign that BoJ is open to additional easing. Yen tumbled sharply across the board. In particular, EUR/JPY took out 140.49 resistance which suggests near term reversal. Meanwhile, USD/JPY also breaches 102.70 resistance which indicates rebound from 100.75 low. Full Report Here...
Featured Technical Report
EUR/JPY Daily Outlook Daily Pivots: (S1) 139.16; (P) 139.45; (R1) 139.97; More... EUR/JPY soars today and the break of 140.49 support turned resistance suggests that the pull back from 145.68 has completed with three waves down to 136.22 already, ahead of 135.50 key support level. Intraday bias is back on the upside for 142.41 resistance first. Break will target a test on 145.68 high next. On the downside, break of 138.67 support is needed to indicate completion of rebound from 136.22. Otherwise, outlook will stay mildly bullish in case of retreat. 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	Consensus	Previous
	JPY	BoJ Monetary Policy Statement
00:30	AUD	RBA Minutes
09:00	EUR	Eurozone Current Account (EUR) Dec	19.8B	23.5B
09:30	GBP	CPI M/M Jan	-0.60%	0.40%
09:30	GBP	CPI Y/Y Jan	2.00%	2.00%
09:30	GBP	Core CPI Y/Y Jan	1.90%	1.70%
09:30	GBP	RPI M/M Jan	-0.50%	0.50%
09:30	GBP	RPI Y/Y Jan	2.70%	2.70%
09:30	GBP	PPI Input M/M Jan	-0.20%	0.10%
09:30	GBP	PPI Input Y/Y Jan	-2.90%	-1.20%
09:30	GBP	PPI Output M/M Jan	0.10%	0.00%
09:30	GBP	PPI Output Y/Y Jan	0.80%	1.00%
09:30	GBP	PPI Output Core M/M Jan	0.10%	0.10%
09:30	GBP	PPI Output Core Y/Y Jan	0.80%	1.00%
09:30	GBP	DCLG UK House Prices Y/Y Dec	5.80%	5.40%
10:00	EUR	German ZEW (Economic Sentiment) Feb	61.7	61.7
10:00	EUR	German ZEW (Current Situation) Feb	44	41.2
10:00	EUR	Eurozone ZEW (Economic Sentiment) Feb	73.9	73.3
13:30	CAD	International Securities Transactions (CAD) Dec	9.97B	8.66B
13:30	USD	Empire Manufacturing Feb	9.5	12.51
14:00	USD	Net Long-term TIC Flows Dec	-24.7B	-$29.3B
15:00	USD	NAHB Housing Market Index Feb	57	56

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency maintained a firm undertone but sell orders are still seen at 1.3730-50 area and further out at 1.3775-80 (more stops above), fresh selling interest should emerge around 1.3800-10. On the downside, bids remain at 1.3670-75 and 1.3650-55 with stops building up below 1.3645, more buyers are sitting at 1.3625-30 and 1.3600 (more stops below figure).

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Forex Trade Ideas

Trade Idea: EUR/GBP - Buy at 0.8180

Despite intra-day initial brief fall to 0.8158, as the single currency found support there and has rebounded, suggesting a temporary low is possibly formed and consolidation with mild upside bias is seen for retracement of recent decline, above resistance at 0.8227-30 would add credence to this view, bring a stronger rebound to 0.8260, then 0.8280 but reckon resistance at 0.8300 would limit upside

Trade Idea: USD/CAD - Sell at 1.1070

The greenback has remained under pressure after last week's breach of previous support at 1.0968, retaining our view that top has been formed at 1.1224 earlier as wave v and near term downside bias remains for the fall from there to bring retracement of recent upmove to 1.0900-05, however, reckon support at 1.0843 would hold from here due to near term oversold condition