Monday, February 10, 2014

Action Insight Mid-Day 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
Mid-Day Report: Markets Quiet Before Fed Yellen's Testimony Tomorrow Markets are lacking a clear direction as another week starts. European equities edged higher in early trading, carrying over the positive sentiments from Asia. But major indices quickly pared back the gains and are mixed at the time of writing. US futures also point to a lower open. Yen Crosses are generally lower, tracking equities, but losses are so far very limited. European majors are also mixed with Euro and Swissy mildly higher against dollar but sterling lagged behind. Markets will likely stay directionless for today as key events start tomorrow with new Fed chairman Yellen's testimony on Tuesday and Thursday, plus BoE inflation report and Carney's press conference on Wednesday. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3577; (P) 1.3610 (R1) 1.3669; More.... The recovery from 1.3476 might extends higher. But EUR/USD is staying inside near term falling channel and well below 1.3739 resistance. Near term outlook stays mildly bearish and deeper decline is still expected to 38.2% retracement of 1.2755 to 1.3892 at 1.3458. Break will target 50% retracement at 1.3324. Nonetheless, break of 1.3739 resistance will indicate that the choppy fall from 1.3892 has already finished and will turn near term outlook bullish for another high above 1.3892 to extend the larger rally. 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
23:50	JPY	Current Account (JPY) Dec	-0.20T	-0.06T	-0.05T
05:00	JPY	Consumer Confidence Jan	40.5	43.9	41.3
06:00	JPY	Eco Watchers Survey: Current Jan	54.7	55.5	55.7
06:45	CHF	Unemployment Rate Jan	3.20%	3.20%	3.20%
09:30	EUR	Eurozone Sentix Investor Confidence Feb	13.3	10.1	11.9
13:15	CAD	Housing Starts Jan	180K	185.0K	189.7K	188K

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency edged higher in European morning but sell orders are still noted at 1.3675-85, buy stops are building up above 1.3700, fresh selling interest should emerge around 1.3620-30 and 1.3650 (stops above). On the downside, bids are raised to 1.3600-10, 1.3550 and 1.3535, more buy orders in good size are tipped at 1.3515, 1.3490-00 and 1.3475, mixture of bids and stops is located at 1.3450-60.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Buy at 1.6350

Friday's strong rebound on dollar's broad-based weakness against European currencies suggests low has been formed at 1.6252 last week and near term bullishness remains for test of 1.6438-40 (50% Fibonacci retracement of 1.6625-1.6252), however, still reckon upside would be limited to 1.6483-85 (61.8% Fibonacci retracement of 1.6625-1.6252 and previous resistance) and price should falter well below 1.6520-26 resistance, bring another decline later.

Trade Idea Update: USD/JPY - Buy at 101.60

As the greenback has retreated after intra-day initial marginal rise to 102.64, suggesting consolidation below this level would be seen and pullback to the upper Kumo (now at 101.91) but the lower Kumo (now at 101.52) should hold and bring another rise later, above said resistance would extend the rise from 100.76 low to previous resistance at 102.93, however, overbought condition should limit upside and price should falter well below resistance at 103.44, bring retreat.