Friday, February 14, 2014

Action Insight Mid-Day 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
Mid-Day Report: Dollar Stays Soft after Industrial Production Missed Dollar remains generally soft in early US session. Economic data released from US showed industrial production dropped -0.3% in January versus consensus of 0.3% rise. Capacity utilization also dropped to 78.5% versus expected of 79.4%. Import price index rose 0.1% mom in January as expected. From Canada, manufacturing shipments dropped sharply by -0.9% mom in December. In the currency markets, Sterling remains the strongest currency this week, while dollar was the weakest. Euro performed just slightly better than the greenback and was the second weakest currency. Risk markets are mixed with US stocks futures pointing to a lower open. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 101.71; (P) 102.13; (R1) 102.58; More... Intraday bias in USD/JPY remains mildly on the downside for 101.43 minor support. Break will indicate that whole decline from 105.41 is resuming and would target 100.61 key support level. Decisive break there will confirm medium term topping at 105.41 on bearish divergence condition in daily MACD and bring dealer towards 96.56 support. On the upside, above 102.70 will turn bias to the upside for 103.44. Break will argue that USD/JPY has defended 100.61 key support and bottomed and would turn bias back to the upside for retesting 105.41. 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
01:30	CNY	CPI Y/Y Jan	2.50%	2.40%	2.50%
01:30	CNY	PPI Y/Y Jan	-1.60%	-1.60%	-1.40%
06:30	EUR	French GDP Q/Q Q4 P	0.30%	0.20%	-0.10%	0.00%
07:00	EUR	German GDP Q/Q Q4 P	0.40%	0.30%	0.30%
09:00	EUR	Italian GDP Q/Q Q4 P	0.10%	0.10%	0.00%
10:00	EUR	Eurozone GDP Q/Q Q4 A	0.30%	0.30%	0.10%
13:30	CAD	Manufacturing Shipments M/M Dec	-0.90%	0.50%	1.00%	0.50%
13:30	USD	Import Price Index M/M Jan	0.10%	0.10%	0.00%	0.20%
14:15	USD	Industrial Production Jan	-0.30%	0.30%	0.30%
14:15	USD	Capacity Utilization Jan	78.50%	79.40%	79.20%	78.90%
14:55	USD	U. of Michigan Confidence Feb P		80.5	81.2

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 Update: EUR/USD - Buy at 1.3640 or sell at 1.3775

The single currency has maintained a firm undertone and near term upside bias remains for the rise from 1.3477 to extend gain to previous resistance at 1.3740 and possibly towards 1.3760-65 (100% projection of 1.3483-1.3683 measuring from 1.3562), however, near term overbought condition should prevent sharp move beyond 1.3775-80, risk from there is seen for a retreat to take place later.

Trade Idea Update: GBP/USD - Buy at 1.6600

As the British pound has jumped again after brief pullback, suggesting medium term upmove from 1.4814 (2013 low) is still in progress and may extend further gain to 1.6748-56 (61.8% projection of 1.4814-1.6260 measuring from 1.5854 and 61.8% projection of 1.5854-1.6669 measuring from 1.6252 respectively), however, near term overbought condition should prevent sharp move beyond 1.6790-00