Tuesday, February 18, 2014

Action Insight Mid-Day 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
Mid-Day Report: Dollar Mixed after Data, Sterling Tumbles on CPI Dollar is mixed in early US session. Data from US saw Empire state manufacturing index dropped sharply to 4.5 in February, versus consensus s of 9.5. The greenback extends recent decline against Euro with EUR/USD taking out 1.3739 minor resistance, which affirms near term bullishness in the pair. However, the greenback is firm against the Japanese yen, which was pressured after BoJ announcement earlier today. Also, dollar is maintaining some of the earlier against sterling, which was sold off after UK inflation data. In other markets, European indices are mixed today, flipping between gains and losses. US futures point to a slightly higher open. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6665; (P) 1.6743; (R1) 1.6792; More... GBP/USD dips further lower in European session as the pull back from 1.6822 continues. Intraday bias remains neutral for more consolidations. But downside is expected to be contained by 38.2% retracement of 1.6251 to 1.6822 at 1.6604 and bring another rally. Above 1.6822 will extend the up trend from 1.4813 to 1.7043 key resistance next. 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
	JPY	BoJ Monetary Policy Statement
00:30	AUD	RBA Minutes
09:00	EUR	Eurozone Current Account (EUR) Dec	21.3B	19.8B	23.5B
09:30	GBP	CPI M/M Jan	-0.60%	-0.60%	0.40%
09:30	GBP	CPI Y/Y Jan	1.90%	2.00%	2.00%
09:30	GBP	Core CPI Y/Y Jan	1.60%	1.90%	1.70%
09:30	GBP	RPI M/M Jan	-0.30%	-0.50%	0.50%
09:30	GBP	RPI Y/Y Jan	2.80%	2.70%	2.70%
09:30	GBP	PPI Input M/M Jan	-0.90%	-0.20%	0.10%
09:30	GBP	PPI Input Y/Y Jan	-3.10%	-2.90%	-1.20%
09:30	GBP	PPI Output M/M Jan	0.30%	0.10%	0.00%
09:30	GBP	PPI Output Y/Y Jan	0.90%	0.80%	1.00%
09:30	GBP	PPI Output Core M/M Jan	0.50%	0.10%	0.10%
09:30	GBP	PPI Output Core Y/Y Jan	1.20%	0.80%	1.00%
09:30	GBP	DCLG UK House Prices Y/Y Dec	5.50%	5.80%	5.40%
10:00	EUR	German ZEW (Economic Sentiment) Feb	55.7	61.7	61.7
10:00	EUR	German ZEW (Current Situation) Feb	50	44	41.2
10:00	EUR	Eurozone ZEW (Economic Sentiment) Feb	68.5	73.9	73.3
13:30	CAD	International Securities Transactions (CAD) Dec	-4.28B	9.97B	8.66B
13:30	USD	Empire Manufacturing Feb	4.5	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 continued to edge higher today, offers at 1.3720-30 were filled but selling interest from Asian CBs are still seen at 1.3740-50 (stops above 1.3750) and further out at 1.3770-85 (more stops above), fresh offers should emerge around 1.3800-1.3810 (related to option barrier at 1.3800 with buy stop orders above). On the downside, bids remain at 1.3670-90 area and 1.3650-55 with stops building up below 1.3645, more buying interest is located at 1.3630 and 1.3600-10 (more stops below figure), fresh demand should emerge around 1.3580 and 1.3550-60.

Read more...

Forex Trade Ideas

Trade Idea Update: GBP/USD - Hold long entered at 1.6655

As the British pound retreated after rising to 1.6823 yesterday, adding credence to our view that a minor top is formed there and further consolidation below this level would take place, reckon 1.6655 (38.2% Fibonacci retracement of 1.6383-1.6823) would limit downside and bring another rise later. Above intra-day resistance at 1.6742 would signal low is formed, bring test of the upper Kumo

Trade Idea Update: USD/JPY - Buy at 102.20

Despite intra-day brief retreat to 101.76, the greenback found renewed buying interest there and has rallied and price briefly penetrated resistance at 102.70, adding credence to our bullish view for the rise from 100.76 low to resume and upside bias remains for further gain to previous resistance at 102.93, break there would justify our view that early fall from 105.44 has ended