Friday, February 21, 2014

Action Insight Mid-Day Report 2-21-14

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: Loonie Stays Weak after Mixed Data The Canadian dollar stays soft in early US session after release of mixed data. Inflation came in stronger than expected with CPI accelerated to 1.5% yoy versus consensus of 1.3% yoy in January. Core CPI also accelerated to 1.4% yoy versus consensus of being unchanged at 1.3%. However, retail sales were rather disappointing. Headline sales dropped -1.8% mom in December versus consensus of -0.5% mom. Ex-auto sales also dropped -1.4% mom versus consensus of -0.1% mom. Other data released today include UK retails, which dropped -1.5% mom in January versus expectation of -0.9% mom. UK public sector net borrowing dropped GBP -6.4b in January versus expectation of GBP -9.3b. Full Report Here...
Featured Technical Report
USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.1069; (P) 1.1091; (R1) 1.1121; More... USD/CAD rises further to as high as 1.1194 so far in early US session and intraday bias remains on the upside for retesting 1.1223 first. Break will extend the larger up trend. On the downside, below 1.1060 minor support will turn bias back to the downside and extend the correction from 1.1223 to 38.2% retracement of 1.0181 to 1.1223 at 1.0852. 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	BoJ Minutes
09:30	GBP	Retail Sales M/M Jan	-1.50%	-0.90%	2.60%	2.50%
09:30	GBP	Public Sector Net Borrowing (Pounds) Jan	-6.4B	-9.3B	10.4B	9.0B
13:30	CAD	Retail Sales M/M Dec	-1.80%	-0.50%	0.60%
13:30	CAD	Retail Sales Less Autos M/M Dec	-1.40%	-0.10%	0.40%
13:30	CAD	CPI M/M Jan	0.30%	0.10%	-0.20%
13:30	CAD	CPI Y/Y Jan	1.50%	1.30%	1.20%
13:30	CAD	BoC CPI Core M/M Jan	0.20%	0.10%	-0.40%
13:30	CAD	BoC CPI Core Y/Y Jan	1.40%	1.30%	1.30%
15:00	USD	Existing Home Sales Jan		4.75M	4.87M

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to trade narrowly and sideways trading should continue, sell orders are still seen at 1.3730-50 area and 1.3775-80, more offers are reported from 1.3800 up to 1.3820 (stops above) and further out at 1.3840-50. On the downside, bids remain at 1.3700, buy orders are seen at 1.3685, 1.3670 and 1.3650, more buying interest is tipped at 1.3630 and 1.3600-10.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Buy on break of 1.6735

As the British pound has rebounded after intra-day brief fall to 1.6612, suggesting consolidation above this level would be seen and test of 1.6700 cannot be ruled but only above indicated resistance at 1.6734 would signal low is formed and suggest fall from 1.6823 has ended, bring a stronger rebound to 1.6780, then 1.6800, having said that, break of 1.6823 is needed to confirm upmove has resumed for headway towards 1.6850.

Trade Idea Update: EUR/USD - Stand aside

Although euro rebounded after yesterday's fall to 1.3686 and consolidation with mild upside bias is seen for test of the lower Kumo (now at 1.3737), reckon the upper Kumo (now at 1.3745) would limit upside and bring another decline, break of said support would add credence to our view that top is possibly formed at 1.3773 earlier this week, bring retracement of recent upmove to 1.3660-65