Monday, March 24, 2014

Action Insight Daily Report 3-25-14

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: Dollar Weakened Broadly, Focus on Germany Ifo and UK Inflation Dollar is generally weak this week so far and in particular, dip to new 2014 low against the Aussie overnight. Euro also managed to recover against the greenback and took out a minor resistance at 1.3844. G7 released a joint declaration in The Hague after a summit yesterday and warned that if Russia continues to escalate the situation with Ukraine, there will be future actions targeted at economic sectors that will have "an increasingly significant impact" on the Russian economy. It's reported that for now, G7 will hold back from further actions, though, unless Russia move deeper into Ukraine after annexing Crimea. Also, G7 leaders said they will not attend the planned G8 meeting in Moscow in April and the summit in Sochi in June as Russia's actions were not consistent with the "shared beliefs and shared responsibilities" that had made the formation of the G8 possible. Full Report Here...
Featured Technical Report
EUR/USD Daily Outlook Daily Pivots: (S1) 1.3774; (P) 1.3825 (R1) 1.3889; More.... The break of 1.3844 minor resistance suggests that the pull back from 1.3966 has completed at 1.3748 already. Intraday bias is back on the upside for 1.3966 first. Break will resume the whole up trend from 1.2755 through 1.4 psychological level to next medium term projection target at 1.4423. On the downside, below 1.3748 again will turn bias back to the downside or 1.3642 support. At this point, we'd stay bullish as long as 1.3642 holds. But again, we'd also like to point out the possibility that rise from 1.2755 could have completed with five waves up to 1.3966. Break of 1.3642 will at least confirm near term reversal and target 1.3476 support 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	Revised
2:00	CNY	Conference Board Leading Index Feb	0.90%		1.20%	0.30%
9:00	EUR	German IFO - Business Climate Mar		110.9	111.3
9:00	EUR	German IFO - Current Assessment Mar		114.6	114.4
9:00	EUR	German IFO - Expectations Mar		107.7	108.3
9:30	GBP	CPI M/M Feb		0.50%	-0.60%
9:30	GBP	CPI Y/Y Feb		1.70%	1.90%
9:30	GBP	Core CPI Y/Y Feb		1.60%	1.60%
9:30	GBP	RPI M/M Feb		0.50%	-0.30%
9:30	GBP	RPI Y/Y Feb		2.60%	2.80%
9:30	GBP	PPI Input M/M Feb		0.30%	-0.90%
9:30	GBP	PPI Input Y/Y Feb		-5.30%	-3.10%
9:30	GBP	PPI Output M/M Feb		0.20%	0.30%
9:30	GBP	PPI Output Y/Y Feb		0.70%	0.90%
9:30	GBP	PPI Output Core M/M Feb		0.00%	0.50%
9:30	GBP	PPI Output Core Y/Y Feb		1.00%	1.20%
9:30	GBP	DCLG UK House Prices Y/Y Jan		6.60%	5.50%
9:30	GBP	BBA Mortgage Approvals Feb		50000	49972
11:00	GBP	CBI Reported Sales Mar		28	37
13:00	USD	House Price Index M/M Jan		0.70%	0.80%
13:00	USD	S&P/Case-Shiller Composite-20 Y/Y Jan		13.34%	13.42%
14:00	USD	Consumer Confidence Mar		78.6	78.1
14:00	USD	New Home Sales Feb		445K	468K

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency ran into heavy offers just below 1.3830 and has retreated quite sharply in European session, bids are still noted at 1.3750-60 with stops building up below 1.3745, more buy orders are expected at 1.3735, 1.3720 and further out at 1.3700. On the upside, offers are now seen at 1.3795-00 and1.3835-40, followed by mixture of offers and stops at 1.3850, more selling interest is tipped at 1.3870-80 and further out at 1.3900-15 area.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Buy at 0.8300

Despite intra-day initial bounce to 0.8384, the subsequent retreat has retained our view that further consolidation would be seen and another corrective fall to 0.8329 cannot be ruled out, however, renewed buying interest should emerge around 0.8300 and bring upmove later, above resistance at 0.8400 (last week's high) would extend the rise from 0.8158 low for at least a strong retracement of recent decline to 0.8425-30 and later towards previous resistance at 0.8467

Trade Idea: USD/CAD - Hold long entered at 1.1180

As the greenback has retreated again after meeting resistance at 1.1246 earlier today, reckon support at 1.1174 (Friday's low) would limit downside and bring another rise later, above said resistance at 1.1246 would bring a retest of last week's high of 1.1179, break there would extend recent upmove in wave (v) to 1.1300 and possibly towards 1.1350 but loss of upward momentum should limit this wave (v) of of wave iii to 1.1400