Monday, March 3, 2014

Action Insight Daily Report 3-4-14

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: Aussie Steady as RBA on Hold, Euro Hit by Ukraine Tensions RBA left interest rates unchanged at 2.50% today as widely expected. The central bank also maintained that "on present indications, the most prudent course is likely to be a period of stability in interest rates." Also, RBA held the outlook for economy unchanged, expecting growth to strengthen with help from lower interest rates and lower exchange rate. Inflation is expected to be within 2-3% target range over the next two years. And unemployment is expected to rise further before peaking. Aussie is staying in tight range above 0.89 against dollar after the release. Full Report Here...
Featured Technical Report
EUR/AUD Daily Outlook Daily Pivots: (S1) 1.5322; (P) 1.5411; (R1) 1.5458; More..... EUR/AUD faced some resistance below 61.8% retracement of 1.5831 to 1.4987 at 1.5509 and formed at temporary top at 1.5499. Intraday bias is turned neutral first. With 1.5248 minor support intact, another rise could be seen. But we'd be cautious on strong resistance below 1.5831 to bring another decline to extend the corrective pattern from there. On the downside, below 1.5248 minor support will indicate that the correction from 1.5831 has started the third leg and would turn bias back to the downside for 1.4987 and below. 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	Monetary Base Y/Y Feb	55.70%	54.20%	51.90%
0:30	AUD	Building Approvals M/M Jan	6.80%	0.70%	-2.90%	-1.30%
1:30	JPY	Labor Cash Earnings Y/Y Jan	-0.20%	0.30%	0.80%	0.50%
3:30	AUD	RBA Rate Decision	2.50%	2.50%	2.50%
9:30	GBP	PMI Construction Feb		63.6	64.6
10:00	EUR	Eurozone PPI M/M Jan		0.00%	0.20%
10:00	EUR	Eurozone PPI Y/Y Jan		-1.20%	-0.80%

Orders and Options Watch

US Session: Orders and Options Watch

JPY: Dollar fell again in European session but buy orders are still seen at 101.00-20 area with more stops placed below 100.90, fresh demand should emerge further out at 100.50-70 region (more stops below). On the upside, offers remain at 101.50 and 101.70, more sell orders are expected from 101.90 up to 102.20 and further out from 102.40 up to 102.70, indicated selling interest from Asian sovereign names remains at 103.00-20 area.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Hold long entered at 0.8230

Although euro has retreated after Friday's rebound from 0.8191 to 0.8268, as long as said support holds, consolidation with mild upside bias remains for another rebound, above said resistance would add credence to our view that low is possibly formed at 0.8158 last month and bring another test of resistance at 0.8286, break there would confirm and bring retracement of recent decline to resistance at 0.8300 and possibly 0.8325-30, having said that, reckon upside would be limited to previous resistance at 0.8350

Trade Idea: USD/CAD - Buy at 1.1020

Although the greenback rebounded after intra-day initial brief fall to 1.1039 and consolidation with mild upside bias is seen, break of 1.1160 resistance is needed to signal pullback from 1.1194 has ended and bring another test of 1.1194, then towards recent high of 1.1224, having said that, only a break of this resistance would confirm recent upmove has resumed and extend further gain to 1.1235-40 (50% Fibonacci retracement of 1.3066-0.9407)