Thursday, March 6, 2014

Action Insight Daily Report 3-7-14

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: Markets in Positive Mood ahead of Non-Farm Payrolls Investors maintain a generally positive mood ahead of employment data from US. S&P 500 ended at another record high of 1877.03 overnight while Asian equities followed. Euro was boosted by up ECB press conference yesterday and maintains the strong gains against dollar and yen. Though, it's overshadowed by commodity currencies, which were boosted by risk appetites and solid economic data from Canada and Australia. Yen and dollar are the weakest currencies as usual in such environment. But it should be noted that the weakness was closely followed by Sterling, which was pressured in cross against Euro. Dollar will face a tough test from employment data today and there is risk of disappointment as the job market could be dragged down by services sector. Full Report Here...
Featured Technical Report
AUD/USD Daily Outlook Daily Pivots: (S1) 0.9003; (P) 0.9058; (R1) 0.9143; More... AUD/USD's rally extends higher and reaches as high as 0.9112 so far. The break of 0.9085 resistance is taken as an early sign of larger reversal. Intraday bias remains on the upside and current rally would target 61.8% projection of 0.86590 to 0.9080 from 0.8890 at 0.9150 and then 100% projection at 0.9311. On the downside, below 0.9032 minor support will turn bias neutral and bring consolidations. But downside should be contained well above 0.8890 and bring rally resumption. 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	Consensus	Previous
05:00	JPY	Leading Index Jan P	112.4	111.7
06:45	CHF	Unemployment Rate Feb	3.20%	3.20%
08:00	CHF	Foreign Currency Reserves Feb		437.7B
08:15	CHF	CPI M/M Feb	0.40%	-0.30%
11:00	EUR	German Industrial Production M/M Jan	0.70%	-0.60%
13:30	USD	Change in Non-farm Payrolls Feb	150K	113K
13:30	USD	Unemployment Rate Feb	6.60%	6.60%
13:30	USD	Trade Balance Jan	-39.1B	-$38.7B
13:30	CAD	International Merchandise Trade (CAD) Jan	-1.6B	-1.66B
13:30	CAD	Net Change in Employment Feb	16.9K	29.4K
13:30	CAD	Unemployment Rate Feb	7.00%	7.00%
13:30	CAD	Labor Productivity Q/Q Q4	0.60%	0.20%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency surged in NY opening on soft US data and Draghi, offers at 1.3750, 1.3780-85 and 1.3800-10 were filled, some sell orders are tipped at 1.3825-30 (some stops above), 1.3850 (more stops above barrier at 1.3850) and 1.3875, selling interest is expected at 1.3890-00 with buy stop orders tipped above barrier at 1.3900. On the downside, bids are raised to 1.3770-75 and 13750, more buy orders are located at 1.3720-25 with stops building up below there, more sizeable stops are placed below 1.3700, fresh demand should emerge around 1.3675 and 1.3650 (more stops below 1.3640).

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Forex Trade Ideas

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

Despite yesterday's fall to 0.8204, as the single currency has finally staged the anticipated rebound after holding above said support, retaining our near term bullishness for the bounce from 0.8158 low to bring retracement of recent decline to resistance at 0.8300 and possibly 0.8325-30

Trade Idea Wrap-up: EUR/USD - Buy at 1.3800

Euro's intra-day rally above previous resistance at 1.3825 on soft US data and Draghi suggests early upmove has resumed and a retest of 1.3894 resistance would be seen, break there would confirm and extend gain to 1.3910-20, however, near term overbought condition should prevent sharp move beyond 1.3940-50 and bring correction later.