Monday, March 31, 2014

Action Insight Daily Report 4-1-14

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: RBA on Hold, Fed Yellen Lifted Sentiments The Australian dollar edges mildly higher after RBA left the cash rate unchanged at 2.50% as widely expected. Most importantly, the central bank reiterated that "the most prudent course is likely to be a period of stability in interest rates". Overall, the statement was like a carbon copy of the March statement and didn't offer any new information. Aussie quickly settles back into familiar range after some knee jerk reactions and would likely stay consolidative before other main events of the week. Full Report Here...
Featured Technical Report
EUR/AUD Daily Outlook Daily Pivots: (S1) 1.4822; (P) 1.4889; (R1) 1.4931; More... A temporary low is formed at 1.4778 in EUR/AUD and intraday bias is turned neutral first. Some consolidations could be seen for a while. But we'd expect upside to be limited by 1.5086 minor resistance and bring fall resumption. Below 1.4778 will extend the whole decline from 1.5831 to 100% projection of 1.5831 to 1.4987 from 1.5536 at 1.4692 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
23:50	JPY	Tankan Large Manufacturers Index Q1	17	19	16
23:50	JPY	Tankan Non-Manufacturing Index Q1	24	25	20
1:00	CNY	Manufacturing PMI Mar	50.3	50.1	50.2
1:45	CNY	HSBC/Manufacturing PMI Mar F	48	48.5	48.5
3:30	AUD	RBA Rate Decision	2.50%	2.50%	2.50%
7:30	CHF	SVME-PMI Mar		56.7	57.6
7:45	EUR	Italian Manufacturing PMI Mar		52.2	52.3
7:55	EUR	German Unemployment Change Mar		-10K	-14K
7:55	EUR	German Unemployment Rate Mar		6.80%	6.80%
8:00	EUR	Eurozone Manufacturing PMI Mar F		53	53
8:00	EUR	Italian Unemployment Rate Feb P		12.90%	12.90%
8:30	GBP	PMI Manufacturing Mar		56.5	56.9
9:00	EUR	Eurozone Unemployment Rate Feb		12.00%	12.00%
12:30	CAD	Industrial Product Price M/M Feb		0.70%	1.40%
12:30	CAD	Raw Materials Price Index M/M Feb		2.30%	2.60%
14:00	USD	ISM Manufacturing Mar		54	53.2
14:00	USD	ISM Prices Paid Mar		59	60
14:00	USD	Construction Spending M/M Feb		0.10%	0.10%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: Euro jumped today in European session, offers at 1.3775-85 and 1.3800 were filled, however, sell orders are still noted from 1.3810 all the way up to 1.3850, mixtures of offers and stops are located at 1.3870 and 1.3900. On the downside, bids are raised to 1.3750-60 and in good size at 1.3725-35, more buy orders are reported at 1.3695-10, buying interest is tipped at 1.3660-70 with bigger stops placed below 1.3650.

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Forex Trade Ideas

Trade Idea: USD/CAD - Sell at 1.1170

As the greenback has remained under pressure, suggesting near term downside risk remains for the fall from 1.1279 top (wave (v) of iii ) to bring correction of recent upmove in wave iv, below 1.1000 would extend weakness to 1.0950 but near term oversold condition should prevent sharp fall below 1.0900 and reckon 1.0850-60 would hold from here, bring eventual upmove in wave v

Trade Idea: EUR/GBP - Hold long entered at 0.8280

As the single currency has rebounded after holding above last week's low of 0.8246, retaining our near term bullishness and consolidation with mild upside bias remains, above previous support at 0.8325-30 would suggest low is possibly formed and bring rebound to 0.8370 but only break of resistance at 0.8400 (last week's high) would signal another leg of rise from 0.8158 low is underway for at least a strong retracement of recent decline to 0.8425-30