Monday, March 3, 2014

Action Insight Mid-Day Report 3-3-14

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
Mid-Day Report: Ukraine in Focus as Stocks Tumbled, Yen Soared Markets are overwhelmed by the escalating geo-political tension in Ukraine. At the time of writing, the FTSE is down -118 pts, or -1.7%, DAX is down -272 pts or -2.8%, CAC is down -100 pts, or -2.2%. US stock futures also point to lower opening. The ruble tumbled to an all time low and the Russian central bank responded by raising interest rates sharply to 7.00%, up from 5.50%. The central bank noted that "the decision is meant to avoid emerging risks to inflation and financial stability associated with the recently seen increased volatility on the financial markets." In the currency markets, the Japanese yen is broadly higher risk reversion while Canadian dollar and New Zealand dollar are the weakest ones. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 101.47; (P) 101.88; (R1) 102.21; More... Intraday bias in USD/JPY remains on the downside in early US session and fall from 102.82 is expected to continue towards 100.75 support. Break will resume whole decline from 105.41 and should target 61.8% projection of 105.41 to 100.75 from 102.82 at 99.94 next. Also, note that decisive break of 100.61 key support will have larger bearish implication. On the upside, though, break of 102.82 will indicate that fall from 105.41 might have finished and will turn near term outlook bullish. 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
21:45	NZD	Terms of Trade Index Q/Q Q4	2.30%	1.90%	7.50%
23:30	AUD	TD Securities Inflation M/M Feb	0.20%		0.10%
23:50	JPY	Capital Spending Q4	4.00%	5.10%	1.50%
01:00	CNY	Non-manufacturing PMI Feb	55		53.4
01:45	CNY	HSBC/Markit Manufacturing PMI Feb F	48.5	48.5	49.5
08:30	CHF	SVME PMI Feb	57.6	57.2	56.1
08:45	EUR	Italian PMI Manufacturing Feb	52.3	53.7	53.1
09:00	EUR	Eurozone PMI Manufacturing Feb F	53.2	53.2	53
09:30	GBP	PMI Manufacturing Feb	56.9	56.9	56.7
09:30	GBP	Mortgage Approvals Jan	77K	74K	71.6K	73K
09:30	GBP	M4 Money Supply M/M Jan	0.30%	0.30%	-1.40%
13:30	CAD	Industrial Product Price M/M Jan	1.40%	0.90%	0.70%	0.60%
13:30	CAD	Raw Materials Price Index M/M Jan	2.60%	2.30%	1.90%	1.80%
13:30	USD	Personal Income Jan	0.30%	0.30%	0.00%
13:30	USD	Personal Spending Jan	0.40%	0.10%	0.40%
13:30	USD	PCE Core M/M Jan	0.10%	0.10%	0.10%
13:30	USD	PCE Core Y/Y Jan	1.20%	1.10%	1.20%
15:00	USD	ISM Manufacturing Feb		52	51.3
15:00	USD	ISM Prices Paid Feb		57.2	60.5
15:00	USD	Construction Spending M/M Jan		-0.30%	0.10%

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.

Read more...

Forex Trade Ideas

Trade Idea Update: GBP/USD - Hold long entered at 1.6720

Cable's near term sideways trading is likely to continue and still expect the Ichimoku cloud (now at 1.6681-95) to limit downside, bring another rise later, above last week's high of 1.6769, would extend the rebound from 1.6583 (last week's low) to 1.6795-00 (1.236 times projection 1.6583-1.6727 measuring from 1.6617), however, break of resistance at 1.6823 is needed to signal early upmove has resumed for subsequent gain to 1.6850-60, then towards 1.6890-00.

Trade Idea Update: EUR/USD - Hold long entered at 1.3770

As the single currency has retreated after Friday's rally to 1.3825, minor consolidation below this level would be seen but reckon 1.3750-55 would limit downside and bring another rise later, above said resistance would extend recent rise from 1.3477 to 1.3850 and possibly 1.3870, however, loss of upward momentum would prevent sharp move beyond previous resistance at 1.3894, risk from there is seen for a retreat to take place later.