Monday, March 31, 2014

Action Insight Mid-Day Report 3-31-14

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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: CAD Jumps on GDP, Euro Shrug Off Weak CPI The Canadian dollar soars in early US session as GDP data beat expectation. GDP grew 0.5% mom in January versus consensus of 0.4% mom. Also, the data means the economy has recovered December's -0.5% mom loss. The details were optimistic as manufacturing grew 2.0% while energy grew 1.2%. Retails, which was hit hard in December due to weather, staged a strong rebound of 1.3%. Other sectors also showed growth, except agriculture and utilities. USD/CAD dips to as low as 1.1002 so far and is set to have a test on last week's low of 1.1000. Break will resume the decline from 1.1278 and target 1.0909 key support level. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3713; (P) 1.3742 (R1) 1.3781; More.... EUR/USD's recovers strongly today and is pressing 4 hours 55 EMA for the moment. As noted before, decline from 1.3966 is viewed as a correction only. Bullish convergence condition argues that it could be completed at 1.3704 already. Focus is back on 1.3875 minor resistance and bring will turn bias back to the upside for retesting 1.3966 first and then resume larger rise from 1.2755. At this point, there is no indication of trend reversal and thus, even in case of another fall, we'd expect strong support from 1.3642 contain downside. However, 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
21:45	NZD	Building Permits M/M Feb	-1.70%		-8.30%	-8.60%
23:15	JPY	Markit/JMMA Manufacturing PMI Mar	53.9		55.5
23:50	JPY	Industrial Production M/M Feb P	-2.30%	3.60%	3.80%
00:00	NZD	NBNZ Business Confidence Mar	67.3		70.8
05:00	JPY	Housing Starts Y/Y Feb	1.00%	6.10%	12.30%
07:00	CHF	KOF Leading Indicator Mar	1.99	2.05	2.03
08:30	GBP	Mortgage Approvals Feb	70.3K	75.0K	76.9K	76.8K
08:30	GBP	M4 Money Supply M/M Feb	0.70%	0.50%	0.30%
09:00	EUR	Eurozone CPI Estimate Y/Y Mar	0.50%	0.60%	0.70%
12:30	CAD	GDP M/M Jan	0.50%	0.40%	-0.50%
13:45	USD	Chicago PMI Mar	55.9	58.5	59.8

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 Update: GBP/USD - Buy at 1.6580

Despite intra-day initial brief rise to 1.6659, lack of follow through buying suggests consolidation would be seen and pullback to 1.6595-00 and possibly the lower Kumo (now at 1.6579) cannot be ruled, however, support at 1.6555 should contain downside and bring another rally. Above said resistance would extend last week's rise from 1.6460 to 1.6718 resistance

Trade Idea Update: EUR/USD - Sell at 1.3845

Despite intra-day brief retreat to 1.3722, as the single currency found renewed buying interest above last week's low of 1.3705 and has staged a strong rebound, suggesting a temporary low has been formed there and near term upside risk remains for retracement of recent fall to 1.3810, however, reckon upside would be limited to 1.3836-45 (50% Fibonacci retracement of 1.3967-1.3705 and previous resistance) and bring another decline.