Tuesday, March 4, 2014

Action Insight Mid-Day Report 3-4-14

Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Yen Lower as Ukraine Tensions Eased Yen weakens against other major currencies as tensions in Ukraine eased. It's reported that Russia ordered tens of thousands of troops in western Russia near the Ukraine border to return to their own permanent bases. Russian president Putin said there was "no need" for sending troops but warned that they reserve the right to "use all means to protect" Russian and Ukrainian citizens in Ukraine. The situation is far from being totally solved as warning shots were fired by Russian soldiers to ward off Ukrainians marching on an airbase in Crimea. USD/JPY is back at 101.9 at the time of writing after dipping to as low as 101.19 yesterday. EUR/JPY and GBP/JPY are also mildly higher today even though both are stuck in familiar range. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3709; (P) 1.3750 (R1) 1.3776; More.... Intraday bias in EUR/USD remains neutral for some more consolidations below 1.3824 temporary low. As long as 1.3642 support holds, near term outlook stays bullish. Above 1.3824 will target 1.3892 resistance first. Break will confirm larger up trend resumption and will target 1.4 psychological level next. On the downside, break of 1.3642 is needed to confirm completion of the rebound. Or outlook will stay mildly 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
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	62.6	63.6	64.6
10:00	EUR	Eurozone PPI M/M Jan	-0.30%	0.00%	0.20%
10:00	EUR	Eurozone PPI Y/Y Jan	-1.40%	-1.20%	-0.80%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency maintained a firm undertone after intra-day rebound from 1.3721 as Putin ordered troops back to base, however, offers are still noted at 1.3780-85, 1.3800 and 1.3825 (some stops above), more sell orders are expected at 1.3840-50 (more stops above barrier at 1.3850), 1.3875 and 1.3890-00 with buy stop orders tipped above barrier at 1.3900. On the downside, bids are seen at 1.3740-45 and 1.3700-20 area, mixture of bids and stops is located at 1.3690, fresh demand should emerge around 1.3675 and 1.3650 (more stops below 1.3640), buying interest is expected at 1.3630 and 1.3600-10.

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Forex Trade Ideas

Trade Idea Update: USD/CHF - Sell at 0.8865

As the greenback staged a rebound after last week's selloff to 0.8777, retaining our view that consolidation above this level would be seen and recovery to 0.8848-52 (50% Fibonacci retracement of 0.8919-0.8777 and previous support) cannot be ruled out, however, renewed selling interest should emerge around 0.8865 (61.8% Fibonacci retracement) and bring another decline later.

Trade Idea: USD/CAD - Buy at 1.1020

The greenback continued to trade narrow and further sideways trading is in store, however, as long as indicated resistance at 1.1160 holds, near term downside risk remains for another corrective fall to 1.1015-20 (61.8% Fibonacci retracement of 1.0910-1.1194) where renewed buying interest should emerge and bring another rise later. A break of 1.1160 resistance would signal pullback from 1.1194 has ended and bring another test of 1.1194, then towards recent high of 1.1224