Friday, March 7, 2014

Action Insight Mid-Day Report 3-7-14

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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: USD/JPY Soars after Solid NFP Data USD/JPY soars in early US session after better than expected employment data from US. Non-farm payroll grew 175k in February versus expectation of 150k. Prior month's figure was also revised up from 113k to 129k. Unemployment rate, on the other hand, edged up to 6.7%. The Japanese yen is seen broadly lower following the release and accelerates recent decline. While dollar remains soft against Euro, Swiss franc and Aussie, post NFP dollar weakness in respective pairs are relatively limited. Also released from US, trade deficit came in at USD -39.1b in January, inline with expectations. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 102.49; (P) 102.83; (R1) 103.39; More... USD/JPY's rally accelerates after taking out the near term channel resistance and takes out 103.44 resistance in early US session. The development suggest that corrective pull back from 105.41 has completed at 100.75 already, after successfully defending 100.61 key support level. Intraday remains on the upside and current rise would now target a test on 105.41 high. On the downside, below 102.83 minor support will turn bias neutral and bring consolidations first. 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
05:00	JPY	Leading Index Jan P	112.2	112.4	111.7
06:45	CHF	Unemployment Rate Feb	3.20%	3.20%	3.20%
08:00	CHF	Foreign Currency Reserves Feb	433.5B		437.7B
08:15	CHF	CPI M/M Feb	0.10%	0.40%	-0.30%
11:00	EUR	German Industrial Production M/M Jan	0.80%	0.70%	-0.60%	0.10%
13:30	USD	Change in Non-farm Payrolls Feb	175K	150K	113K	129K
13:30	USD	Unemployment Rate Feb	6.70%	6.60%	6.60%
13:30	USD	Trade Balance Jan	-39.1B	-39.1B	-$38.7B
13:30	CAD	International Merchandise Trade (CAD) Jan	-0.2B	-1.6B	-1.66B
13:30	CAD	Net Change in Employment Feb	-7K	16.9K	29.4K
13:30	CAD	Unemployment Rate Feb	7.00%	7.00%	7.00%
13:30	CAD	Labor Productivity Q/Q Q4	1.00%	0.60%	0.20%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency has retreated quite sharply from high around 1.3913 on dollar's broad-based strength after the release of higher-than-expected NFP, bids at 1.3855-60 were filled and mixture of bids and stops at 1.3850 is in focus, however, buy orders are still noted from 1.3830 down to 1.3800, more buying interest is located at 1.3780 and 1.3750, fresh demand is tipped at 1.3720 and 1.3695-00. On the upside, some offers are reported at 1.3875 and 1.3895-00 with some stops placed above 1.3915-20, sell orders are expected at 13935 and 1.3950, selling interest is expected to emerge around 1.3985 and 1.4000 with more stops placed above barrier at 1.4000.

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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.