Tuesday, April 15, 2014

Action Insight Daily Report 4-16-14

Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
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Action Insight Market Overview	Markets Snapshot
Daily Report: NZD Tumbles on Tame Inflation, Yen Lower on Risks Rebound Asian equities opened higher today following another day of rebound in US stocks and positive sentiments was not affected by Chinese growth data released. China GDP grew 7.4% yoy in Q1, slowed down from prior quarter's 7.7% yoy and hit an 18 month low. But that was slightly above expectation of 7.3% yoy. Opinions on whether there will be additional stimulus from the Chinese authority is divided. Some economists noted that forward looking indicators were generally weak and there is need for a combination of monetary easing and reform measures over the next few months. But some also noted that the government should be comfortable with the current growth pace. It seemed that while China may launch some more stimulus ahead, those measure would be modest at best. Other data from China saw industrial production rose 8.8% yoy in March while fixed assets rose 17.6% yoy and retail sales rose 12.2% yoy. Full Report Here...
Featured Technical Report
USD/JPY Daily Outlook Daily Pivots: (S1) 101.61; (P) 101.80; (R1) 102.11; More... USD/JPY's break of 102.15 minor resistance suggests short term bottoming at 101.32 and delayed the immediate bearish case. Intraday bias is mildly on the upside for stronger recovery to 55 days EMA (now at 102.42) and above. But we'd expect strong resistance below 104.12 to limit upside and bring another decline. Overall, the fall from 105.41 is expected to resume later and below 101.32 should send USD/JPY through 100.75 support to 100% projection of 105.41 to 100.75 from 104.12 at 99.46. 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
22:45	NZD	CPI Q/Q Q1	0.30%	0.50%	0.10%
0:30	AUD	Westpac Leading Index M/M Mar	0.00%		-0.10%
2:00	CNY	GDP YTD Y/Y Q1	7.40%	7.30%	7.70%
2:00	CNY	Industrial Production YTD Y/Y Mar	8.80%	8.80%	8.60%
2:00	CNY	Fixed Assets Ex Rural YTD Y/Y Mar	17.60%	18.00%	17.90%
2:00	CNY	Retail Sales YTD Y/Y Mar	12.20%	11.90%	11.80%
4:30	JPY	Industrial Production M/M Feb F	-2.30%	-2.30%	-2.30%
8:30	GBP	Claimant Count Change Mar		-30.2K	-34.6K
8:30	GBP	ILO Unemployment Rate 3M Feb		7.20%	7.20%
9:00	EUR	Eurozone CPI Y/Y Mar F		0.50%	0.50%
9:00	EUR	Eurozone CPI - Core Y/Y Mar F		0.80%	0.80%
9:00	CHF	ZEW Survey (Expectations) Apr			19
12:30	CAD	International Securities Transactions (CAD) Feb		4.57B	1.09B
12:30	USD	Housing Starts Mar		968K	907K
12:30	USD	Building Permits Mar		995K	1018K
13:15	USD	Industrial Production Mar		0.50%	0.60%
13:15	USD	Capacity Utilization Mar		78.80%	78.80%
14:00	CAD	BoC Rate Decision		1.00%	1.00%
14:30	USD	Crude Oil Inventories			4.0M

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency traded narrowly after intra-day brief fall below 1.3800, bids at 1.3800 were filled but buy orders are still noted at 1.3775-85 (stops below), fresh demand should emerge further out at 1.3740-50 (more stops below 1.3730 and 1.3690-00). On the upside, offers remain at 1.3820-25 and 1.3840-50 (stops above), sell orders in good size are tipped at 1.3865-75, 1.3890-00 (stops above figure) and 1.3920, mixture of offers and stops is located at 1.3970-75 (option barrier).

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Forex Trade Ideas

Trade Idea: USD/CAD - Hold long entered at 1.0890

The greenback found renewed buying interest at 1.0942 yesterday and has risen again, retaining our near term bullishness for the rise from 1.0858 low to bring at least a retracement of recent decline to 1.1019 (38.2% Fibonacci retracement of 1.1279-1.0858), break there would add credence to our view that low has been formed at 1.0858 as either the first leg of iv or entire wave iv, then gain to 1.1045-50 would follow, break there would encourage for test of 1.1075-80

Trade Idea: EUR/GBP - Hold long entered at 0.8270

The single currency met renewed selling interest at 0.8283 today and has slipped again, suggesting caution on our bullishness and 0.8231 support needs to hold to retain our view that low has been formed there, bring another rebound later, above indicated resistance at 0.8310-15 would add credence to this view, bring retracement of recent decline to previous support at 0.8325-30, break there would suggest recent fall has ended and further gain to 0.8370 would follow