Monday, April 28, 2014

Action Insight Daily Report 4-29-14

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
Daily Report: Sterling Struggles to Gain ahead of GDP Asian equities are mixed in spite of the rebound in US stocks over night. Markets had little reactions to the new sanctions against Russian announced by US and EU. US president Obama said there will be seven Russians and seventeen companies to be included in the sanction list. Obama said that will remain "targeted" and "focus on some areas of high-tech defense exports to Russia". Meanwhile, EU added fifteen more names to the list of persons subject to targeted sanctions for the actions "undermining Ukraine's territorial integrity, sovereignty and independence." EU's sanctions include travel ban and asset freeze within EU. In the forex markets, commodity currencies extended their pull back against dollar while European majors are firm. However, Sterling struggled to extend gains against the greenback ahead of today's Q1 GDP report. Full Report Here...
Featured Technical Report
GBP/USD Daily Outlook Daily Pivots: (S1) 1.6770; (P) 1.6813; (R1) 1.6850; More... With 1.6777 minor support intact, further rise is expected in GBP/USD. Larger rally from 1.4813 is expected to extend to 1.7043 key resistance level next. However, firstly, recent upside momentum has been rather week. Secondly, GBP/USD is close to 1.7043 key resistance. Break of 1.6777 minor support will be an early sign of reversal and will turn bias back to the downside for 1.6654 support instead. 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
22:45	NZD	Trade Balance (NZD) Mar	920M	900M	818M	793M
6:00	EUR	German GfK Consumer Sentiment May		8.5	8.5
8:00	EUR	Eurozone M3 Y/Y Mar		1.40%	1.30%
8:30	GBP	GDP Q/Q Q1 A		0.90%	0.70%
8:30	GBP	Index of Services 3M/3M Feb		0.90%	0.90%
9:00	EUR	Eurozone Consumer Confidence Apr F		-8.7	-8.7
9:00	EUR	Eurozone Economic Confidence Apr		102.9	102.4
9:00	EUR	Eurozone Industrial Confidence Apr		-3.1	-3.3
9:00	EUR	Eurozone Services Confidence Apr		4.8	4.2
12:00	EUR	German CPI M/M Apr P		-0.10%	0.30%
12:00	EUR	German CPI Y/Y Apr P		1.40%	1.00%
13:00	USD	S&P/Case-Shiller Composite-20 Y/Y Feb		12.90%	13.24%
14:00	USD	Consumer Confidence Apr		83	82.3

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency maintained a firm undertone after intra-day cable-led rally, indicated sell orders are still noted at 1.3885-00 (stops above figure), fresh offers are expected at 1.3920 and in good size further out at 1.3950. On the downside, bids remain at 1.3850, 1.3825 and 1.3800, more buy orders are tipped at 1.3775-85 (stops below), fresh demand should emerge around 1.3750 (stops below), 1.3725 and further out at 1.3700.

Read more...

Forex Trade Ideas

Trade Idea: USD/CAD - Buy at 1.0930

Despite Friday's rebound to 1.1047, as the greenback has retreated again after holding below last week's high of 1.1053, retaining our view that minor consolidation would be seen and pullback to 1.1000-05 and possibly 1.0980-85 cannot be ruled out, however, reckon support at 1.0940-45 would limit downside and bring another rise, above said resistance at 1.1053 would extend the rise from 1.0858 (tentatively wave iv trough) to 1.1065-70

Trade Idea: EUR/GBP - Hold long entered at 0.8220

Although the single currency slipped to 0.8218 earlier today on Pfizer news, as euro has rebounded again, retaining our view that near term sideways trading would continue and last week's low of 0.8198 should limit downside, bring another rebound to 0.8250 and then 0.8265-70, break of latter level would suggest low is possibly formed at 0.8198, bring at least a retracement of recent fall to 0.8283-85 but above resistance at 0.8310-15 is needed to signal recent decline has ended