Tuesday, April 8, 2014

Action Insight Daily Report 4-8-14

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: Yen Pares Gain on Asian Market Recovery, BoJ Stands Pat The Japanese yen pares some of this week's again following the recovery in Asian equities and after BoJ announced policy decisions. BoJ refrained from adding stimulus and help policies unchanged today. That is, interest rate was held near zero while the annual pace of monetary base expansion was kept at JPY 60-70T. The central bank noted in the accompanying statement that while the economy continued to have moderate recovery, there would be "some fluctuations due to the consumption tax hike." But it expected the economy to continue the recovery "as a trend". But it also noted that business fixed investment pick-up "has become increasingly evident" and private consumption and housing investment "have remained resilient". BoJ noted Inflation expectations "appear to be rising on the whole" but CPI excluding tax hike is "likely to be around 1.25% for some time". Full Report Here...
Featured Technical Report
EUR/JPY Daily Outlook Daily Pivots: (S1) 141.22; (P) 141.55; (R1) 141.99; More... Intraday bias in EUR/JPY remains mildly on the downside and current fall should continue to 139.95 support. Price actions from 145.68 are viewed as forming a consolidation pattern with rise from 136.22 as the second leg. Break of 139.95 will revive that case that such second leg has completed. In such case, outlook will turn bearish as the third leg should have started for 136.22 support and below. Above 143.78 will extend the second leg but in that case, we'd expect strong resistance below 145.68 to limit upside and bring reversal. 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
23:50	JPY	Current Account (JPY) Feb	-0.04T	-0.04T	-0.59T
1:30	AUD	NAB Business Confidence Mar	4		7
3:50	JPY	BoJ Monetary Policy Statement
5:00	JPY	Eco Watchers Survey: Current Mar		53.3	53
5:45	CHF	Unemployment Rate Mar		3.20%	3.20%
7:15	CHF	Retail Sales (Real) Y/Y Feb		0.90%	0.30%
8:30	GBP	Industrial Production M/M Feb		0.30%	0.10%
8:30	GBP	Industrial Production Y/Y Feb		2.20%	2.90%
8:30	GBP	Manufacturing Production M/M Feb		0.30%	0.40%
8:30	GBP	Manufacturing Production Y/Y Feb		3.10%	3.30%
12:15	CAD	Housing Starts Mar		192.0K	192.1K
12:30	CAD	Building Permits M/M Feb		-2.00%	8.50%
14:00	GBP	NIESR GDP Estimate Mar			0.80%

Orders and Options Watch

US Session: Orders and Options Watch

JPY: The greenback met renewed selling interest at indicated level of 103.30 and has retreated in NY morning, offers are still noted at 103.30, 103.50 and 103.80, more sell orders are tipped at 104.00, 104.15-25 and 104.40-50, selling interest from Japanese corporates remains at 104.80-105.10 area (sizeable stops above 105.00 barrier) and 105.35. On the downside, bids in good size remain at 102.90-103.00, decent demand is seen at 102.80, combination of bids and stops is located at 102.60-70, followed by more stops below 102.40 and 102.20 but sizeable buy orders are expected at 102.00.

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Forex Trade Ideas

Trade Idea: USD/CAD - Buy at 1.0910

Although the greenback has remained under pressure and near term downside risk remains for the fall from 1.1279 top (wave (v) of iii ) to extend weakness towards previous support at 1.0910, as this move is viewed as the final phase of either the first leg or the entire wave iv from 1.1279, downside should be limited and reckon 1.0850-60 would hold, bring rebound later, above 1.1045-50 would suggest low is possibly formed, bring test of 1.1075-80

Trade Idea Wrap-up: GBP/USD - Hold long entered at 1.6570

The British pound found renewed buying interest at 1.6565 earlier today and has rebounded above Friday's high of 1.6606, retaining our view that low is possibly formed at 1.6555 and consolidation with mild upside bias remains for test of 1.6660-65, break there would signal pullback from 1.6684 (last week's high) has ended and bring retest of this resistance.