Thursday, April 10, 2014

Action Insight Mid-Day Report 4-10-14

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: Dollar Mildly Higher after Jobless Claims, Recovery May Not Sustain Dollar attempts to recover in early US session as supported by solid job data. Initial jobless claims dropped to 300k in the week ended April 5, versus expectation of 320k. Also, that's the lowest number since May 2007. Continuing claims dropped 62k to 2.78m in the week ended March 29, hitting the lowest level since January 2008. Meanwhile, the import price index rose more than expected by 0.6% mom in March. Canadian new housing price index rose 0.2% mom in February. So far, the strength in greenback's recovery is rather weak and may not be unsustainable Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 101.75; (P) 101.95; (R1) 102.19; More... USD/JPY dipped to 101.41 but lacked follow through selling and quickly recovered. Considering it's holding on to near term channel support and just above 101.20 support, intraday bias stays neutral first. There may be more consolidations above 101.41 but upside should be limited by 102.51 and bring another decline. Outlook is unchanged that fall from 104.12 is likely the third leg of the pattern from 105.41. Break of 101.20 support will argue that decline from 105.41 is finally resuming through 100.75 low to 100% projection of 105.41 to 100.75 from 104.12 at 99.46. Nonetheless, sustained break of 102.51 will delay the bearish case again and bring stronger recovery. 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
22:30	NZD	Business NZ Manufacturing Index Mar	58.4		56.2	56.5
23:01	GBP	RICS House Price Balance Mar	57%	43%	45%	47%
23:50	JPY	Machine Orders M/M Feb	-8.80%	-2.80%	13.40%
01:00	AUD	Consumer Inflation Expectation Apr	2.40%		2.10%
01:30	AUD	Employment Change Mar	18.1K	2.5K	47.3K	48.2K
01:30	AUD	Unemployment Rate Mar	5.80%	6.10%	6.00%	6.10%
02:00	CNY	Trade Balance Mar	$7.71B	$1.80B	-$22.99B	-$22.98B
06:00	JPY	Machine Tool Orders Y/Y Mar P	41.80%		26.10%
08:00	EUR	ECB Monthly Bulletin
11:00	GBP	BoE Rate Decision	0.50%	0.50%	0.50%
11:00	GBP	BoE Asset Purchase Target Apr	375B	375B	375B
12:30	CAD	New Housing Price Index M/M Feb	0.20%	0.20%	0.30%
12:30	USD	Initial Jobless Claims (APR 5) (APR 5)	300K	320K	326K	332K
12:30	USD	Import Price Index M/M Mar	0.60%	0.20%	0.90%
14:30	USD	Natural Gas Storage			-74
18:00	USD	Monthly Budget Statement Mar		-$72.0B	-$106.5B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency maintained a firm undertone near 2-week high, however, offers are still noted at 1.3875 and 1.3890-00 with stops placed above figure, more selling interest is tipped at 1.3925 and further out at 1.3940-50. On the downside, bids remain at 1.3835 and from 1.3820 down to 1.3800, more buy orders are located at 1.3775-85 and 1.3750.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Buy at 1.6725

As the British pound has retreated after rising to 1.6820 earlier today (just faltered below recent high of 1.6823), suggesting minor consolidation below this level would be seen and pullback to 1.6735-40 (38.2% Fibonacci retracement of 1.6603-1.6820) is likely, however, reckon yesterday's low of 1.6724 would limit downside and bring another rise later, above resistance at 1.6820-23 would extend recent upmove to 1.6850

Trade Idea Update: EUR/USD - Buy at 1.3800

The single currency has surged again yesterday, adding credence to our view that recent decline has ended at 1.3673 last week and further gain to previous resistance at 1.3876, then 1.3895-00 (76.4% retracement of 1.3967-1.3673) would be seen, however, loss of upward momentum should prevent sharp move beyond latter level and reckon 1.3925-30 would hold