Tuesday, April 15, 2014

Action Insight Mid-Day Report 4-15-14

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
Mid-Day Report: Dollar Recovery Continued, But Losing Momentum There wasn't much development in the financial markets today. European indices were initial pressured but quickly recovered and are nearly flat at the time of writing. US stock futures point to mildly higher open as recovery continues. Dollar index edged higher to 79.90 today but is feeling some resistance below 80 psychological level and is losing some upside momentum. In the currency markets, the more notable developments were firstly, the extended pull back in commodity currencies and secondly, the brief spike dip sterling. Otherwise, markets are generally engaging in corrective trading. Economic data released from US saw CPI dropped to 1.5% yoy in March, inline with expectation. Core CPI unexpectedly rose to 1.7% yoy. Empire state manufacturing index dropped to 1.29 in April versus expectation of rise to 7.75. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6700; (P) 1.6721; (R1) 1.6747; More... GBP/USD spiked lower to 1.6654 today but quickly recovered. The breach of 1.6683 minor support dampened the bullish outlook but there is no follow through selling yet. Intraday bias stays neutral first. On the downside, break of 1.6654 support should now indicate that consolidation pattern from 1.6822 is still in progress and has started another leg. In such case, bias will be turned back to the downside for 1.6550 and then 1.6465. Meanwhile, break of 1.6819 will indicate rise from 1.4813 has finally resumed for 1.7043 key resistance level. 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
23:01	GBP	BRC Sales Monitor Y/Y Mar	-1.70%		-1.00%
01:30	AUD	RBA Minutes
07:15	CHF	Producer & Import Prices M/M Mar	0.00%	-0.10%	-0.40%
07:15	CHF	Producer & Import Prices Y/Y Mar	-0.70%	-0.90%	-0.80%
08:30	GBP	CPI M/M Mar	0.20%	0.20%	0.50%
08:30	GBP	CPI Y/Y Mar	1.60%	1.60%	1.70%
08:30	GBP	Core CPI Y/Y Mar	1.60%	1.60%	1.70%
08:30	GBP	RPI M/M Mar	0.20%	0.30%	0.60%
08:30	GBP	RPI Y/Y Mar	2.50%	2.50%	2.70%
08:30	GBP	PPI Input M/M Mar	-0.60%	-0.10%	-0.40%	-0.50%
08:30	GBP	PPI Input Y/Y Mar	-6.50%	-6.10%	-5.70%
08:30	GBP	PPI Output M/M Mar	0.20%	0.10%	0.00%	0.10%
08:30	GBP	PPI Output Y/Y Mar	0.50%	0.30%	0.50%	0.60%
08:30	GBP	PPI Output Core M/M Mar	0.10%	0.10%	0.10%
08:30	GBP	PPI Output Core Y/Y Mar	1.00%	0.90%	1.10%
08:30	GBP	DCLG UK House Prices Y/Y Feb	9.10%	7.20%	6.80%
09:00	EUR	German ZEW Survey (Economic Sentiment) Apr	43.2	46	46.6
09:00	EUR	German ZEW Survey (Current Situation) Apr	59.5	52	51.3
09:00	EUR	Eurozone ZEW Survey (Economic Sentiment) Apr	61.2	60.7	61.5
09:00	EUR	Eurozone Trade Balance (EUR) Feb	15.0B	13.9B	13.7B
12:30	CAD	Manufacturing Shipments M/M Feb	1.40%	1.10%	1.50%
12:30	USD	Empire State Manufacturing Apr	1.29	7.75	5.61
12:30	USD	CPI M/M Mar	0.20%	0.10%	0.10%
12:30	USD	CPI Y/Y Mar	1.50%	1.50%	1.10%
12:30	USD	CPI Core M/M Mar	0.20%	0.10%	0.10%
12:30	USD	CPI Core Y/Y Mar	1.70%	1.60%	1.60%
13:00	USD	Net Long-term TIC Flows Feb		14.6B	$7.3B
14:00	USD	NAHB Housing Market Index Apr		50	47

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 Update: USD/CHF - Sell at 0.8845

As the greenback has edged higher again after brief pullback, retaining our view that further consolidation above last Friday's low of 0.8743 would be seen and near term upside risk remains for retracement to previous support at 0.8826, however, 0.8846-48 (another resistance and 50% Fibonacci retracement of 0.8953-0.8743) should limit upside and bring another decline later, a break of said support at 0.8743 would extend recent decline from 0.8953 to 0.8720-30

Trade Idea Update: GBP/USD - Buy at 1.6700

Cable's rebound after intra-day brief fall to 1.6660 on UK inflation data suggests an intra-day low is possibly formed and consolidation with mild upside bias is seen for test of resistance at 1.6750, break there would add credence to this view and bring a stronger rebound to 1.6790-95, above there would revive bullishness and upmove should resume for a retest of strong resistance at 1.6820-23 later.