Wednesday, April 2, 2014

Action Insight Mid-Day Report 4-2-14

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 Mixed Despite Solid ADP Dollar is mixed in early US session even after solid job market data. ADP employment report showed 191k growth in private sector jobs in March, basically inline with expectation of 190k. Prior month's figure, however, was revised sharply to 178k, up from 138k. Reaction is muted though probably because the ADP hasn't been tracking the NFP quite closely in recent month. To be released on Friday, economists are expecting 190k growth in NFP in the same month while unemployment rate is expected drop to 6.6%. So far, strong conference board consumer confidence reading and ADP are positive to NFP but the ISM manufacturing employment was negative. We'd probably get more hint on how NFP would perform after tomorrow's ISM services and jobless claims. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6606; (P) 1.6640; (R1) 1.6662; More... Intraday bias in GBP/USD is turned neutral with a temporary top formed at 1.6683. But further rally is still expected with 1.6555 minor support intact. As noted before, pull back from 1.6822 has completed at 1.6465 already after hitting channel support. Rise from there should extend to 1.6785/6822 resistance zone. Break will extend the larger rise from 1.4813 and target 1.7043 key resistance next. On the downside, below 1.6555 minor support will dampen the bullish view and turn bias back to the downside for 1.6465 and below, to extend the corrective fall from 1.6822. 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
23:50	JPY	Monetary Base Y/Y Mar	54.80%	60.20%	55.70%
03:30	AUD	Building Approvals M/M Feb	-5.00%	-1.70%	6.80%	6.90%
06:00	GBP	Nationwide House Prices M/M Mar	0.40%	0.80%	0.60%	0.70%
08:30	GBP	Construction PMI Mar	62.5	63.2	62.6
09:00	EUR	Eurozone PPI M/M Feb	-0.20%	-0.10%	-0.30%
09:00	EUR	Eurozone PPI Y/Y Feb	-1.70%	-1.70%	-1.40%
12:15	USD	ADP Employment Change Mar	191K	190K	139K	178K
14:00	USD	Factory Orders Feb		0.80%	-0.70%
14:30	USD	Crude Oil Inventories			6.6M

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency slipped again in NY opening, offers are lowered to 1.3800 and in good size from 1.3820 up to 1.3850 (stops above latter level), mixtures of offers and stops are located at 1.3870 and 1.3900. On the downside, bids at 1.3790 and 1.3770 were filled but buy orders are tipped at 1.3750-60 and in good size at 1.3725-35 (stops below), more buy orders are reported at 1.3695-10, buying interest is expected at 1.3660-70 with bigger stops placed below 1.3650.

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Forex Trade Ideas

Trade Idea: EUR/JPY - Buy at 142.00

As the single currency has retreated after rising to 143.48 earlier today, suggesting minor consolidation is in store and pullback to 142.50 cannot be ruled out, however, reckon 142.00 would limit downside and bring another rise later, above said resistance at 143.48 would extend recent rise from 136.23 for retest of resistance at 143.79 first.

Trade Idea: AUD/USD - Buy at 0.9170

As aussie has retreated after yesterday's marginal rise to 0.9304, retaining our view that minor consolidation would be seen and pullback to 0.9200 is likely, however, reckon 0.9165-70 would limit downside and bring another upmove later, above said resistance would extend recent rise in wave C to 0.9335-40 (61.8% Fibonacci retracement of 0.9758-0.866)