Tuesday, April 22, 2014

Action Insight Mid-Day Report 4-22-14

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 Reversed Initial Gains in Directionless Markets The markets are rather directionless today. Dollar was initially firm but reversed its again and is broadly lower in early US session. While the greenback is soft, it's being held in tight range against other major currencies so far, and thus, maintaining a neutral bias. Yen crosses were mildly higher earlier today but gave up some gains. European indices are broadly higher at the time of writing but that didn't provide enough fuel for extending the rally in yen crosses. While Euro continues recent decline against Sterling, steady against dollar and firm against Swiss franc. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 102.42; (P) 102.56; (R1) 102.73; More... The recovery from 101.32 is starting to lose upside momentum. While further rise cannot be ruled out, we'd expect resistance below 104.12 to limit upside and bring another decline. Overall, the fall from 105.41 is expected to resume later and below 101.32 should send USD/JPY through 100.75 support to 100% projection of 105.41 to 100.75 from 104.12 at 99.46. 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
00:00	AUD	Conference Board Leading Index Feb	0.30%		0.20%
12:30	CAD	Wholesale Sales M/M Feb	1.10%	0.70%	0.80%	0.50%
13:00	USD	House Price Index M/M Feb	0.60%	0.50%	0.50%	0.40%
14:00	USD	Existing Home Sales Mar	4.59M	4.55M	4.60M
14:00	EUR	Eurozone Consumer Confidence Apr A	-9	-9	-9

Orders and Options Watch

US Session: Orders and Options Watch

GBP: The British pound continued to edge higher and offers at 1.6820-25 were filled but sell orders in good size are still seen at 1.6840-50 (stops above), more selling interest is expected at 1.6875 and further out at 1.6900-10. On the downside, bids are raised to 1.6810, 1.6785-90 and 1.6765-75 (stops below), buy orders are expected at 1.6750 (more stops below 1.6740), 1.6715-25 and 1.6700, mixture of bids and stops is tipped at 1.6680-90.

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Forex Trade Ideas

Trade Idea Update: USD/CHF - Sell at 0.8845

Despite intra-day brief rise to 0.8857, the subsequent retreat suggests consolidation below this level would be seen with mild downside bias for test of yesterday's low of 0.8819 but break there is needed to suggest top is possibly formed, below the lower Kumo (now at 0.8807) would add credence to this view, bring weakness to strong support at 0.8780-81 but reckon support at 0.8743 would hold on first testing.

Trade Idea Update: USD/JPY - Sell at 103.00

Although dollar retreated after intra-day initial rise to 102.73 (exactly 50% Fibonacci retracement of 104.13-101.33), as the greenback has rebounded again after finding support above 102.40, suggesting near term upside risk remains for recent upmove to extend one more rise towards 102.90-00 but reckon 103.05-10 (61.8% Fibonacci retracement) would limit upside and bring retreat later, below 102.35-40 would suggest an intra-day top is possibly formed, bring weakness to 102.00