Wednesday, April 23, 2014

Action Insight Mid-Day Report 4-23-14

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: CHF and JPY Higher on Cautious Sentiments, EUR Firm on PMIs The Swiss Franc and, to a lesser extent, the Japanese yen are broadly higher today as European indices failed to hold on to initial gains and turned red as the days went on. US futures also point to a mildly lower open as investors could be cautious ahead of Apple's earning report after the bell. Euro are generally higher against other major currencies except the Franc and Yen after solid PMI data. But Sterling tumbled after the BoE minutes and Aussie stays weak after CPI disappointment. Canadian dollar is relatively steady after retail sales report which showed 0.5% growth while ex-auto sales grew 0.6% in February. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 102.44; (P) 102.58; (R1) 102.75; More... USD/JPY's fall from 102.72 accelerates lower today but stays above 102.02 minor support and intraday bias is neutral first. Another rise cannot be ruled out, but 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. Below 102.02 will turn bias back to the downside and break of 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
01:30	AUD	CPI Q/Q Q1	0.60%	0.80%	0.80%
01:30	AUD	CPI Y/Y Q1	2.90%	3.20%	2.70%
01:30	AUD	CPI RBA Trimmed Mean Q/Q Q1	0.50%	0.70%	0.90%
01:30	AUD	CPI RBA Trimmed Mean Y/Y Q1	2.60%	2.90%	2.60%
01:30	AUD	CPI RBA Weighted Median Q/Q Q1	0.60%	0.70%	0.90%
01:30	AUD	CPI RBA Weighted Median Y/Y Q1	2.70%	2.90%	2.60%
01:45	CNY	HSBC China Manufacturing PMI Apr P	48.3	48.3	48
07:00	EUR	French Manufacturing PMI Apr P	50.9	51.9	52.1	51.8
07:00	EUR	French Services PMI Apr P	50.3	51.3	51.5
07:30	EUR	German Manufacturing PMI Apr P	54.2	53.8	53.7	53.7
07:30	EUR	German Services PMI Apr P	55	53.3	53
08:00	EUR	Eurozone Manufacturing PMI Apr P	53.3	53	53
08:00	EUR	Eurozone Services PMI Apr P	53.1	52.5	52.2
08:30	GBP	BoE Minutes	0--0--9	0--0--9	0--0--9
08:30	GBP	Public Sector Net Borrowing (GBP) Mar	4.9B	8.5B	7.5B	7.0B
10:00	GBP	CBI Trends Total Orders Apr	-1	7	6
12:30	CAD	Retail Sales M/M Feb	0.50%	0.50%	1.30%	0.90%
12:30	CAD	Retail Sales Less Autos M/M Feb	0.60%	0.50%	1.00%	0.50%
14:00	USD	New Home Sales Mar	384K	450K	440K	449K
14:30	USD	Crude Oil Inventories	3.5M	2.6M	10.0M

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency retreated after intra-day rise to 1.3855 but bids are still noted at 1.3820 and in good size at 1.3800 (stops below), more buy orders are reported at 1.3775-85 and 1.3750 (stops below), fresh demand should emerge around 1.3725 and further out at 1.3700. On the upside, offers remain at 1.3855, 1.3870 and 1.3890-00 (stops above figure), fresh offers are expected at 1.3920 and 1.3945-50. On the downside.

Read more...

Forex Trade Ideas

Trade Idea Update: USD/CHF - Sell at 0.8835

Despite yesterday's brief rise to 0.8862, as the greenback has retreated sharply today, suggesting top is possibly formed there and consolidation with downside bias is seen for weakness to 0.8800, break there would add credence to this view, bring test of strong support at 0.8780-81, below there would confirm and further fall towards previous support at 0.8743 would follow

Trade Idea Update: EUR/USD - Buy at 1.3825

As the single currency continued to find good support around 1.3800 and has staged a strong rebound, suggesting low is possibly formed at 1.3785 and consolidation with upside bias is seen but break of last week's high of 1.3865 is needed to confirm and signal fall from 1.3906 has ended, then a stronger rebound to 1.3880-85 and possibly 1.3906 would be seen