Thursday, April 24, 2014

Action Insight Mid-Day Report 4-24-14

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 Higher Despite Mixed Data, Euro Ignored Solid Ifo Dollar jumps in early US session in spite of mixed economic data. Durable goods orders report was strong, with headline orders rose 2.6% versus expectation of 2.0%. Ex-transport orders rose 2.0% versus consensus of 0.6%. However, initial jobless claims rose more than expected to 329k in the week ended April 19. Continuing claims dropped 61k to 2.68m in the week ended April 12, the lowest number since December 2007. While the greenback is higher against other major currencies, it's held below near term resistance level. That is, 1.3779 in EUR/USD, 0.8861 in USD/CHF, and 102.72 in USD/CHF. Bias in these pairs remains neutral. Full Report Here...
Featured Technical Report
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.8808; (P) 0.8830; (R1) 0.8854; More... USD/CHF is still helped below 0.8861 and intraday bias stays neutral. The consolidation pattern from 0.8698 would be in progress and above 0.8861 will bring another rise. But we'd expect strong resistance below 0.8952 to limit upside and bring fall resumption eventually. Overall, near term outlook stays bearish and fall from 0.9838 is expected to resume after completing the consolidation pattern from 0.8698. Below 0.8777 minor support will bring retest of 0.8698 low first. 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
21:00	NZD	RBNZ Rate Decision	3.00%	3.00%	2.75%
23:50	JPY	Corporate Service Price Y/Y Mar	0.70%	0.70%	0.70%
02:00	CNY	Conference Board Leading Index Mar	1.20%		0.90%
06:00	CHF	Trade Balance (CHF) Mar	2.05B	2.79B	2.62B	2.29B
08:00	EUR	German IFO - Business Climate Apr	111.2	110.4	110.7
08:00	EUR	German IFO - Current Assessment Apr	115.3	115.6	115.2
08:00	EUR	German IFO - Expectations Apr	107.3	105.8	106.4
10:00	GBP	CBI Reported Sales Apr	30	17	13
12:30	USD	Durable Goods Orders Mar	2.60%	2.00%	2.20%	2.20%
12:30	USD	Durables Ex Transportation Mar	2.00%	0.60%	0.20%	0.10%
12:30	USD	Initial Jobless Claims (APR 19)	329K	315K	304K	305K
14:30	USD	Natural Gas Storage			24B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency dropped quite sharply on solid US data, bids at 1.3800-10 and stops below figure were cleared, however, 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 are now seen at 1.3820 and in good size at 1.3845-65 area, mixtures of offers and stops are located at 1.3870 and 1.3890-00, fresh selling interest is expected at 1.3920 and 1.3945-50.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Hold short entered at 1.6795

As cable has retreated again after meeting resistance at 1.6807 earlier today, retaining our near term bearishness and below support at 1.6763 (yesterday's low) would add credence to our view that top is possibly formed at 1.6842 last week and bring test of previous resistance at 1.6749, break there would confirm, then correction towards 1.6720 and 1.6690-00 would follow

Trade Idea: USD/JPY - Hold short entered at 102.40

As the greenback has rebounded again after holding above support at 102.17 (yesterday's low), suggesting caution on our near term bearishness but as long as this week's high of 102.73 holds, mild downside bias remains for another retreat, below said support would suggest top is possibly formed there, bring weakness towards support at 101.87, break there would confirm