Monday, April 28, 2014

Action Insight Mid-Day Report 4-28-14

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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: European Majors Generally Higher on a Quiet Day European majors are mildly higher against other major currencies today on a couple of factors. Firstly, there were expectation that the Eurozone CPI to be released later this week would show an up tick to 0.8% yoy in March, leaving March's 0.5% yoy as a bottom and ease pressure on ECB to act. Secondly, Sterling was supported by M&A news after Pfizer confirmed the bid to UK's drugmaker AstraZeneca. And thirdly, there should be some safe haven flow due to tensions in Ukraine and the expectation of further sanctions on Russia to be announced later today. Technically, EUR/USD and USD/CHF are still bounded in familiar range despite today's move. GBP/USD is taking the lead and breached near term resistance of 1.6814 even though upside momentum is not too convincing yet. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6780; (P) 1.6805; (R1) 1.6821; More... The break of 1.6841 resistance today indicates that recent rally in GBP/USD is resuming. Intraday bias is back on the upside. Larger rise from 1.4813 should now extend to 1.7043 key resistance level next. However, firstly, recent upside momentum has been rather week. Secondly, GBP/USD is close to 1.7043 key resistance. Break of 1.6777 minor support will be an early sign of reversal and will turn bias back to the downside for 1.6654 support instead. 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
23:50	JPY	Retail Trade Y/Y Mar	11.00%	10.80%	3.60%
6:00	EUR	German Import Price Index M/M Mar	-0.6%	-0.10%	-0.10%
14:00	USD	Pending Home Sales M/M Mar		0.70%	-0.80%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency maintained a firm undertone after intra-day cable-led rally, indicated sell orders are still noted at 1.3885-00 (stops above figure), fresh offers are expected at 1.3920 and in good size further out at 1.3950. On the downside, bids remain at 1.3850, 1.3825 and 1.3800, more buy orders are tipped at 1.3775-85 (stops below), fresh demand should emerge around 1.3750 (stops below), 1.3725 and further out at 1.3700.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Hold long entered at 1.6850

Current rally on Pfizer news signals recent upmove has resumed and bullishness remains for further gain to 1.6870-80, then 1.6900-10 (50% projection of 1.6555-1.6842 measuring from 1.6763) and later towards 1.6940-50 (61.8% projection) but near term overbought condition should limit upside and price should falter well below psychological resistance at 1.7000, bring retreat later.

Trade Idea Update: EUR/USD - Hold long entered at 1.3815

The single currency did find renewed buying interest at 1.3815 earlier today as suggested in our previous update and has surged above indicated strong resistance at 1.3855-65 on back of the rally in cable, retaining our upside bias for the rise from 1.3785 to extend gain towards resistance at 1.3906, however, break there is needed to signal early upmove has resumed for headway towards 1.3940-50.