Tuesday, April 29, 2014

Action Insight Mid-Day Report 4-29-14

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: Yen Tumbles as Risk Aversion Fades European indices are generally higher today and US futures are pointing to higher open. Markets digested the "mild" sanctions on Russia rather well. The Russian Ruble rises for a second day on view that the new round of targeted sanctions have limited impact on the Russian economy. Also, there were news reported that Russian troops were moving away from the border of Ukraine. In the currency markets, yen was sold off as risk aversion faded. Commodity currencies are generally higher with Canadian dollar leading the way. Euro was over shadowed by Sterling after weak economic data even though UK GDP missed forecast. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 102.14; (P) 102.38; (R1) 102.72; More... The break of 102.72 suggests that rebound form 101.32 has resumed. Intraday bias is back on the upside for further rally. But we' expect strong resistance below 104.12 to limit upside and bring reversal. Below 101.95will turn bias back to the downside for 101.32 first. Break will indicate that whole decline from 105.41 is finally resuming. In such case, USD/JPY should fall 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
22:45	NZD	Trade Balance (NZD) Mar	920M	900M	818M	793M
06:00	EUR	German GfK Consumer Sentiment May	8.5	8.5	8.5
08:00	EUR	Eurozone M3 Y/Y Mar	1.10%	1.40%	1.30%
08:30	GBP	GDP Q/Q Q1 A	0.80%	0.90%	0.70%
08:30	GBP	Index of Services 3M/3M Feb	0.90%	0.90%	0.90%
09:00	EUR	Eurozone Consumer Confidence Apr F	-8.6	-8.7	-8.7
09:00	EUR	Eurozone Economic Confidence Apr	102	102.9	102.4
09:00	EUR	Eurozone Industrial Confidence Apr	-3.6	-3.1	-3.3
09:00	EUR	Eurozone Services Confidence Apr	3.5	4.8	4.2
12:00	EUR	German CPI M/M Apr P	-0.20%	-0.10%	0.30%
12:00	EUR	German CPI Y/Y Apr P	1.30%	1.40%	1.00%
13:00	USD	S&P/Case-Shiller Composite-20 Y/Y Feb	12.90%	12.90%	13.24%
14:00	USD	Consumer Confidence Apr	82.3	83	82.3	83.9

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency dropped quite sharply on lower-than-expected eurozone inflation data, bids at 1.3850 and 1.3825-35 were filled, mixture of bids and stops at 1.3800 is in focus, 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. On the upside, offers are lowered to 1.3830, 1.3850 and in good size at 1.3870-80 (stops above), indicated sell orders (option related) remain at 1.3885-00 (with stops building up above barrier at 1.3900 and 1.3910), fresh offers are expected at 1.3925 and in good size further out at 1.3940-50.

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Forex Trade Ideas

Trade Idea Update: EUR/USD - Stopped profit and turn short at 1.3830

Despite intra-day brief rise to 1.3879, as the single currency met renewed selling interest just below yesterday's high of 1.3880 and has tumbled on lower-than-expected eurozone data, suggesting the rebound from 1.3785 has ended there and consolidation with downside bias is seen for weakness towards this support, however, break there is needed to retain bearishness and extend the fall from 1.3906 to 1.3760-62 (61.8% Fibonacci retracement of 1.3673-1.3906) and later towards 1.3730

Trade Idea Update: USD/JPY - Buy at 102.50

Dollar's breach of previous resistance at 102.73 suggests the rise from 101.33 low has resumed and near term upside bias is seen for a stronger correction of early fall from 104.13, hence gain to 103.05-10 (61.8% Fibonacci retracement of 104.13-101.33) and possibly towards previous resistance at 103.30 would be seen later, however, overbought condition should limit upside to 103.50-60.