Thursday, May 1, 2014

Action Insight Daily Report 5-2-14

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
Daily Report: Dollar Looks into NFP for Direction The greenback remains the second weakest currency this week, next to yen, since it's being pressured after the disappointing Q1 GDP reading released earlier. The non-farm payroll report today will be crucial to determine whether dollar could stage a rebound or suffer another round of selloff. Markets are expecting 210k growth in the US job market in April, comparing to March's 192k. Unemployment rate is expected to drop back to 6.6%. Full Report Here...
Featured Technical Report
USD/JPY Daily Outlook Daily Pivots: (S1) 102.18; (P) 102.26; (R1) 102.41; More... No change in USD/JPY's outlook. With 101.95 minor support intact, further recovery cannot be ruled out. But in that case, we'd expect strong resistance below 104.12 to limit upside and bring reversal. Below 101.95 will 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
23:30	JPY	Household Spending Y/Y Mar	7.20%	1.70%	-2.50%
23:30	JPY	Unemployment Rate Mar	3.60%	3.60%	3.60%
23:50	JPY	Monetary Base Y/Y Apr	48.50%	55.30%	54.80%
1:30	AUD	PPI Q/Q Q1	0.90%	0.60%	0.20%
1:30	AUD	PPI Y/Y Q1	2.50%	2.20%	1.90%
7:30	CHF	SVME-PMI Apr		55	54.4
8:00	EUR	Eurozone Manufacturing PMI Apr F		53.3	53.3
8:30	GBP	Construction PMI Apr		62.2	62.5
9:00	EUR	Eurozone Unemployment Rate Mar		11.90%	11.90%
12:30	USD	Change in Nonfarm Payrolls Apr		210K	192K
12:30	USD	Unemployment Rate Apr		6.60%	6.70%
14:00	USD	Factory Orders Mar		1.50%	1.60%

Orders and Options Watch

US Session: Orders and Options Watch

GBP: The British pound also slipped from intra-day high if 1.6921 made in London morning, offers and stops at 1.6900-10 were cleared but sell orders are still noted at 1.6925 and 1.6940-50, more selling interest should emerge around 1.6975 and 1.7000 (more stops above). On the downside, bids remain at 1.6865, 1.6850 and 1.6835, more buy orders are tipped from 1.6800 all the way down to 1.6750 (every 10 points interval) with stops building up below 1.6750.

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Forex Trade Ideas

Trade Idea Wrap-up: GBP/USD - Buy at 1.6855

As the British pound has retreated after intra-day rise to 1.6921, suggesting minor consolidation below this level would be seen and pullback to previous resistance at 1.6858 cannot be ruled out, however, reckon the Ichimoku cloud (now at 1.6826-27) would limit downside and bring another rise later, break of said resistance would extend recent upmove to 1.6940-50

Trade Idea Wrap-up: USD/CHF - Sell at 0.8825

As the greenback has recovered after intra-day brief fall to 0.8783, suggesting minor consolidation would be seen and recovery to the Ichimoku cloud (now at 0.8811-28) is likely, however, price should falter well below resistance at 0.8851-56 and bring another decline later, break of said support would bring retest of this week's low of 0.8770 but below there is needed to extend the fall from last week's high of 0.8862 towards this month's low of 0.8743