Monday, May 26, 2014

Action Insight Daily Report 5-26-14

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: Euro Soft ahead of ECB Draghi's Speech Euro remains soft, in particular against Canadian dollar, as markets await ECB president Draghi's speech today. It's widely expected ECB will act in June to overcome low inflation. But, markets are so far kept in the dark on what package tools would ECB uses. Traders will look for clues from Draghi today. So far, there are speculations of interest rate cuts, liquidity injections and even quantitative easing. Meanwhile, the common currency is also reacting mildly negatively on news that the right-wing eurosceptic parties stormed to victory in European Parliament elections in the UK and France. Full Report Here...
Featured Technical Report
EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8085; (P) 0.8094; (R1) 0.8107; More... Intraday bias in EUR/GBP remains neutral for some consolidations above 0.8081 temporary low. Upside of recovery should be limited well below 0.8183 resistance and bring fall resumption. Below 0.8081 will extend the larger fall to 100% projection of 0.8584 to 0.8157 from 0.8399 at 0.7972. 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) Apr	534M	636M	920M	935M
23:50	JPY	BoJ Minutes
6:00	EUR	GfK German Consumer Sentiment Jun	8.5	8.5	8.5
8:00	EUR	ECB President Draghi Speaks

Orders and Options Watch

European Session: Orders and Options Watch

EUR: The single currency fell marginally to 1.3615 but continued to find good support there and has recovered in European morning, offers at 1.3830-35 were filled but sell orders are still noted at 1.3650 and 1.3680-85, more sell orders are expected at 1.3700-10 and 1.3730 with stops placed above 1.3735, selling interest is seen at 1.3745-55, 1.3770 and 1.3780-85 (stops above). On the downside, demand remains at 1.3600-15 with more stops expected below figure, some buy orders are located at 1.3585 and further out at 1.3550-55. Option expires today include: 1.3600, 1.3620 (large) and 1.3650.

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Forex Trade Ideas

Trade Idea: GBP/USD - Buy at 1.6805

Although the British pound retreated after rising to 1.6921 last week and near term downside risk is seen for this fall to bring retracement of the rise from 1.6732, reckon support at 1.6802 would limit downside and bring another rebound later, above the Ichimoku cloud (now at 1.7874-78) would signal low is formed and bring another rise towards said resistance at 1.6921. Looking ahead, only above there would signal the rise from 1.6732 is still in progress and extend gain to 1.6938, then 1.6950

Trade Idea: USD/JPY - Buy at 101.30

Last week's rally from 100.82 signals recent fall has ended there and consolidation within early established range would be seen with mild upside bias for gain to resistance at 102.12, however, reckon previous resistance at 102.36 should limit upside and price should falter below 102.50-60, risk from there is seen for another retreat later.