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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Dollar Stays Weak ahead of Yellen Testimony, More Downside Favored Dollar remains the weakest currency this week. European indices stage a strong rebound as the session goes and reversed earlier losses. US futures are also pointing to a higher open. that movements trigger recovery in yen crosses but provides no support to the greenback elsewhere. Fed chair Yellen will testify to senate Joint Economic Committee today. It's generally expected Yellen would continue with a dovish tone and reiterate Fed's plan on measured tapering. And she would emphasize again that the tightening would be gradual when it comes. So, we're not expecting any special boost from Yellen on the greenback. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 101.38; (P) 101.78; (R1) 102.07; More... USD/JPY recovers ahead of 101.32 support. But with 102.18 minor resistance intact, intraday bias remains on the downside. Break of 101.32 will resume the fall from 104.12 and likely that from 105.41 too. In such case, deeper fall should be seen through 100.75 low to 100% projection of 104.12 to 101.32 from 103.01 at 100.21 next. On the upside, above 102.18 minor resistance will turn bias neutral first. But as noted before, recovery from 101.32 has completed already. We'll hold on to this bearish view as long as 103.01 resistance holds. 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	Unemployment Rate Q1	6.00%	5.80%	6.00%
22:45	NZD	Employment Change Q/Q Q1	0.90%	0.60%	1.10%	1.00%
23:01	GBP	BRC Shop Price Index Y/Y Apr	-1.40%		-1.70%
23:50	JPY	BoJ Minutes
01:30	AUD	Retail sales M/M Mar	0.10%	0.40%	0.20%	0.30%
05:45	CHF	Unemployment Rate Apr	3.20%	3.20%	3.20%
06:00	EUR	German Factory Orders M/M Mar	-2.80%	0.30%	0.60%	0.90%
07:00	CHF	Foreign Currency Reserves Apr	438.9B		437.9B
12:30	CAD	Building Permits M/M Mar	-3.00%	3.90%	-11.60%
12:30	USD	Non-Farm Productivity Q1 P	-1.70%	-0.90%	1.80%
12:30	USD	Unit Labor Costs Q1 P	4.20%	2.30%	-0.10%
14:30	USD	Crude Oil Inventories			1.7M

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency remained confined within narrow range, whilst some offers at 1.3935 were filled, sell orders are still noted at 1.3950 and 1.3965-75, followed by mixture of offers and stops in good size at 1.4000-10. On the downside, bids remain at 1.3900-10, 1.3875-85 and 1.3850, more buy orders are tipped at 1.3825-35, mixture of bids and stops remains at 1.3800, more buy orders are expected at 1.3775 and 1.3750-60 (more stops below both levels).

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Buy at 1.6940

As the British pound has eased after yesterday's rally to 1.6996, suggesting minor consolidation is in store and pullback to 1.6942 (38.2% Fibonacci retracement of 1.6854) cannot be ruled out, however, renewed buying interest should emerge there and bring another rise later, above psychological resistance at 1.7000 would extend gain towards previous chart resistance at 1.7044 (2009 high) but near term overbought condition should prevent sharp move beyond this level.

Trade Idea Update: EUR/USD - Buy at 1.3900

Euro's near term sideways trading is likely to continue and although pullback to 1.3900 cannot be ruled out, reckon previous resistance at 1.3889 would turn into support and limit downside, bring another rise later to recent high of 1.3967 but near term overbought condition should prevent sharp move beyond psychological resistance at 1.4000 and reckon 1.4040-50 would hold from here, risk from there is seen for a retreat later.