Monday, June 23, 2014

Action Insight Daily Report 6-24-14

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: Markets Steady, Focus Turns to German Ifo and US Consumer Confidence The financial markets are rather quiet so far this week. DOW was stuck in tight range overall night and ended nearly flat, down -9.82 pts to close at 16397.26. S&P 500 dropped -0.26 pts to close at 1962.61. Both were close to record high. A little bit more volatility was found in treasury yield where 30 year yield dipped to 3.414 initially then recovered to close at 3.449, just down -0.003. 10 year yield also dipped to 2.590 initially but closed at 2.623, down -0.0001. Dollar index, continued recent consolidative trading from 81.02 and is now at 80.30 at the time of writing. In the currency markets, with the exception of Canadian dollar, most pairs are stuck in familiar range. Full Report Here...
Featured Technical Report
USD/CAD Daily Outlook Daily Pivots: (S1) 1.0728; (P) 1.0777; (R1) 1.0802; More... USD/CAD's fall continues today and breaches mentioned 50% retracement of 1.0181 to 1.1278 at 1.0730. Intraday bias remains on the downside and deeper fall would be seen towards 1.6080 key support level. We'd expect strong support above there to contain downside and bring rebound. On the upside, break o 1.0813 resistance will be the first sign of reversal and will turn bias back to the upside for 1.0960 resistance for confirmation. 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
2:00	CNY	Conference Board Leading Index	0.70%		0.90%
6:00	CHF	Trade Balance (CHF) May		2.77B	2.43B
8:00	EUR	German IFO - Business Climate Jun		110.2	110.4
8:00	EUR	German IFO - Current Assessment Jun		115	114.8
8:00	EUR	German IFO - Expectations Jun		105.9	106.2
8:30	GBP	BBA Mortgage Approvals May		41.3K	42.2K
13:00	USD	House Price Index M/M Apr		0.60%	0.70%
13:00	USD	S&P/Case-Shiller Composite-20 Y/Y Apr		11.70%	12.40%
14:00	USD	Consumer Confidence Jun		83.6	83
14:00	USD	New Home Sales May		442K	433K

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency found support at 1.3574 and has recovered, however, offers remain at 1.3615, 1.3630-40 and 1.3660, sizeable sell orders are expected at 1.3690-00 with sizeable stops tipped above figure. On the downside, bids are still noted at 1.3575, 1.3560 and 1.3535-40, fresh demand should emerge around 1.3500-20 area with stops placed below 1.3500.

Read more...

Forex Trade Ideas

Trade Idea: USD/CAD - Target met and sell again at 1.0800

Current anticipated selloff has justified our bearish count for the wave c of iv to extend further weakness, our indicated target at 1.0720 has been met (our short entered at 1.0920 reached objective at 1.0720 with 200 points profit) and is c leg may extend further weakness to 1.0650-60 and possibly towards 1.0605-10 (61.8% Fibonacci retracement of 1.0190-1.1279)

Trade Idea Wrap-up: USD/JPY - Sell at 102.10

Despite rebounding from 101.74 to 102.20 late last week, the subsequent retreat suggests consolidation would be seen with downside bias for test of 101.70-74 and possibly towards last week's low of 101.61, however, only a break of key support at 101.43 would confirm the rise from 100.82 has ended at 102.80 earlier and further decline towards 101.10-20 would follow.