Friday, June 6, 2014

Action Insight Mid-Day Report 6-6-14

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: Dollar Directionless as NFP Met Expectation Dollar is mildly higher against yen in early US session after employment data release but no follow through buying was seen. The greenback is also stuck in tight range against European majors. Non-farm payroll showed 217k growth in May, basically inline with expectation of 219k. Prior month's figure was revised slightly down from 288k to 282k. Unemployment rate was unchanged at 6.3% versus expectation of a rise to 6.4%. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 102.24; (P) 102.49; (R1) 102.66; More... Some volatility is seen in USD/JPY in early US session but outlook is unchanged. With 102.13 minor support intact, further rise is still in favor for 103.10 resistance and above. Consolidation pattern from 100.75 is still in progress with rise from 100.82 as the third leg. Thus, we'd expect strong resistance from 104.12 to limit upside and bring reversal. Below 102.13 support will turn bias back to the downside for retesting 100.75 instead. 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
05:00	JPY	Leading Index Apr P	106.6	106.2	107.1
06:00	EUR	German Trade Balance (EUR) Apr	17.7B	14.3B	14.8B
06:00	EUR	German Industrial Production M/M Apr	0.20%	0.40%	-0.50%
07:15	CHF	CPI M/M May	0.30%	0.20%	0.10%
07:15	CHF	CPI Y/Y May	0.20%	0.10%	0.00%
08:30	GBP	Visible Trade Balance (GBP) Apr	-9.6B	-8.7B	-8.5B	-8.3B
12:30	CAD	Net Change in Employment May	25.8K	21.5K	-28.9K
12:30	CAD	Unemployment Rate May	7.00%	6.90%	6.90%
12:30	USD	Change in Non-farm Payrolls May	217K	219K	288K	282K
12:30	USD	Unemployment Rate May	6.30%	6.40%	6.30%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency jumped to 2-week high shortly after the release of US job data, offers at 1.3665-75 were filled but sell orders are still noted at 1.3680-1.3700 area, selling interest is located at 1.3725-50 area with stops placed above latter level. On the downside, bids are reported at 1.3620 and 1.3600, more buy orders are tipped at 1.3575, 1.3550-60 and 1.3525, decent demand remains at 1.3500, 1.3475 and 1.3450.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Buy at 1.6760

As the British pound has maintained a firm undertone after staging a strong rebound yesterday, adding credence to our view that a temporary low has been formed at 1.6693 last week and consolidation with upside bias remains for retracement of recent decline to 1.6860, however, near term overbought condition should prevent further sharp rise beyond resistance at 1.6882 and reckon 1.6900 would hold from here, bring another decline.

Trade Idea Update: EUR/USD - Buy at 1.3575

Although the single currency resumed recent decline to as low as 1.3503, the subsequent reversal signal market has rejected this low and consolidation above this level is in store for several days with mild upside bias for correction of recent decline towards 1.3700, however, reckon resistance at 1.3734 would limit upside and price should falter well below 1.3775-80.