Thursday, December 1, 2011

Action Insight Mid-Day 12-1-11 (trusted: contact@actionforex.com)

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Action Insight Market Overview Markets Snapshot

Mid-Day Report: Markets Steady after ISM, Spain & France Bond Auctions

Markets remains steady today on the back of positive Spain and France bond auction. Also, ISM manufacturing data posted stronger than expected gain form 50.8 to 52.7 in November. Strong improvement is seen in production component (from 50.1 to 56.6), new orders (52.4 to 56.7). However, the positive report was darkened by deterioration in the employment component which dropped from 53.5 to 51.8. The price paid component rose to 41.0 to 45.0. US stocks are nearly flat since open. Dollar consolidates yesterday's sharp loss and remains in tight range.

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Featured Technical Report

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9047; (P) 0.9149; (R1) 0.9233; More.

Intraday bias in USD/CHF remains on the downside for the moment. As noted before, USD/CHF's rise from 0.8567 should be finished at 0.9330 already, on bearish divergence condition in 4 hours MACD Deeper fall should be seen back to 0.8761/8960 support zone. On the upside, above 0.9251 is needed to indicate completion of such fall. Otherwise, near term outlook is cautiously bearish even in case of recovery.

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GMT Ccy Events Actual Consensus Previous Revised
21:45 NZD Terms of Trade Index Q/Q Q3 -0.70% 3.40% 2.30% 2.40%
00:30 AUD Retail Sales M/M Oct 0.20% 0.40% 0.40%
00:30 AUD Building Approvals M/M Oct -10.70% 3.60% -13.60% -14.20%
01:00 CNY PMI Manufacturing Nov 49 49.8 50.4
02:30 CNY HSBC Manufacturing PMI Nov F 47.7 48
06:45 CHF GDP Q/Q Q3 0.20% 0.20% 0.40% 0.50%
06:45 CHF GDP Y/Y Q3 1.30% 1.80% 2.30%
08:30 CHF SVME PMI Nov 44.8 46.7 46.9
09:00 EUR Eurozone PMI Manufacturing Nov F 46.4 46.4 47.1
09:30 GBP PMI Manufacturing Nov 47.6 47.2 47.4 47.8
13:30 USD Initial Jobless Claims 402K 390K 393K
15:00 USD Construction Spending M/M Oct 0.80% 0.20% 0.20%
15:00 USD ISM Manufacturing Nov 52.7 51.5 50.8
15:00 USD ISM Prices Paid Nov 45 45 41
15:30 USD Natural Gas Storage 9B
Orders and Options Watch

US Session: Orders and Options Watch

EUR: Although the single currency retreated initially today, renewed buying interest emerged at 1.3417 and has rebounded again, mixture of offers and stops at 1.3530-40 is now in focus with bigger stops placed above 1.3550, however, more selling interest is located at 1.3600-10 with bigger stops seen at 1.3620 and 1.3650 (large). On the downside, bids are lined up from 1.3470 down to 1.3430 with stops building up below 1.3400-10.

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Forex Trade Ideas

Trade Idea Wrap-up: USD/JPY – Hold long entered at 77.30

As the greenback has continued to edge higher after rebounding from yesterday’s low of 77.29, retaining our bullishness and consolidation with upside bias remains for gain to 77.95/00, however, above there is needed to bring another test of yesterday’s high of 78.16. Looking ahead, break there would signal correction from 78.29 has ended and bring retest of this level

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Trade Idea: USD/CAD – Sell at 1.0250

Despite yesterday’s selloff to 1.0124, as the greenback has recovered from there, suggesting minor consolidation would take place and recovery to 1.0250 cannot be ruled out, however, previous support at 1.0259 should limit upside and bring another decline later. A break of said support at 1.0124 would extend the fall from 1.0524 (tentatively top of B leg) towards support at 1.10074-77

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Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500

Suggested Readings

Fundamental Highlights

Technical Highlights

 


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