Monday, January 23, 2012

Action Insight Daily Report 1-24-12 (trusted: contact@actionforex.com)

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Action Insight Weekly Report Markets Snapshot

Daily Report: Euro Retreats Mildly on Greece Stalemate

Euro retreats mildly after IIF has made the "maximum" debt swap offer but was rejected by Eurozone finance ministers. As Dutch Finance Minister Jan Kees de Jager said the offer would leave's debt "substantially above 125% of GDP in 2020, missing the target of 120% of GDP. Luxembourg Prime Minister Jean-Claude Juncker said that the Greek program is "off track" and he demanded new coupon rate to be below 3.5% until 2020 and below 4% over the full 30-year period. IMF also raised the concern that the proposed plan would leave Greece with higher than expected debt burden. Greece Finance Minister Evangelos Venizelos remained optimistic that there was "very constructive cooperation with private sector" and they're "ready to finalize the procedure on time." Venizelos expects to present a formal offer to creditors by February 13.

Full Report Here...


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Featured Technical Report

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.2910; (P) 1.2981 (R1) 1.3087; More.

With 1.2880 minor support intact, intraday bias in EUR/USD remains on the upside for 1.3076 resistance and above. Nonetheless, the current rebound from 1.2625 short term bottom is expected to be limited by 38.2% retracement of 1.4246 to 1.2625 at 1.3244 to limit upside and bring fall resumption eventually. On the downside, below 1.2880 minor support will flip bias back to the downside for retesting 1.2625 low first.

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Economic Indicators Update

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GMT Ccy Events Actual Consensus Previous Revised
23:00 AUD Conference Board Leading Index Nov -0.30% 0.60% 0.50%
3:30 JPY BoJ Rate Decision 0.10% 0.10% 0.10%
8:00 EUR French PMI Manufacturing Jan P 48.6 48.9
8:00 EUR French PMI Services Jan P 50 50.3
8:30 EUR German PMI Manufacturing Jan P 49 48.4
8:30 EUR German PMI Services Jan P 52.4 52.4
9:00 EUR Eurozone PMI Manufacturing Jan P 47.2 46.9
9:00 EUR Eurozone PMI Services Jan P 49 48.8
9:30 GBP Public Sector Net Borrowing (GBP) Dec 12.1B 15.2B
10:00 EUR Eurozone Industrial New Orders Y/Y Nov -2.70% 1.60%
13:30 CAD Retail Sales M/M Nov 0.20% 1.00%
13:30 CAD Retail Sales Less Autos M/M Nov 0.10% 0.70%
Forex Trade Ideas

Due to Chinese New Year holidays, next Candlesticks and Ichimoku Trade Idea update will be made on Wednesday 25 Jan.

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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