Monday, January 23, 2012

Action Insight Mid-Day Report 1-23-12 (trusted: contact@actionforex.com)

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Mid-Day Report: Dollar Broadly Lower on Risk Appetite, Greece Still Awaited

Dollar is broadly lower today as risk appetites are lifted by German bill auction and bank stocks. Germany sold EUR 2.54b of 12-mont h bills today at average yield of 0.07%. That yield was much lower than October's 0.346%. The auction attracted solid demand of EUR 5.53b of bids. Meanwhile, banking stocks in UK saw impressive strength with strong advance in RBS, Lloyds and HSBC leading FTSE and other major European indices higher. Dollar index is back below 80 psychological level and is set to take on 79.51 support.

Full Report Here...


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Featured Technical Report

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9308; (P) 0.9339; (R1) 0.9372; More...

USD/CHF's strong break of 0.9304 support indicates that rise from 0.8567 is already finished at 0.9594 on bearish divergence condition in 4 hours MACD. Also, considering bearish divergence in daily MACD too, whole rebound from 0.7065 might be completed too. Intraday bias is back on the downside for a test on 0.8567 key support level next. On the upside, though, above 0.9375 minor resistance will dampen this immediate bearish case and turn bias neutral first.

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Economic Indicators Update

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GMT Ccy Events Actual Consensus Previous Revised
00:30 AUD PPI Q/Q Q4 0.30% 0.40% 0.60%
00:30 AUD PPI Y/Y Q4 2.90% 3.00% 2.70%
13:30 CAD Leading Indicators M/M Dec 0.80% 0.60% 0.80% 0.90%
15:00 EUR Eurozone Consumer Confidence Jan A -21.4 -21.1
2012 Elliott Wave Forecast

USD index 2012 Elliott Wave Forecast

Despite falling to as low as 72.70 in H1 2011, dollar index found good support there and staged a rebound from there back to the opening level of 2011, suggesting the major downtrend is not ready to resume yet and wave IV correction is still unfolding as a complex correction. We are keeping our preferred count that a major (A)-(B)-(C) wave has commenced since 1980s with (A) wave ended at 78.19 in 1992, followed by a 3-legged wave (B) ended at 121.02 in 2001 and 5-waver wave (C) is unfolding with wave III ended at 70.70 in 2008.

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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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