Friday, April 27, 2012

Action Insight Mid-Day Report 4-27-12 (trusted: contact@actionforex.com)

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Mid-Day Report: Euro Stabilized after Italy Auction, Dollar Soldoff on Disappointing GDP

Euro stabilized from yesterday's Spain downgrade triggered selloff after relatively solid Italy bond auctions earlier today. Sentiments further turned after disappointing GDP data from US. Dollar is sharply lower after the release with EUR/USD taking out yesterday's high of 1.3262 while GBP/USD broke 1.6250 level. USD economy grew a mere 2.2% annualized rate in Q1, slowed from 3% in Q4. Also, that's notably lower than market expectation of 2.5% growth. Looking at the details, consumer spending rose at 2.9%, fastest since Q4 2010, home constructions also rose at the fastest pace since Q2 2010, these are the brighter spots. However, business spending dropped for the first time since Q4 of 2009, by -2.1%.

Full Report Here...


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Featured Technical Report

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.6159; (P) 1.6183; (R1) 1.6210; More...

GBP/USD's rally extends further to as high as 1.6257 so far today and showed sign of acceleration by taking out upper trendline resistance. Intraday bias remains on the upside for 100% projection of 1.5234 to 1.5991 from 1.5602 at 1.6359 first. Also, the sustained trading above 1.6165 cluster resistance confirmed that decline from 1.6764 has completed. Break of 1.6359 will target 1.6618/6764 resistance zone. On the downside, below 1.6152 minor support will turn bias neutral and bring consolidations first.

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Special Reports

BOJ Adds Stimulus To Bolster Growth And Inflation

The Bank of Japan increased monetary easy to boost the economic recovery and inflation in April. With unanimous vote, the central bank announced to expand its Asset Purchase Program by 5 trillion yen to 70 trillion yen with some adjustment in the composition of the portfolio. It also extended the deadline for completion of those purchases to end-June 2013 from end-2012.

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Economic Indicators Update

GMT Ccy Events Actual Consensus Previous Revised
23:01 GBP GfK Consumer Confidence Survey Apr -31 -30 -31
23:30 JPY Unemployment Rate Mar 4.50% 4.50% 4.50%
23:30 JPY Household Spending Y/Y Mar 3.40% 4.00% 2.30%
23:30 JPY Tokyo CPI Core Y/Y Apr -0.50% -0.30% -0.30%
23:30 JPY National CPI Core Y/Y Mar 0.20% 0.10% 0.10%
23:50 JPY Industrial Production M/M Mar P 1.00% 2.30% -1.60%
23:50 JPY Retail Trade Y/Y Mar 10.30% 10.00% 3.50% 3.40%
23:50 JPY Large Retailers' Sales Mar 5.00% 7.20% 0.20%
04:00 JPY BoJ Rate Decision 0.10% 0.10% 0.10%
05:00 JPY Housing Starts Y/Y Mar 5.00% 8.20% 7.50%
06:00 EUR German GfK Consumer Sentiment May 5.6 5.9 5.9 5.8
07:00 CHF KOF Leading Indicator Apr 0.4 0.2 0.08
12:30 USD GDP (Annualized) Q1 A 2.20% 2.50% 3.00%
12:30 USD GDP Price Index Q1 A 1.50% 2.20% 0.90%
12:30 USD Employment Cost Index Q1 0.40% 0.50% 0.40%
13:55 USD U. of Michigan Confidence Apr F 75.9 75.7
Forex Trade Ideas

Remark: Next Ichimoku and Candlestick intra-day trade idea update will be made on Monday 30 April 2012

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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