Tuesday, August 7, 2012

Action Insight Mid-Day Report 8-7-12 (trusted: contact@actionforex.com)

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Mid-Day Report: Sterling and Loonie Strengthened on Economic Data

Sterling and Canadian dollar are both lifted by economic data today while other major pairs stay in tight range. Nonetheless, those economic data from UK and Canada weren't good but were just not as bad as feared. Canadian building permits dropped -2.5% mom in June versus expectation of -3.5% mom fall. UK industrial production dropped -2.5% mom in June while manufacturing production dropped -2.9% mom, both were above expectation of -3.1% mom and -4.1% mom respectively. EUR/GBP is trying to reverse after hitting a key near term resistance at 0.7949 and the more important event would be tomorrow's BoE quarterly inflation report.

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Featured Technical Report

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.5543; (P) 1.5604; (R1) 1.5662; More...

GBP/USD rebounds strongly today but is still bounded in range of 1.5489/5767. Near term outlook remains neutral for the moment. On the upside, break of 1.5767/77 resistance will confirm resumption of rebound from 1.5268 and should target 1.5901/6 (61.8% retracement of 1.6300 to 1.5268 at 1.5906 and 100% projection of 1.5268 to 1.5777 from 1.5392 at 1.5901). However, break of 1.5457 support will invalidate this case and should bring another decline through 1.5392 support instead.

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Economic Indicators Update

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GMT Ccy Events Actual Consensus Previous Revised
22:45 NZD Labor Cost Private Sector Q/Q Q2 0.50% 0.60% 0.50%
23:01 GBP BRC Sales Like-For-Like Y/Y Jul 0.10% -0.20% 1.40%
04:30 AUD RBA Rate Decision 3.50% 3.50% 3.50%
05:45 CHF Unemployment Rate Jul 2.90% 2.90% 2.90%
07:00 CHF Foreign Currency Reserves Jul 406.5B 364.9B 365.1B
07:15 CHF CPI M/M Jul -0.50% -0.60% -0.30%
07:15 CHF CPI Y/Y Jul -0.70% -0.80% -1.10%
08:30 GBP Industrial Production M/M Jun -2.50% -3.10% 1.00%
08:30 GBP Industrial Production Y/Y Jun -4.30% -4.90% -1.60% -1.80%
08:30 GBP Manufacturing Production M/M Jun -2.90% -4.10% 1.20%
08:30 GBP Manufacturing Production Y/Y Jun -4.30% -5.50% -1.70% -1.80%
09:00 EUR Italian GDP Q/Q Q2 P -0.70% -0.70% -0.80%
10:00 EUR German Factory Orders M/M Jun -1.70% -0.90% 0.60% 0.70%
12:30 CAD Building Permits M/M Jun -2.50% -3.50% 7.40%
14:00 CAD Ivey PMI Jul 51.7 49
14:00 GBP NIESR GDP Estimate Jul -0.20%
Forex Trade Ideas

Remark: No update on 6-7 (Mon-Tue) Aug, next Intra-day Trade Ideas update will be made on Wednesday 8 Aug 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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