Action Insight Mid-Day Report 10-16-12 (trusted: contact@actionforex.com)

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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Euro Jumps on Spain Speculations, Breaking Out from Range Markets seem to be trying to breakout from recent range. Euro is the strongest currency today, in particular against commodity currencies. Speculation that Spain is going to seek a sovereign bailout soon has intensified and pushed the common currency higher broadly, with EUR/USD back above 1.3 level even though it's still limited below 1.3070 minor resistance. EUR/JPY, though, has taken out corresponding resistance of 102.79 while USD/CHF also took out 0.9274 corresponding support. EUR/GBP is now testing 0.8099/8114 resistance zone. The developments strong favor a breakout from recent ranges in most pairs and Euro would likely remain the relatively strongest one. Data released from US saw CPI rose to 2.0% yoy in September versus expectation of 1.8% yoy. Core CPI rose to 2.0% yoy. Full Report Here...
Featured Technical Report
EUR/JPY Mid-Day Outlook Daily Pivots: (S1) 101.15; (P) 101.71; (R1) 102.40; More EUR/JPY rises further to as high as 103.07 in early US session. The break of 102.79 minor resistance argues that consolidation pattern from 103.86 is already completed at 100.14, and rally from 94.11 is finally resuming. Intraday bias is on the upside for 103.86 first. Break will confirm and target 61.8% retracement of 111.43 to 94.11 at 104.81 and then 111.43 key resistance. On the downside, though, below 101.78 will delay the bullish case and turn bias neutral again for more sideway trading. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update
GMT Ccy Events Actual Consensus Previous Revised 21:45 NZD CPI Q/Q Q3 0.30% 0.50% 0.30% 21:45 NZD CPI Y/Y Q3 0.80% 1.00% 1.00% 00:30 AUD RBA Minutes 08:30 GBP DCLG UK House Prices Y/Y Aug 1.80% 1.80% 2.00% 08:30 GBP CPI M/M Sep 0.40% 0.40% 0.50% 08:30 GBP CPI Y/Y Sep 2.20% 2.30% 2.50% 08:30 GBP Core CPI Y/Y Sep 2.10% 2.10% 2.10% 08:30 GBP RPI Y/Y Sep 2.60% 2.70% 2.90% 08:30 GBP PPI Input M/M Sep -0.20% 0.50% 2.00% 08:30 GBP PPI Input Y/Y Sep -1.20% -0.50% 1.40% 1.10% 08:30 GBP PPI Output M/M Sep 0.50% 0.30% 0.50% 08:30 GBP PPI Output Y/Y Sep 2.50% 2.20% 2.20% 1.10% 08:30 GBP PPI Output Core M/M Sep 0.30% 0.10% 0.10% 08:30 GBP PPI Output Core Y/Y Sep 1.20% 1.00% 1.20% 09:00 EUR Eurozone CPI M/M Sep 0.70% 0.70% 0.40% 09:00 EUR Eurozone CPI Y/Y Sep 2.60% 2.70% 2.70% 09:00 EUR Eurozone CPI - Core Y/Y Sep 1.50% 1.60% 1.50% 09:00 EUR German ZEW (Economic Sentiment) Oct -11.5 -15 -18.2 09:00 EUR German ZEW (Current Situation) Oct 10 12 12.6 09:00 EUR Eurozone ZEW (Economic Sentiment) Oct -1.4 -1.1 -3.8 09:00 EUR Eurozone Trade Balance (EUR) Aug 9.9B 8.2B 7.9B 7.2B 12:30 CAD International Securities Transactions (CAD) Aug 6.9B 8.50B 6.67B 12:30 CAD Manufacturing Shipments M/M Aug 1.50% 0.50% -1.50% 12:30 USD CPI M/M Sep 0.60% 0.50% 0.60% 12:30 USD CPI Y/Y Sep 2.00% 1.80% 1.70% 12:30 USD CPI Core M/M Sep 0.10% 0.20% 0.10% 12:30 USD CPI Core Y/Y Sep 2.00% 2.00% 1.90% 13:00 USD Net Long-term TIC Flows Aug 90B 45.3B 67.0B 13:15 USD Industrial Production Sep 0.20% -1.20% 13:15 USD Capacity Utilization Sep 78.30% 78.20% 14:00 USD NAHB Housing Market Index Oct 41 40
Forex Trade Ideas
Due to holidays, no update next week and next Candlestick and Ichimoku Trade Idea update will be made on Monday 22 Oct 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 EUR's Ongoing Slow Grind Markets Watching US Corp Earning Releases EUR/USD Ends Session Virtually Unchanged No Surprise In RBA Minutes Technical Highlights FX Thoughts for the Day EUR/GBP Breaks Congestion to Upside to Clear Falling Trendline EUR/USD Breaks Congestion and Above 1.30 EURUSD - Strengthening On A Double Bottom Pattern

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