Wednesday, December 28, 2011

Action Insight Mid-Day Report 12-28-11 (trusted: contact@actionforex.com)

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Mid-Day Report: EUR/USD Bounded in Tight Range After Successful Italian Bill Auction

Italian Treasury sold EUR 9b of six month T-bills today with yields sharply down to 3.251%, comparing to 6.504% at prior auction in late November. Demand was also solid with bid-to-cover ratio at 1.7, compared with 1.47 previously. At the 2-year bill auction, Italy raised EUR 1.732b, with yield dropped to 4.853%, comparing to 7.814% last month. The positive results send benchmark 10 year yield back to 6.7%. Earlier this week, 10 year Italian breached 7%, a level that eventually forced Greece, Ireland and Portugal to seek bailout. Also, risk appetite improved mildly after the auction even though EUR/USD remains in tight range.

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Featured Technical Report

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3047; (P) 1.3065 (R1) 1.3088; More.

EUR/USD continues to stay in tight range today as consolidation from 1.2946 continues and intraday bias remains neutral. Note again that near term outlook is still bearish with 1.3212 minor resistance intact and another fall is in favor. Break of 1.2946 will confirm decline resumption for 1.2873 support first. However, break of 1.3212 will indicate that a short term bottom is at least formed at 1.2946 and stronger rebound should then be seen to 1.3538 resistance and above.

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Economic Indicators Update

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GMT Ccy Events Actual Consensus Previous Revised
23:30 JPY Household Spending Y/Y Nov -3.20% -1.20% -0.40%
23:30 JPY Unemployment Rate Nov 4.50% 4.50% 4.50%
23:30 JPY Tokyo CPI Core Y/Y Dec -0.30% -0.40% -0.50%
23:30 JPY National CPI Core Y/Y Nov -0.20% -0.20% -0.10%
23:50 JPY Retail Trade Y/Y Nov -2.30% 0.00% 1.90%
23:50 JPY Industrial Production M/M Nov P -2.60% -0.80% 2.20%
10:30 CHF KOF Leading Indicator Dec 0.01 0.23 0.35
Forex Trade Ideas

Merry X'mas and a Happy New Year, no update next week, next Candlesticks and Ichimoku Trade Idea update will be made on 2 January 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

2012 Outlook

Fundamental Highlights

Technical Highlights


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