Thursday, June 4, 2015

Action Insight Daily Report 6-4-15

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Action Insight Market Overview Markets Snapshot

Daily Report: Euro Stays Firm on Greece and ECB

Euro stays firm as the strongest major currency this week. Traders seemed to be optimistic that Greece will finally strike a deal with international creditors. Greek prime minister Alexis Tsipras met with Eurozone Commission president Jean-Claude Juncker and head of Eurogroup finance ministers Jeroen Dijsselbloem yesterday. After the meeting, Dijsselbloem said the meeting was "good" and intense work would continue. Tspiras also mentioned that there was progress on on sticking point regarding the primary surplus and "there was a constructive will from the European Commission to reach a common understanding". According to some reports, the involved parties now target to wrap up the agreement by June 14.

Full Report Here...


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Featured Technical Report

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4342; (P) 1.4413; (R1) 1.4550; More...

EUR/AUD's rally continues as expected and reaches as high as 1.4603 so far. The strong break of 1.4443 resistance confirmed that fall from 1.53331 has completed at 1.3671. Also, that's taken as a sign of medium term reversal. Intraday bias remains on the upside for 1.4893 resistance next. On the downside, below 1.4443 minor support will turn bias neutral and bring consolidations first before staging another rally.

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Economic Indicators Update

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GMT Ccy Events Actual Consensus Previous Revised
1:30 AUD Trade Balance (AUD) Apr -3.89B -2.11B -1.32B -1.23B
1:30 AUD Retail Sales M/M Apr 0.00% 0.30% 0.30% 0.20%
8:10 EUR Markit Eurozone Retail PMI May 49.5
11:00 GBP BoE Rate Decision 0.50% 0.50%
11:00 GBP BoE Asset Purchase Target 375B 375B
11:30 USD Challenger Job Cuts Y/Y May 52.80%
12:30 USD Non-Farm Productivity Q1 F -2.90% -1.90%
12:30 USD Unit Labor Costs Q1 F 6.00% 5.00%
12:30 USD Initial Jobless Claims (MAY 30) 277K 282K
14:00 CAD Ivey PMI May 58.2
14:30 USD Natural Gas Storage 112B
Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency has rallied after ECB press conference and in part due to higher German yield, barrier at 1.1200 and offers at 1.1220 as well as 1.1250 were tripped, though some sell orders are still noted at 1.1275 and 1.1300, selling interest is tipped at 1.1330 and 1.1350. On the downside, bids are now seen at 1.1190-00, 1.1160-70 and 1.1120-30, combination of bids and stops is located at 1.1080-90, fresh demand should emerge around 1.1050-60 and 1.1020-30.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Buy at 0.7300

Euro only eased to 0.7253 (we recommended to buy at 0.7230) before surging again, suggesting the rise from 0.7055 is still in progress and may extend gain to 0.7400, however, as broad outlook remains consolidative, reckon upside would be limited to 0.7445-50 and price should falter below previous resistance at 0.7483 (last month's high), bring further broad choppy trading.

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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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