Wednesday, June 24, 2015

Action Insight Mid-Day Report 6-24-15

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Action Insight Market Overview Markets Snapshot

Mid-Day Report: Euro Recovers Mildly as Focus Stays on Greece

Euro recovers mildly against dollar today despite some negative news from Greece. Prime minister Alexis Tsipras said that the new proposals were rejected by the creditors again. And he complained that "certain institutions insist in not accepting equivalent measures suggested by the Greek government," and, "the non acceptance of equivalent measures has never happened before. Neither in Ireland nor in Portugal. Nowhere!" Nonetheless, Eurozone finance ministers are still due to meet later today to discuss the proposals. And it's speculated that the discussions would involve some concessions from the Greek government on issues like surplus targets, pensions and privatization. And it's reported that some EU leaders are still targeting to conclude the negotiation before tomorrow's summit in Brussels. The development will remain a major focus.

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Featured Technical Report

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9236; (P) 0.9311; (R1) 0.9414; More....

Intraday bias in USD/CHF remains neutral for the moment with focus on 0.9407 minor resistance. Break will suggests that rise from 0.9072 is resuming. More importantly, this will revive the case that down trend from 1.0127 has completed at 0.9072 already. In such case, further rally should be seen to 0.9542 resistance first.

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Economic Indicators Update

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GMT Ccy Events Actual Consensus Previous Revised
23:50 JPY BoJ May 21-22 Minutes
23:50 JPY Corporate Service Price Y/Y May 0.60% 0.40% 0.70%
02:00 CNY Conference Board Leading Index May 1.10% 1.10% 1.40%
06:00 CHF UBS Consumption Indicator May 1.73 1.25 1.67
08:00 EUR German IFO - Business Climate Jun 107.4 108.2 108.5
08:00 EUR German IFO - Current Assessment Jun 113.1 114.3 114.3
08:00 EUR German IFO - Expectations Jun 102 102.5 103
08:30 GBP BBA Mortgage Approvals May 42.5K 43.1K 42.1K 42.0K
12:30 USD GDP (Annualized) Q1 T -0.20% -0.30% -0.70%
12:30 USD GDP Price Index Q1 T 0.00% -0.10% -0.10%
14:30 USD Crude Oil Inventories -1.8M -2.7M
Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency met resistance at 1.1235 and has retreated but bids are still seen at 1.1170, 1.1150 and 1.1130, buy orders are expected at 1.1100, 1.1080 and 1.1050, buying interest should emerge around 1.1030 and 1.1000. On the upside, offers are noted at 1.1235-45, 1.1280 and 1.1300, more sell orders are reported at 1.1330, 1.1350 and 1.1365, selling interest is tipped at 1.1380 and 1.1400-10.

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Forex Trade Ideas

Trade Idea Update: EUR/USD - Sell at 1.1265

As euro has recovered after falling to 1.1135 yesterday and consolidation with initial upside bias is seen for corrective bounce to 1.1250, however, reckon 1.1280-85 would limit upside and bring another decline, below 1.1150 would bring weakness to 1.1125-30 (50% Fibonacci retracement of 1.0819-1.1436) and 1.1100 but downside should be limited and 1.1050-55 (previous support and 61.8% Fibonacci retracement) would hold

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Trade Idea Update: GBP/USD - Sell at 1.5835

Although the British pound has rebounded after finding support at 1.5709 (just held above 50% Fibonacci retracement of 1.5487-1.5930 at 1.5708) and consolidation with initial upside bias is seen for test of the lower Kumo (now at 1.5807), reckon 1.5835 (previous support) would hold, bring another decline later. Below 1.5730-35 would bring another test of 1.5708-09, break there would bring a stronger retracement of recent rise to support at 1.5681

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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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