Tuesday, September 15, 2015

Action Insight Daily Report 9-15-15

ActionForex.com
Action Insight Market Overview Markets Snapshot

Mid-Day Report: Forex Market Steady Despite Busy Data Flow

The forex markets are generally steady today with mild strength in yen against European majors. A bunch of economic data are released in US session but reactions are muted. US headline retail sales rose 0.2% in August and missed expectation of 0.4%. Ex-auto sales rose 0.1% versus expectation of 0.3%. Empire state manufacturing index rose slightly to -14.7 but was much worse than consensus of 0.5. Industrial production dropped -0.4% in August versus expectation of -0.2%. Traders will likely continue to stay cautious ahead of FOMC rate decision later in the week.

Full Report Here...


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Featured Technical Report

USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 119.76; (P) 120.30; (R1) 120.75; More...

Intraday bias in USD/JPY remains neutral for the moment. On the upside, break of 121.62 will extend the rebound from 116.13 and target 125.27/85 resistance zone. We'd cautious on strong resistance from there to bring reversal. On the downside, break of 118.58 will turn focus back to 116.13 support instead.

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Economic Indicators Update

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GMT Ccy Events Actual Consensus Previous Revised
JPY BoJ Monetary Policy Statement
01:30 AUD RBA Minutes
08:30 GBP CPI M/M Aug 0.20% 0.20% -0.20%
08:30 GBP CPI Y/Y Aug 0.00% 0.00% 0.10%
08:30 GBP Core CPI Y/Y Aug 1.00% 1.00% 1.20%
08:30 GBP RPI M/M Aug 0.50% 0.30% -0.10%
08:30 GBP RPI Y/Y Aug 1.10% 0.90% 1.00%
08:30 GBP PPI Input M/M Aug -2.40% -2.20% -0.90% -1.20%
08:30 GBP PPI Input Y/Y Aug -13.80% -13.50% -12.40% -12.60%
08:30 GBP PPI Output M/M Aug -0.40% -0.20% -0.10%
08:30 GBP PPI Output Y/Y Aug -1.80% -1.60% -1.60%
08:30 GBP PPI Output Core M/M Aug 0.00% 0.00% 0.10%
08:30 GBP PPI Output Core Y/Y Aug 0.10% 0.20% 0.30% 0.20%
09:00 EUR Eurozone Trade Balance (EUR) Jul 22.4B 21.4B 21.9B
09:00 EUR Eurozone Employment Q/Q Q2 0.30% 0.10% 0.10%
09:00 EUR German ZEW (Economic Sentiment) Sep 12.1 20 25
09:00 EUR German ZEW (Current Situation) Sep 67.5 64 65.7
09:00 EUR Eurozone ZEW (Economic Sentiment) Sep 33.3 42.1 47.6
12:30 USD Advance Retail Sales Aug 0.20% 0.40% 0.60% 0.70%
12:30 USD Retail Sales Less Autos Aug 0.10% 0.30% 0.40% 0.60%
12:30 USD Empire State Manufacturing Sep -14.7 0.5 -14.92
13:15 USD Industrial Production Aug -0.40% -0.20% 0.60%
13:15 USD Capacity Utilization Aug 77.60% 77.70% 78.00%
Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to trade in familiar range, offers are still noted at 1.1330, 1.1355-60 and 1.1375, sell orders are expected at 1.1390-00 and 1.1420, mixture of offers and stops is located at 1.1450. On the downside, bids are seen at 1.1285 and 1.1265-70, buying interest is tipped at 1.1250, 1.1225 and 1.1200.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Buy at 1.5340

As cable has retreated after meeting resistance at 1.5458, retaining our view that further consolidation below indicated resistance at 1.5476 (last week's high) would take place and another corrective fall to 1.5373 support cannot be ruled out, break there would bring retracement to 1.5355-57 (38.2% Fibonacci retracement of 1.5164-1.5476) but downside would be limited to support at 1.5339 and 1.5320 (50% Fibonacci retracement) should hold, bring rebound later.

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Trade Idea Update: EUR/USD - Buy at 1.1255

The single currency met resistance at 1.1329 and has retreated again, retaining our view that further consolidation below yesterday's high of 1.1373 would be seen and near term downside risk remains for retracement to the lower Kumo (now at 1.1266), however, reckon 1.1250-53 (50% Fibonacci retracement of 1.1132-1.1373) would limit downside and bring another rise later, above 1.1329 would bring retest of said resistance at 1.1373

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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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