Tuesday, October 13, 2015

Action Insight Daily Report 10-14-15

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Action Insight Market Overview Markets Snapshot

Daily Report: Asian Markets Lower as Stock Rebound Faces Resistance

Asian equities open lower as the rebound in US stocks lost momentum. DJIA closed slightly lower by -49.97 pts, or -0.29%, at 17081.89. S&P 500 closed down -13.77 pts, or -0.68%, at 2003.69. Nikkei is is trading down -363 pts, or -2% at the time of writing. Slowdown in China remains a concern in investors' mind. China CPI slowed more than expected to 1.6% yoy in September, versus expectation of 1.8% yoy and down from August's 2.00%. PPI was unchanged at -5.9% yoy, inline with expectation. Also released in Asian session, JPY domestic CGPI dropped -3.9% yoy in September. M2+CD rose 3.8% yoy in September. Australia Westpac consumer confidence rose 4.2% in October.

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Featured Technical Report

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.7405; (P) 0.7448; (R1) 0.7505; More...

EUR/GBP's rebound from 0.6935 resumed and extends to as high as 0.7492 so far, breaching 0.7482 resistance. Further rise is still expected and the cross would target next medium term retracement level at 0.7650. In any case, near term outlook will stay bullish as long as 0.7391 support holds.

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Economic Indicators Update

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GMT Ccy Events Actual Consensus Previous Revised
23:30 AUD Westpac Consumer Confidence Oct 4.20% -5.60%
23:50 JPY Domestic CGPI Y/Y Sep -3.90% -3.90% -3.60%
23:50 JPY Japan Money Stock M2+CD Y/Y Sep 3.80% 4.30% 4.20%
1:30 CNY CPI Y/Y Sep 1.60% 1.80% 2.00%
1:30 CNY PPI Y/Y Sep -5.90% -5.90% -5.90%
8:30 GBP Jobless Claims Change Sep 1.0k 1.2k
8:30 GBP Claimant Count Rate Sep 2.30% 2.30%
8:30 GBP Average Weekly Earnings 3M/Y Aug 3.10% 2.90%
8:30 GBP ILO Unemployment Rate 3M Aug 5.50% 5.50%
9:00 EUR Eurozone Industrial Production M/M Aug -0.50% 0.60%
9:00 CHF ZEW (Expectations) Oct 9.7
12:30 USD Advance Retail Sales Sep 0.20% 0.20%
12:30 USD Retail Sales Less Autos Sep -0.10% 0.10%
12:30 USD PPI M/M Sep -0.30% 0.00%
12:30 USD PPI Y/Y Sep -0.90% -0.80%
12:30 USD PPI Core M/M Sep 0.10% 0.30%
12:30 USD PPI Core Y/Y Sep 1.20% 0.90%
14:00 USD Business Inventories Aug 0.10% 0.10%
18:00 USD Fed Beige Book
Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency met indicated offers at 1.1400 and slipped again, sell orders are still noted at 1.1400, 1.1425-30 and 1.1450, selling interest is tipped at 1.1475, 1.1500 and 1.1520-30, mixture of offers and stops is located at 1.1550. On the downside, bids are seen at 1.1350-55, 1.1330 and 1.1300, buy orders are expected at 1.1285, 1.1270 and 1.1250, buying interest should emerge around 1.1230 and 1.1200.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Stand aside

The single currency rallied on broad-based weakness in sterling, dampening our near term bearishness and signaling the erratic rise from 0.6936 low (wave v trough) is still in progress, hence upside risk remains for this move to bring a stronger retracement of early decline to 0.7500, however, near term overbought condition should limit upside to 0.7550-55

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Trade Idea: USD/CAD - Stand aside

Although the greenback has retreated after meeting resistance at 1.3081, early rebound from 1.2901 suggests further consolidation above this level would be seen, hence downside should be limited to 1.2950-60 and said support at 1.2901 should continue to hold, bring another rebound later. Above said resistance at 1.3081 would add credence to this view, bring retracement of recent reversal from 1.3457 top to 1.3100

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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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