Sunday, November 29, 2015

Action Insight Daily Report 11-30-15

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Action Insight Market Overview Markets Snapshot

Daily Report: Markets Enter into a Volatile Week

Dollar is generally firm as the financial markets enter into a busy week that's full of market moving events. Those events include RBA, BoC and most importantly ECB meeting. Also, a number of importantly economic data will be released including the highly anticipated US non-farm payroll as well as ISM indices. PMIs from China and UK will also be closely watched. Technically, a major focus is on how dollar will respond to the economic data and ECB meeting. Dollar index is trading above 100 handle for the moment is heading to a key resistance at 100.39. Decisive break there could trigger upside acceleration as the larger up trend resumes.

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Featured Technical Report

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.7169; (P) 0.7204; (R1) 0.7223; More...

Intraday bias in AUD/USD remains neutral for the moment. Overall, price actions from 0.6905 are viewed as a consolidation pattern. Even in case of another rise, strong resistance should be seen at 38.2% retracement of 0.8161 to 0.6905 at 0.7385 to limit upside and bring down trend resumption. Below 0.7158 minor support will turn bias to the downside for 0.7015 support first. Break will target a test on 0.6905 low.

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Economic Indicators Update

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GMT Ccy Events Actual Consensus Previous Revised
21:45 NZD Building Permits M/M Oct 5.10% -5.70%
23:30 AUD TD Securities Inflation M/M Nov 0.10% 0.00%
23:50 JPY Industrial Production M/M Oct P 1.40% 1.90% 1.10%
23:50 JPY Retail Trade Y/Y Oct 1.80% 0.90% -0.20% -0.10%
00:00 NZD NBNZ Business Confidence Nov 14.6 10.5
05:00 JPY Housing Starts Y/Y Oct 2.50% 2.60%
08:00 CHF KOF Leading Indicator Nov 100.3 99.8
09:30 GBP Mortgage Approvals Oct 70K 68.9k
09:30 GBP M4 Money Supply M/M Oct -0.20% -1.00%
13:00 EUR German CPI M/M Nov P 0.10% 0.00%
13:00 EUR German CPI Y/Y Nov P 0.40% 0.30%
13:30 CAD Current Account (CAD) Q3 -15.2B -17.4B
14:45 USD Chicago PMI Nov 54 56.2
15:00 USD Pending Home Sales M/M Oct 1.30% -2.30%
Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency remained under pressure after dropping from 1.0638, bids at 1.0600 and 1.0580-85 were filled but buy orders are reported at 1.0550-60, 1.0525-30 and 1.0500 (stops below), buying interest is tipped at 1.0485, 1.0465, 1.0450 and 1.0425-30, mixture of bids and stops is located at 1.0400. On the upside, offers are seen at 1.0635-40, 1.0650 and 1.0665, sell orders are expected at 1.0685, 1.0700 and 1.0720-25, selling interest should emerge around 1.0745, 1.0760 and 1.0780-85, combination of offers and stops is placed at 1.0800.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Hold long entered at 0.7040

Euro's retreat from 0.7080 dampened our near term bullishness, however, as long as 0.7000 holds, further consolidation above last week's low of 0.6982 would be seen and mild upside bias remains for another rebound, above said resistance at 0.7080 would bring retracement of recent decline and gain to resistance at 0.7110 would follow. having said that, break there is needed to add credence to this view, bring a stronger rebound to 0.7130 and later 0.7150-55

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Trade Idea: USD/CAD - Stand aside

Although the greenback has rebounded after holding above support at 1.3280 and gain to 1.3400 cannot be ruled out, reckon upside would be limited to this week's high of 1.3436 and bring further consolidation, only break of recent high at 1.3457 would confirm early upmove has resumed and extend headway towards 1.3500-10 but overbought condition should limit upside to 1.3550.

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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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