Thursday, November 12, 2015

Action Insight Mid-Day Report 11-12-15

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Action Insight Market Overview Markets Snapshot

Mid-Day Report: Dollar Stays in Consolidation after Jobless Claims

Dollar continues to consolidation after Euro and Yen in early US session after regular weekly release of unemployment claims data. Initial jobless claims was unchanged at 276k in the week ended November 7, slightly above expectation of 270k. Continuing claims rose 5k to 2.174m in the week ended October 31. The major focus today is the speeches by the number of Fed officials, including Fed chair Janet Yellen and other Fed policy makers Evans, Haldane, Dudley, Fischer. Released from Canada, new housing price index rose 0.1% mom in September.

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Featured Technical Report

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0706; (P) 1.0740 (R1) 1.0774; More.....

Intraday bias in EUR/USD is neutral for the moment for consolidation above 1.0673 temporary low. Stronger recovery could be seen but upside should be limited by 1.1071 resistance and bring another fall. Decline 1.0673 will extend the decline from 1.1713 for a test on 1.0461 low. Decisive break there would target 50% projection of 1.3993 to 1.0461 from 1.1713 at 0.9947 next.

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Economic Indicators Update

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MT Ccy Events Actual Consensus Previous Revised
21:30 NZD Business NZ Manufacturing Index Oct 53.3 55.4
23:50 JPY Domestic CGPI Y/Y Oct -3.80% -3.50% -3.90% -4.00%
23:50 JPY Machine Orders M/M Sep 7.50% 3.40% -5.70%
00:00 AUD Consumer Inflation Expectation Nov 3.50% 3.50%
00:01 GBP RICS House Price Balance Oct 49% 46% 44%
00:30 AUD Employment Change Oct 58.6K 15.2K -5.1k -0.8K
00:30 AUD Unemployment Rate Oct 5.90% 6.20% 6.20%
07:00 EUR German CPI M/M Oct F 0.00% 0.00% 0.00%
07:00 EUR German CPI Y/Y Oct F 0.30% 0.30% 0.30%
10:00 EUR Eurozone Industrial Production M/M Sep -0.30% -0.10% -0.50% -0.40%
13:30 USD Initial Jobless Claims (NOV 7) 276K 270K 276K
13:30 CAD New Housing Price Index M/M Sep 0.10% 0.20% 0.30%
16:00 USD Crude Oil Inventories 1.0M 2.8M
19:00 USD Monthly Budget Statement Oct -130.2B 91.1B
Orders and Options Watch

US Session: Orders and Options Watch

GBP: Cable's retreat from 1.5247 has kept sterling under pressure, however, buy orders are still noted at 1.5165-70, 1.5150 and 1.5125-30, buying interest is tipped at 1.5100, 1.5080-85 and 1.5060, fresh demand is located at 1.5045, 1.5025-30 and 1.5000. On the upside, offers are now seen at 1.5220-25, 1.5245-50 and 1.5265, sell orders are expected at 1.5280 and 1.5300, selling interest should emerge around 1.5325 and 1.5350.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Hold short entered at 1.5220

Although the British pound rose to 1.5247 earlier today, as price has retreated from there, suggesting consolidation with mild downside bias would be seen but below support at 1.5134 is needed to signal top is formed, bring weakness to 1.5090-00, break there would indicate the rebound from 1.5027 has ended, bring resumption of decline for weakness to 1.5055-60

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Trade Idea Update: EUR/USD - Buy at 1.0650 or sell at 1.0810

Euro's retreat after meeting resistance at 1.0780 suggests correction from 1.0674 has possibly ended there and retest of said support cannot be ruled out, break there would extend recent decline to 1.0650, however, loss of downward momentum should prevent sharp fall below there, risk from there is seen for a rebound to take place later. If said support continues to hold, then further consolidation would take place

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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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