Action Insight Daily Report 8-10-11

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Daily Report: Greenback Drops across the Board on Disappointment of FOMC The greenback nose-dived against the invincible Swiss franc for over 500 points or 6% yesterday to a record low of 0.7068 and selling gathered momentum after disappointment on the Federal Reserve announcement. The Fed kept rates unchanged as expected and only pledged to keep interest rates near zero until 2013, although the committee indicated they are noted that economic growth has slowed considerably, no word was mentioned on the implementation of QE3. Some traders sold dollar immediately as they found the statements with no surprises, the greenback was down across the board with EUR/USD surged to 1.4398 and cable also rebounded from low of 1.6176 to 1.6336 overnight. Full Report Here...
Featured Technical Report
USD/CHF Daily Outlook Daily Pivots: (S1) 0.6983; (P) 0.7288; (R1) 0.7509; More... USD/CHF's decline extends to new record low of 0.7065 so far, meeting mentioned target of 261.8% projection of 0.8519 to 0.8081 from 0.8277 at 0.7130. Intraday bias remains on the downside with 0.7361 minor resistance intact and further fall should now be seen to medium term target of 138.2% projection of 1.1730 to 0.9462 from 1.0065 at 0.6931 which is close to 0.7 psychological level. Above 0.7361 minor resistance will turn bias neutral and bring consolidations first. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

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Special Reports

Fed Keeps Interest Rates Low Until 2013, Maintains Reinvestment Policy The Fed delivered a much more dovish policy statement in August as the path of recovery has been 'considerably slower than expected'. As a prelude to additional easing, the central bank pledged for the first time that interest rates will stay at exceptionally low levels at least until mid-2013 and reinvestment of maturing proceeds will be maintained. Wall Street rebounded after the report as investors looked forward for additional stimulus in coming meetings. Read more...

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GMT Ccy Events Actual Consensus Previous Revised 23:50 JPY BOJ Minutes 23:50 JPY Tertiary Industry Index M/M Jun 1.90% 1.10% 0.90% 0.80% 23:50 JPY Domestic CPI Y/Y Jul 2.90% 2.60% 2.50% 0:30 AUD Westpac Consumer Confidence M/M Aug -3.50% -8.30% 2:00 CNY Trade Balance (USD) Jul $31.50B $27.40B $22.27B 6:00 EUR German CPI M/M Jul F 0.40% 0.40% 0.40% 6:00 EUR German CPI Y/Y Jul F 2.40% 2.40% 2.40% 9:30 GBP BoE Inflation Report 14:00 USD Wholesale Inventories Jun 1.00% 1.80% 14:30 USD Crude Oil Inventories 1.7M 1.0M 18:00 USD Monthly Budget Statement Jul -140.3B -43.1B
Forex Trade Ideas
Trade Idea: USD/JPY – Buy at 76.55 As the greenback has remained under pressure, suggesting the fall from last week’s high of 80.25 is still in progress and weakness to 76.50/55 is likely, however, still record the record low at 76.25 would hold form here and bring rebound later. Above the Ichimoku cloud bottom (now at 77.54) would suggest low is possibly formed but break of indicated resistance at 77.86 is needed to confirm and bring a stronger rebound towards 78.24-30 (current level of the upper Kumo and previous support). Read more... 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 Fed Pledges Easy Money To Mid-2013, Is It Enough? King To Keep Bank Of England Pessimism In Check Asia Session: Finally Calm Prevails FOMC: Split Fed Takes New Measures FOMC Statement Recap Fed Pre-Commits on Low Rates Through Mid-2013, No Other Moves Taken Dissent at the Fed, but QE3 on the Way? Federal Reserve to Keep the Fed Funds Rate at 0-0.25% Until Mid-2013 U.S. Fed Says Downside Risks to Economic Outlook Have Increased Technical Highlights Euro Touches 1.4400 In NY Easing To 1.4310 In Early Europe The Daily Forecaster: USDCAD Daily Technical Analysis Daily Forex Update: USD/JPY A Gartley Spotted In The AUD/USD During The Asian Session EUR/USD's Inverted Head And Shoulders Scenario Materializing

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