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Tuesday, August 16, 2011

Action Insight Daily Report 8-16-11

ActionForex.com
Action Insight Market Overview Markets Snapshot

Daily Report: Euro Retreats from 3-week High ahead of Eurozone GDP

The single currency retreated from 3-week high against the greenback as some traders booked profit on their long euro position ahead of the meeting between French President Sarkozy and German Chancellor Merkel. The meeting will be held in Paris and is scheduled to start at 1400 GMT, followed by a joint news conference at 1600 GMT. As indicated in our previous update that Eurobonds will not be discussed in the summit, investors bet the meeting will be very much non-event and only the two leaders may only talk about improving economic governance, so no specific measures will be announced to deal with the regional debt crisis contagion.

Full Report Here...


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Featured Technical Report

EUR/JPY Daily Outlook

Daily Pivots: (S1) 109.94; (P) 110.49; (R1) 111.49; More

Intraday bias in EUR/JPY remains neutral for the moment. While recovery from 108.01 might extend further, we'd continue to expect upside to be limited by 111.23 minor resistance and bring fall resumption. Below 109.62 minor support will flip bias back to the downside. Further break of 108.01 will extend the whole decline from 123.31 towards 105.42/106.28 support zone. On the upside, above 111.23 will bring stronger rebound. But after all, we'd stay cautiously bearish as long as 114.17 resistance holds and expect more downside ahead.

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GMT Ccy Events Actual Consensus Previous Revised
1:30 AUD RBA Minutes
6:00 EUR German GDP Q/Q Q2 P 0.10% 0.50% 1.50% 1.30%
8:30 GBP DCLG UK House Prices Y/Y Jul -1.60%
8:30 GBP CPI M/M Jul -0.10% -0.10%
8:30 GBP CPI Y/Y Jul 4.30% 4.20%
8:30 GBP Core CPI Y/Y Jul 3.00% 2.80%
8:30 GBP RPI M/M Jul -0.20% 0.00%
8:30 GBP RPI Y/Y Jul 5.00% 5.00%
9:00 EUR Eurozone GDP Q/Q Q2 P 0.30% 0.80%
9:00 EUR Eurozone Trade Balance (EUR) Jul 0.0B -0.6B
12:30 CAD Manufacturing Shipments M/M Jun -0.50% -0.80%
12:30 USD Import Price Index M/M Jul -0.10% -0.50%
12:30 USD Housing Starts Jul 600K 629K
12:30 USD Building Permits Jul 605K 617K
13:15 USD Industrial Production Jul 0.50% 0.20%
13:15 USD Capacity Utilization Jul 76.90% 76.70%
Forex Trade Ideas

Trade Idea: EUR/USD – Hold long entered at 1.4375

Although the single currency retreated in part due to the release of lower-than-expected German GDP data, as long as the Kijun-Sen (now at 1.4370) holds, consolidation with upside bias remains for a test of the Tenkan-Sen (now at 1.4411), break there would suggest the pullback from yesterday’s high of 1.4477 has possibly ended and bring a subsequent retest of this level.

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Trade Idea: USD/JPY – Hold long entered at 76.55

Despite yesterday’s retreat from 77.10 to 76.59, as the greenback has rebounded, retaining our view that further consolidation would take place but a break of said resistance at 77.10 is needed to suggest low is possibly formed at 76.30, then test of previous resistance at 77.23 would follow. Once this resistance is cleared, this would add credence to this view, bring retracement of recent decline towards resistance at 77.86 later.

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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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