Action Insight Daily Report 10-18-11

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Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
Calendar	Elliott Wave Trades	Markets Volatility	Pivot Points	Heat Map	Daily Fundamentals

Action Insight Market Overview	Markets Snapshot
Daily Report: Risk Aversion Continues as China GDP Disappointed, Dollar and Yen Firm Dollar and yen remain maintain yesterday's gain in Asia today as risk aversion persists. Sentiments turned after Germany tempered the optimism on this week's EU summit and risk selloff continues after disappointing data from China. Asian equities are broadly lower with Nikkei down -1.46%, Hong Kong HSI down over -3%, following -2.13% fall in DOW. Crude oil and gold are notably below yesterday's high of 88.18 and 1696.8 respectively. Dollar index is holding firm above 77 level so far notably above yesterday's low of 76.44. Main focus today will be on 77.43 in dollar index, 1.3685 in EUR/USD, 1.0272 in USD/CAD and 1.0101 in AUD/USD to see whether the greenback is regaining strength. Full Report Here...
Featured Technical Report
USD/CAD Daily Outlook Daily Pivots: (S1) 1.0106; (P) 1.0172; (R1) 1.0300; More. USD/CAD's strong rebound is consistent with our view that pull back from 1.0656 would be contained by 50% retracement of 0.9406 to 1.0656 at 1.0031 which is close to 1.0009 support, parity and 55 days EMA (now at 1.0046). Focus is back on 1.0272 and break will indicate that such pull back is finished at 1.0043 and will flip bias back to the upside for retesting 1.0656 first. Nevertheless, note that break of 1.0043 resume the fall from 1.0656 towards 0.9725 support and below. 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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GMT Ccy Events Actual Consensus Previous Revised 0:30 AUD RBA Minutes 2:00 CNY Real GDP Q/Y Q3 9.10% 9.20% 9.50% 8:30 GBP CPI M/M Sep 0.40% 0.60% 8:30 GBP CPI Y/Y Sep 4.90% 4.50% 8:30 GBP Core CPI Y/Y Sep 3.20% 3.10% 8:30 GBP RPI M/M Sep 0.50% 0.60% 8:30 GBP RPI Y/Y Sep 5.40% 5.20% 9:00 EUR German ZEW (Economic Sentiment) Oct -45 -43.3 9:00 EUR German ZEW (Current Situation) Oct 40 43.6 9:00 EUR Eurozone ZEW (Economic Sentiment) Oct -45.1 -44.6 12:30 USD PPI M/M Sep 0.30% 0.00% 12:30 USD PPI Y/Y Sep 6.40% 6.50% 12:30 USD PPI Core M/M Sep 0.10% 0.10% 12:30 USD PPI Core Y/Y Sep 2.30% 2.50% 13:00 USD Net Long-term TIC Flows Aug 27.8B 9.5B 14:00 USD NAHB Housing Market Index Oct 15 14
Forex Trade Ideas
Trade Idea: USD/CHF – Buy at 0.8950 Despite yesterday’s resumption of recent decline to as low as 0.8882, the subsequent rebound signals a temporary low has been formed there (with a small hammer candlestick bullish pattern on hourly chart) and consolidation with mild upside bias remains for retracement to 0.9007-10, however, break of 0.9038 (previous resistance and 38.2% Fibonacci retracement of 0.9290-0.8882) is needed to confirm and bring a stronger rebound towards 0.9075/80 later. Read more... Trade Idea: USD/JPY – Buy at 76.50 As the greenback has traded narrowly after yesterday’s selloff from 77.46 to 76.60, suggesting consolidation would take place but reckon the Ichimoku cloud top (now at 77.19) would limit upside and near term downside risk remains for the aforesaid retreat to extend marginal weakness, support at 76.31 (last week’s low) should hold and bring another rebound later. A breach of the upper Kumo would bring another test of resistance at 77.46-49 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 Euro Plummets As Hopes For A Rescue Plan Fades High Inflation Won't Support Sterling Asia Session: The Euro Sees A Bounce AUD Dips On Dovish RBA Minutes, Soft China GDP Data China's GDP Slows In 3Q, Asian Equities Stumble Following Europe, US The Buck Bounces Back, But Will It Last? Technical Highlights GBPUSD - Bullish While Above 1.5756 EUR/USD - Correcting Nicely EURUSD - Halts Corrective Recovery But Maintains Above Key Support The Daily Forecaster: USDCHF FX TECH LAB: Under Pressure

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