Forex Analysis Daily || Action Insight Mid-Day Report 8-7-09

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Action Insight Mid-Day Report Dollar Strengthens after Knee Jerk Reactions to NFP Upside Surprise Some initially knee jerk reactions are seen in dollar when it weakens right after Non-Farm Payroll report from US surprised markets strongly on the upside. Nevertheless, traders hesitate to sell the dollar further after second thoughts and instead turned focus to the Japanese yen. Indeed, strong buying emerges in the greenback supported by sharp rally in USD/JPY which breaks 96 level. USD/JPY will likely be the main focus for the rest of the session as yen continues to be pressured by improvement investors sentiments while markets readjust their expectation on when Fed will start to remove the current ultra loose monetary policies. Full Report Here... Elliott Wave Analysis EUR/JPY Elliott Wave Analysis We are retaining our bullish count that the wave 2 from 139.26 has ended at 127.00 and wave i of 3 is likely to extend marginally towards 136.90, however, upside is likely to be limited to 137.36 (50% projection of 127.00-136.11 measuring from 132.80), however, this wave i of 3 is likely to be limited to 138.43 (61.8% projection) and bring wave ii correction later. Full Report Here... USD/CHF Elliott Wave Analysis The greenback finally broke below the support at 1.0592, suggesting the (b) leg decline from 1.1967 is still in progress and whilst weakness to 1.0500 and even 1.0451 (50% projection of 1.1742 to 1.0592 measuring from 1.1026), as long as 1.0370 support holds, we are still holding our view of a triangle wave b count. Full Report Here... Candlesticks & Ichimioku Analysis NZDUSD Candlesticks and Ichimoku Analysis The New Zealand dollar finally rose above the Ichimoku cloud top, reinforcing our bullish view and confirming a reversal of recent major decline from 2008 high of 0.8214 and further gain to 0.6946/53 (61.8% Fibonacci retracement of 0.8214 to 0.4895 and previous resistance) is under way, however, the currency pair is likely to falter below 0.7244 (1.618 times projection of 0.4895-0.5981 measuring from 0.5487) and risk from there has increased for a retreat later. Full Report Here... EURJPY Candlesticks and Ichimoku Analysis The single currency finally broke above indicated resistance at 136.90, confirming our view that the correction from 139.26 has ended at 127.00 and the rise from this year's low of 112.08 should resume for retest of said resistance, above there would extend to 141.03 (50% Fibonacci retracement of 169.97-112.08 and current level of the Ichimoku cloud top) and later towards 143.80 (61.8% projection of 112.08 to 139.26 measuring from 127.00), however, as this move is still viewed as correction of the entire decline from 169.97 top, reckon 145.00 would hold from here. Full Report Here... Featured Technical Report Market Highlights USD/JPY Mid-Day Outlook Daily Pivots: (S1) 94.88; (P) 95.34; (R1) 95.91; More. USD/JPY rises sharply to as high as 96.82 in early US session, taking out the falling channel resistance at 96.27. Such development argues that USD/JPY has bottomed out at 91.73 already. Further rally should now be seen to 98.87 resistance next. While some retreat might be seen, short term outlook will now remain bullish as long as 95.05 support holds. Read more... All Technical Outlook Reports 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 Daily Top Movers Top 5 Current Last Change (Pips) Change (%) NZDJPY 65.20 63.97 +123 +1.89% USDJPY 96.64 95.45 +119 +1.23% AUDJPY 80.96 80.11 +85 +1.05% EURJPY 138.30 136.93 +137 +0.99% GBPJPY 161.72 160.18 +154 +0.95% Last Updated: Aug 07, 12:55 GMT Currency Heat Map Daily View USD EUR JPY GBP CHF CAD AUD USD EUR JPY GBP Last Updated: Aug 07, 12:55 GMT Economic Indicators Update GMT Ccy Events Actual Consensus Previous Revised 01:30 AUD RBA Monetary Policy Statement -- -- 05:45 CHF Unemployment Rate Jul 3.90% 3.90% 3.80% 08:30 GBP PPI Input M/M Jul -1.40% -0.80% 1.50% 08:30 GBP PPI Input Y/Y Jul -12.20% -10.90% -11.00% -11.80% 08:30 GBP PPI Output M/M Jul 0.30% 0.00% -0.20% 0.00% 08:30 GBP PPI Output Y/Y Jul -1.30% -1.70% -1.20% -1.00% 08:30 GBP PPI Output Core Y/Y Jul 0.20% -0.50% 0.10% 0.30% 10:00 EUR German Industrial Production M/M Jun -0.10% 0.60% 3.70% 11:00 CAD Net Change in Employment Jul -44.5K -19.0K -7.4K 11:00 CAD Unemployment Rate Jul 8.60% 8.80% 8.60% 12:30 USD Change in Non-Farm Payrolls Jul -247K -345K -467K -443K 12:30 USD Unemployment Rate Jul 9.40% 9.60% 9.50% 14:00 CAD Ivey PMI Jul 55 58.2 Suggested Readings Fundamental Highlights Overblown Jobs Report Tells Us Nothing Majors Stall Ahead Of NFP Dollar and Markets in Anticipation of NFP Main Focus On US NFP Watch Out For US Nonfarm Payrolls And US Unemployment Today Bank Of England Was The Major Surprise Overnight Technical Highlights EURUSD: Price Hesitation Triggers Correction GBPUSD: Challenges The 1.6742 Level Forex Technical Analytics

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