Action Insight Mid-Day Report 8-16-11

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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
Mid-Day Report: Fitch Affirmed US AAA Rating, Franco-German Summit Awaited after Poor Eurozone Data The single currency slipped in most part of European session as the eurozone GDP data all came in weaker than expected, it started with German Q2 GDP which showed the nation's growth at a much slower than expected pace of 0.1% whilst economists were anticipating a 0.5%, previous quarter's number also revised down from 1.5% to 1.3%. Later on, the eurozone Q2 GDP data also showed the economy grew by a lower-than-expected rate of 0.2%, slightly below market consensus of 0.3% and well below the prior figure of 0.8% Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 76.58; (P) 76.84; (R1) 77.08; More. USD/JPY is staying in sideway consolidation in tight range. Further fall is still expected with 77.32 minor resistance intact. Break of 76.28 will confirm resumption of the whole decline from 85.51 and should target 100% projection of 81.46 to 76.28 from 80.23 at 75.05 next. On the upside, above 77.32 minor resistance will bring recovery. But we'll stay cautiously bearish as long as 80.23 resistance holds. 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 01:30 AUD RBA Minutes 06:00 EUR German GDP Q/Q Q2 P 0.10% 0.50% 1.50% 1.30% 08:30 GBP DCLG UK House Prices Y/Y Jul -2.00% 0.90% -1.60% 08:30 GBP CPI M/M Jul 0.00% -0.10% -0.10% 08:30 GBP CPI Y/Y Jul 4.40% 4.30% 4.20% 08:30 GBP Core CPI Y/Y Jul 3.10% 3.00% 2.80% 08:30 GBP RPI M/M Jul -0.20% -0.20% 0.00% 08:30 GBP RPI Y/Y Jul 5.00% 5.00% 5.00% 09:00 EUR Eurozone GDP Q/Q Q2 P 0.20% 0.30% 0.80% 09:00 EUR Eurozone Trade Balance (EUR) Jul -1.6B 0.0B -0.6B -0.8B 12:30 CAD Manufacturing Shipments M/M Jun -1.50% -0.50% -0.80% 12:30 USD Import Price Index M/M Jul 0.30% -0.10% -0.50% 12:30 USD Housing Starts Jul 604K 600K 629K 613K 12:30 USD Building Permits Jul 597K 605K 617K 617K 13:15 USD Industrial Production Jul 0.90% 0.50% 0.20% 13:15 USD Capacity Utilization Jul 77.50% 76.90% 76.70%
Forex Trade Ideas
Trade Idea Update: GBP/USD – Hold long entered at 1.6350 Despite intra-day brief retreat to 1.6345, as cable has rebounded again after finding renewed buying interest there, suggesting a retest of 1.6410/11 resistance would be seen, however, break there is needed to retain bullishness and extend the rise from 1.6111 to 1.6450 and possibly towards next resistance at 1.6478 which is likely to hold from here. Read more... Trade Idea: EUR/JPY – Hold short entered at 110.50 Although the single currency rose marginally to 111.05 (yesterday’s high was 111.01), lack of follow through buying and the subsequent retreat suggest consolidation below said resistance would take place but break of 109.50/55 is needed to signal top is formed at 111.05, bring further fall to 108.80 and later towards previous support at 108.30, however, recent low at 108.01 would remain intact. 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 Sliding Output Concerns Central Bankers Housing Starts Decline in July U.S. Industrial Production Jumps in July as Auto Production Bounces Back U.S. Housing Starts Declined in July Euro Slides on Weak GDP, UK Inflation and GBP Rises, but King Warns How Bad Was Last Week's Sell-off? France and Germany to the Rescue Technical Highlights USD/CHF Maintains Bullish Recovery EUR/USD Maintaining Bullish Momentum After US Industrial Production Data Release FX Thoughts for the Day Ones to Watch: GBPUSD USDCAD - Corrective Recovery Still Intact

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