Action Insight Mid-Day 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
Mid-Day Report: Risk Aversion Continues after Economic EU, UK, US Economic Data Release Risk aversion continues to dominate markets today on worry that this week's EU summit won't yield concrete result. Also, French 10 yield and German bund spread hit 16 year high after Moody's warned on France's triple-A rating outlook. Data were also discouraging including the poor German ZEW. Strong inflation data from UK and US also complicates the picture for respective central banks to expand stimulus to boost growth. GDP data from China was tricky as it disappointed markets but wasn't bad enough to trigger easing from the country. Dollar index's break of 77.43 minor resistance is taken as a sign of near term strength and will turn focus to 78 to confirm. Gold's sharp fall today is also taken as a sign of renewed weakness and might help boost the greenback ahead. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3670; (P) 1.3792 (R1) 1.3859; More. EUR/USD's break of 1.3685 minor support suggests that rebound from 1.3145 is finished at 1.3914 already. Intraday bias is flipped back to the downside and deeper fall should be seen to retest 1.3145 next. On the upside, though, above 1.3914 will invalidate this view and should flip bias to the upside for 61.8% retracement of 1.4548 to 1.3145 at 1.4012, which is close to 1.4 psychological level. 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 00:30 AUD RBA Minutes 02:00 CNY Real GDP Q/Y Q3 9.10% 9.20% 9.50% 08:30 GBP CPI M/M Sep 0.60% 0.40% 0.60% 08:30 GBP CPI Y/Y Sep 5.20% 4.90% 4.50% 08:30 GBP Core CPI Y/Y Sep 3.30% 3.20% 3.10% 08:30 GBP RPI M/M Sep 0.80% 0.50% 0.60% 08:30 GBP RPI Y/Y Sep 5.60% 5.40% 5.20% 09:00 EUR German ZEW (Economic Sentiment) Oct -48.3 -45 -43.3 09:00 EUR German ZEW (Current Situation) Oct -38.4 40 43.6 09:00 EUR Eurozone ZEW (Economic Sentiment) Oct -51.2 -45.1 -44.6 12:30 USD PPI M/M Sep 0.80% 0.30% 0.00% 12:30 USD PPI Y/Y Sep 6.90% 6.40% 6.50% 12:30 USD PPI Core M/M Sep 0.20% 0.10% 0.10% 12:30 USD PPI Core Y/Y Sep 2.50% 2.30% 2.50% 13:00 USD Net Long-term TIC Flows Aug 57.9B 27.8B 9.5B 14:00 USD NAHB Housing Market Index Oct 15 14
Forex Trade Ideas
Trade Idea Update: USD/CHF – Buy at 0.8950 Dollar’s intra-day rise from 0.8947 to 0.9032 adds credence to our view that a temporary low has been formed at 0.8882 yesterday (with a small hammer candlestick bullish pattern on hourly chart) and consolidation with mild upside bias remains for test of previous resistance at 0.9038 (also 38.2% Fibonacci retracement of 0.9290-0.8882), above there would bring a stronger correction of recent decline from 0.9319 to 0.9050 and possibly towards 0.9075/80 Read more... Trade Idea Update: GBP/USD – Stand aside Although the British pound has recovered after intra-day fall to 1.5695 and test of 1.5759 (convergence of Tenkan-Sen, Kijun-Sen and Ichimoku cloud bottom) cannot be ruled out, however, upside should be limited to the Ichimoku cloud top (now at 1.5797) and only break of resistance at 1.5822 would signal the correction from 1.5853 (last Friday’s high) has ended and bring resumption of upmove for retest of this level 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 U.S. Producer Prices Rose More than Expected in September French Yields Blow Out as Moody Warns on Rating Outlook USD Bid as Risk-off Continues EU Summit/G20 to Kick off the Final Phase of Maximum Intervention London Session: UK Prices Add Insult To Injury For Households UK CPI At A 10-Year High, Brings Wed's BoE Minutes To Forefront Markets Lower Expectations For EU Summit Technical Highlights NZD/USD Forecast: Bearish Below the 0.7850 Support Cluster FX Thoughts for the Day EUR/GBP Cracks 0.87 And 38.2% Retracement EUR/JPY At Critical Support Cluster In The 104.90-105 Area EUR/USD Breaks Below Consolidation Support With Heavy Price Action

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