Action Insight Mid-Day Report 11-18-11

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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Risk Recover on ECB/IMF Talk Risk sentiments recovered today on talk that ECB and IMF officials are discussing the idea of ECB going through IMF to bailout Eurozone countries. In the case, IMF would have enough firepower to bailout even the biggest Eurozone country. Also, ECB should have stepped in to buy Spanish and Italian bonds, a fifth consecutive day of bone purses, and drove yield mildly lower. Major European indices pared earlier losses and is nearly flat at the time of writing. US futures also point to slightly higher opening. Dollar is seen broadly lower against other major currencies. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.5693; (P) 1.5752; (R1) 1.5815; More. GBP/USD's strong recovery and break of 1.5876 minor resistance suggests that choppy correction from 1.6165 might be finished at 1.5690 already. Intraday bias is mildly on the upside for a test on 1.6165 resistance in near term. Below 1.5690 will delay the bullish case. But after all, we'd still expect strong support from 1.5631/5851 support zone to conclude such correction. However, break of 1.5831 support will dampen this view and turn focus back to 1.5271 low instead. 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 07:00 EUR German PPI M/M Oct 0.20% 0.10% 0.30% 07:00 EUR German PPI Y/Y Oct 5.30% 5.30% 5.50% 12:00 CAD CPI M/M Oct 0.20% 0.10% 0.20% 12:00 CAD CPI Y/Y Oct 2.90% 2.70% 3.20% 12:00 CAD BoC CPI Core M/M Oct 0.30% 0.10% 0.50% 12:00 CAD BoC CPI Core Y/Y Oct 2.10% 1.90% 2.20% 13:30 CAD Leading Indicators M/M Oct 0.20% 0.10% -0.10% 15:00 USD Leading Indicators M/M Oct 0.60% 0.20%
Orders and Options Watch
US Session: Orders and Options Watch EUR: The single currency surged throughout the day on active buying by Middle East names and once stops above 1.3560 were triggered, euro’s intra-day rise accelerated and jumped to a high of 1.3615 (stops at 1.3600-10 were also tripped) before running into offers from Eastern European names. At the moment, bids from Middle East names remain at 1.3540-50 and also 1.3500-10 with stops building up below 1.3480 and 1.3440. On the upside, indicated offers are still noted at 1.3610-20 and further out at 1.3650-60. Option expires include 1.3500 (200 mln), 1.3570 (200 mln) and 1.3600 (300 mln). Read more...
Forex Trade Ideas
Trade Idea Update: GBP/USD – Sell at 1.5930 Cable’s rally after breaking indicated resistance at 1.5813-15 confirms a temporary low has been formed at 1.5692 and near term mild upside bias remains for retracement of recent decline to 1.5890-95 (50% Fibonacci retracement of 1.6095-1.5692), however, upside should be limited to previous resistance at 1.5931 and bring another decline later. A break of the Kijun-Sen (now at 1.5803) would suggest an intra-day top is possibly formed Read more... Trade Idea: USD/CAD – Buy at 1.0110 As the greenback finally retreated after intra-day marginal rise to 1.0302, suggesting consolidation below this level would take place and below 1.0200 would bring retracement to 1.0150, however, reckon 1.0100 would limit downside and bring another rise later. A break of said resistance at 1.0302 would signal the rebound from 0.9892 is still in progress and bullishness remains for this move to bring a stronger retracement of the decline from 1.0658 to resistance area at 1.0329-38 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 Is Europe Set to Declare a Chapter 11 in Early 2012? Germany Reinforces its Stance that the ECB is Not the Silver Bullet to End the Debt Crisis Canada's Annual Headline and Core Inflation Rates Eased in October Draghi Talks Tough, But ECB in the Market Again, Helping EUR Sovereign Bond Markets Continue To Attract Attention Technical Highlights USD/CHF Tops; Cracking Trendline for Further Correction EUR/GBP Breaks Above Declining Trendline; Opens 0.86 and 0.8640 GBP/AUD Maintains Bullish Momentum; A Break Above 1.58 Targets 1.5950 FX Thoughts for the Day EURJPY - Susceptible, Outlook Lower With Eyes On The 102.72 Level

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