Action Insight Mid-Day Report 6-3-10

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: ADP Showed 55k Expansion in May, Dollar Mildly Higher Dollar is mildly higher in early US session after ADP report showed 55k expansion in the private job market in May, basically inline with expectation. Prior month's figure was revised up from 32k to 65k. While the data was solid, it doesn't support the view of an exceptionally strong Non-farm payroll figure for tomorrow. Markets are expecting around 500k expansion to be shown by NFP, including around 400k workers hired temporarily to conduct the 2010 Census. Other data released from US saw initial jobless claim remains elevated at 453k. Non-farm productivity was revised lower to 2.8% in Q1 with unit labor cost dropped -1.3%. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 91.22; (P) 91.79; (R1) 92.68; More. USD/JPY's rise is still in progress and edges higher to 92.79 in early US session. Intraday bias remains on the upside and further rally might be seen. But after all, as price actions from 88.25 are viewed as consolidative in nature, we'd expect upside to be limited below 93.62 resistance and bring another fall. On the downside, below 92.03 minor support will turn intraday bias neutral first. Further break of 90.53 support will indicate that rebound from 88.97 is completed and will bring retest of 88.13/97 support zone. 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

Forex Brokers

Economic Indicators Update	Attend The Traders Expo in Los Angeles, June 9-12, at the Pasadena Convention Center; your best opportunity in 2010 to meet face to face with the experts, test the latest products and software, and network with other traders to find out what’s working for them…and what isn’t. Attend free, learn from trading experts, and become a more confident, profitable trader. Register FREE
GMT Ccy Events Actual Consensus Previous Revised 23:50 JPY Capital Spending Q1 -11.50% -9.60% -17.30% 01:30 AUD Trade Balance (AUD) Apr 134M -800M -2082M 06:00 GBP Nationwide House Prices s.a. M/M May 0.50% 0.30% 1.00% 1.10% 06:00 GBP Nationwide House Prices n.s.a. Y/Y May 9.80% 9.60% 10.50% 07:55 EUR German PMI Services May F 54.8 53.7 53.7 08:00 EUR Eurozone PMI Services May F 56.2 56 56 08:30 GBP PMI Services May 55.4 55.6 55.3 09:00 EUR Eurozone Retail Sales M/M Apr -1.20% 0.10% 0.00% 0.50% 09:00 EUR Eurozone Retail Sales Y/Y Apr -1.50% -0.10% -0.10% 1.30% 12:15 USD ADP Employment Change May 55K 55K 32K 12:30 USD Non-Farm Productivity Q1 F 2.80% 3.60% 3.60% 12:30 USD Unit Labor Costs Q1 F -1.30% -1.70% -1.60% 12:30 USD Initial Jobless Claims 453K 450K 460K 14:00 USD ISM Non-Manufacutring Composite May 55.8 55.4 14:00 USD Factory Orders Apr 1.50% 1.30% 15:00 USD Crude Oil Inventories -0.4M 2.4M 15:15 USD Fed Chairman Ben Bernanke Speaks in Detroit Michigan -- -- 16:15 USD Fed's Eric Rosengren Speaks in Springfield Massachusetts -- -- 17:15 USD Fed's Thomas Hoenig Speaks in Bartlesville Oklahoma -- --
Candlesticks and Ichimoku Intraday Trade Ideas
Trade Idea Update: EUR/USD – Buy at 1.2190 Euro's intra-day retreat from 1.2327 reinforces our view that further consolidation would be seen and the broke below the Kijun-Sen suggests weakness to 1.2190 is likely, however, support at 1.2175 (yesterday's low) should limit downside and bring another rebound later. Above resistance at 1.2327 would suggest the corrective rise from 1.2110 temporary low has resumed and then test of next resistance at 1.2355 would follow but break there is needed to confirm and extend to 1.2395/00, however, price should falter well below resistance at 1.2454. Full Report Here... Trade Idea Update: USD/JPY – Buy at 92.05 As dollar has continued to move higher, suggesting recent upmove from 88.95 is still in progress and further gain to indicated resistance at 92.97 would be seen, above would extend marginally to 93.20/25, however, loss of near term upward momentum would prevent sharp rise beyond chart resistance at 93.65 and risk from there has increased for a correction later. Full Report Here...
Elliott Wave Daily Trade Ideas
Trade Idea: EUR/JPY – Buy at 112.50 Current breach of indicated resistance at 113.67 reinforces our view that wave v has formed a low at 108.83 earlier and consolidation with upside bias remains for retracement to 114.40, above would extend to 115.00 but reckon 115.56 (50% Fibonacci retracement of 122.29 to 108.83) would hold from here. Full Report Here... Trade Idea: AUD/USD – Buy at 0.8350 As the Australian dollar finally rebounded after finding support at 0.8276 yesterday, adding credence to our view that temporary low has been formed at 0.8066 (wave v of a) and test of 0.8552 would be seen, however, break there is needed to bring stronger retracement in 2nd wave b for gain to 0.8600. Full Report Here...
Suggested Readings
Fundamental Highlights Euro Tries To Move Away From The Lows Japanese Yen Weakens On Hatoyama's Resignation! S&P 500 Prepares For Another Assault On The 200DMA Bargain Hunting, More Strong US Data Lift Wall St And Risk Appetite Equity Markets And US Fundamentals Bring Back Recovery May NFP Is Expected To Post A Sharp Rise Technical Highlights FX Technical Analysis Daily Technical Outlook Foreign Exchange Market Commentary The Daily Forecaster: GBPUSD

Forward this report to a friend! This email was sent to rsmithadverts.pewpew@blogger.com by contact@actionforex.com. Update Profile/Email Address | Instant removal with SafeUnsubscribe™ | Privacy Policy. Email Marketing by Action Forex Company Limited | Room 1707, 17/F | Treasure Center | 42 Hung To Road | Kwun Tong | Kowloon | 852 | Hong Kong