Action Insight Weekly Report 7-31-10

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 Weekly Report	Markets Snapshot
USD/JPY Weakened on Dimmer Recovery Outlook and Falling Treasury Yield, Euro Losing Momentum Dollar was broadly lower last week on deteriorating recovery outlook in US as well as falling treasury yield. USD/JPY made new 2010 low below 86 level while EUR/USD also closed above 1.3 psychological level. However, there were a few developments to note. Firstly, EUR/USD lost much momentum after hitting 1.31 cluster level. Indeed, Euro was seen weakened much against Swissy and Sterling towards the end of the week even though economic data out of Eurozone were not bad. Secondly, commodity currencies hadn't had much progress neither. Indeed, Kiwi was even weaker than dollar after a dovish RBNZ rate hike. Aussie lost must momentum after taming than expected inflation readings. Thirdly, the only persistently strong currency is sterling which was supported by optimism on H2 outlook but the pound will face some more tests from economic data scheduled this week. Full Report Here...
Featured Technical Report
USD/JPY Weekly Outlook USD/JPY dropped to as low as 85.98 last week and the break of 86.26 confirms that whole decline from 94.97 has resumed. Short term outlook will remain bearish as long as 88.11 resistance holds and current fall should target 84.81 key support level next. Nevertheless, break of 88.11 will indicate that a short term bottom is formed and bring strong rebound. 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

Suggested Readings

The Week in Review and Preview The Dollar is on the Ropes, Again The Weekly Bottom Line Weekly Economic and Financial Commentary FX Strategy Weekly The Week in Review Emerging Markets: Central Banks are Becoming More Cautious

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Action Insight Mid-Day Report 7-30-10

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: Dollar Back Under Pressure after GDP Disappointment Dollar is back under pressures in early US session after Q2 GDP report showed slightly worse than expected growth of 2.4% annualized. The data reflected slowing consumer spending, which dropped from 1.9% to 1.6% in Q2, as well as widened trade deficit from $338b to $426b. Earlier, IMF said note in US "private demand has been sluggish, while the unemployment rate has receded only modestly from near post-Depression highs". IMF warned that "risks are elevated and tilted to the downside, with particular risks from a double dip in the housing market and spillovers if external financial conditions worsen". Also, IMF said that US financial system remains fragile and as much as $76b in capital is needed to ease the stress in the system. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 86.40; (P) 86.95; (R1) 87.34; More. USD/JPY's fall extends further to as low as 85.98 in early US session. Intraday bias remains on the downside and current decline from 94.97 is expected to continue to retest 84.81 low next. On the upside, above 86.56 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited below 88.11 resistance and bring fall resumption. 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 Futures & Forex Expo Las Vegas, September 23-25, at Caesars Palace, where industry experts will help Forex & Futures traders make profitable trading decisions. Register FREE
GMT Ccy Events Actual Consensus Previous Revised 23:01 GBP GfK Consumer Confidence Survey Jul -22 -21 -19 23:15 JPY Nomura/JMMA Manufacturing PMI Jul 52.8 -- 53.9 23:30 JPY Unemployment Rate Jun 5.30% 5.20% 5.20% 23:30 JPY Household Spending Y/Y Jun 0.50% -0.80% -0.70% 23:30 JPY Tokyo CPI Core Y/Y Jul -1.30% -1.20% -1.30% 23:30 JPY National CPI Core Y/Y Jun -1.00% -1.10% -1.20% 23:50 JPY Industrial Production M/M Jun P -1.50% 0.20% 0.10% 0.10% 23:50 JPY Industrial Production Y/Y Jun P 17.00% 18.90% 20.40% 05:00 JPY Housing Starts Y/Y Jun 0.60% 1.80% -4.60% 09:00 EUR Eurozone CPI Estimate Y/Y Jul 1.70% 1.80% 1.40% 09:00 EUR Eurozone Unemployment Rate Jun 10.00% 10.00% 10.00% 09:30 CHF KOF Leading Indicator Jul 2.23 2.32 2.25 2.23 12:30 CAD GDP M/M May 0.10% 0.10% 0.00% 12:30 USD GDP (Annualized) Q2 A 2.40% 2.50% 2.70% 12:30 USD Core PCE Q/Q Q2 A 1.10% 1.00% 0.70% 12:30 USD GDP Price Index Q2 A 1.80% 1.10% 1.10% 12:30 USD Employment Cost Index Q2 0.50% 0.50% 0.60% 13:45 USD Chicago PMI Jul 56 59.1 13:55 USD U. of Michigan Confidence Jul F 67.5 66.5
Candlesticks and Ichimoku Intraday Trade Ideas
Trade Idea Update: USD/CHF – Sell at 1.0470 Although dollar has retreated after intra-day rebound from 1.0362 to 1.0449, break of said support is needed to confirm recent decline has once again resumed and extend weakness towards 1.0320/30 and possibly 1.0300, otherwise, further consolidation is in store and another corrective bounce to 1.0465/70 (38.2% Fibonacci retracement of 1.0640 to 1.0362) cannot be ruled out but renewed selling interest should emerge there and bring another decline later. Read more... Trade Idea Update: EUR/USD – Hold long entered 1.3020 Although the single currency fell sharply to 1.2980 in European session, as euro is able to hold above indicated minor support at 1.2977 (yesterday's low) and has rebounded, retaining our bullishness and as long as this level holds, a retest of yesterday's high at 1.3107 is likely, break would extend recent upmove towards 1.3145/50 but reckon 1.3170/75 (1.618 times projection of 1.2732 to 1.2966 measuring from 1.2794 as well as 50% projection of 1.2151 to 1.3029 measuring from 1.2732) would limit upside and 1.3200 should hold from here, bring correction later. Read more...
Suggested Readings
Fundamental Highlights Risk Appetite Subdued Ahead Of US GDP - USD Firms European Market Update London Session Recap Fed Comments Cause A Disproportional Stir In USD Technical Highlights FX Thoughts for the Day Forex Technical Update GBPUSD - Pressure Continues To Point Higher Daily Forex Update: EUR/CAD

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Action Insight Daily Report 7-30-10

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
Daily Report: Yen Climbs on Poor Data, Market Cautious ahead of US GDP Markets are generally cautious ahead of Q2 GDP data from US today. EUR/USD lost some momentum after hitting 1.3105/3123 cluster resistance and turned sideway while other major dollar pairs are generally staying in tight range, except USD/JPY. On the other hand, the Japanese yen strengthens across the board today on a string of disappointing economic data from Japan. USD/JPY breaches 86.26 support to resume recent fall while EUR/JPY and GBP/JPY extends this week's pull back. Full Report Here...
Featured Technical Report
USD/JPY Daily Outlook Daily Pivots: (S1) 86.40; (P) 86.95; (R1) 87.34; More. USD/JPY's break of 86.26 support suggests that recent decline from 94.97 has resumed. Intraday bias remains on the downside and further fall should now be seen to target a retest on 84.81 low. On the upside, above 86.97 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited below 88.11 resistance and bring fall resumption. 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 Futures & Forex Expo Las Vegas, September 23-25, at Caesars Palace, where industry experts will help Forex & Futures traders make profitable trading decisions. Register FREE
GMT Ccy Events Actual Consensus Previous Revised 23:01 GBP GfK Consumer Confidence Survey Jul -22 -21 -19 23:15 JPY Nomura/JMMA Manufacturing PMI Jul 52.8 -- 53.9 23:30 JPY Unemployment Rate Jun 5.30% 5.20% 5.20% 23:30 JPY Household Spending Y/Y Jun 0.50% -0.80% -0.70% 23:30 JPY Tokyo CPI Core Y/Y Jul -1.30% -1.20% -1.30% 23:30 JPY National CPI Core Y/Y Jun -1.00% -1.10% -1.20% 23:50 JPY Industrial Production M/M Jun P -1.50% 0.20% 0.10% 0.10% 23:50 JPY Industrial Production Y/Y Jun P 17.00% 18.90% 20.40% 5:00 JPY Housing Starts Y/Y Jun 0.60% 1.80% -4.60% 9:00 EUR Eurozone CPI Estimate Y/Y Jul 1.80% 1.40% 9:00 EUR Eurozone Unemployment Rate Jun 10.00% 10.00% 9:30 CHF KOF Leading Indicator Jul 2.3 2.25 12:30 CAD GDP M/M May 0.10% 0.00% 12:30 USD GDP (Annualized) Q2 A 2.50% 2.70% 12:30 USD Core PCE Q/Q Q2 A 1.00% 0.70% 12:30 USD GDP Price Index Q2 A 1.10% 1.10% 12:30 USD Employment Cost Index Q2 0.50% 0.60% 13:45 USD Chicago PMI Jul 56 59.1 13:55 USD U. of Michigan Confidence Jul F 67.5 66.5
Candlesticks and Ichimoku Intraday Trade Ideas
Trade Idea: USD/CHF – Sell at 1.0470 Yesterday's selloff to 1.0374 confirms early downtrend has resumed and further weakness to 1.0340/50, then towards 1.1300/10 is underway, however, near term oversold condition would prevent sharp fall below there and reckon 1.0268 (50% projection of 1.1138 to 1.0394 measuring from 1.0640) would hold from here and bring correction later. Read more... Trade Idea: EUR/USD – Buy at 1.3020 Euro's near term sideways trading is expected to continue and although mild downside bias is seen for retracement to 1.3020, reckon the Ichimoku cloud area (now at 1.2999-1.3001) would contain pullback and bring another rise later. Above yesterday's high at 1.3107 would extend gain towards limited to 1.3170/75 (1.618 times projection of 1.2732 to 1.2966 measuring from 1.2794 as well as 50% projection of 1.2151 to 1.3029 measuring from 1.2732) but reckon 1.3200 would hold from here, bring correction later. Read more...
Suggested Readings
Fundamental Highlights Watch Out For Macro Data Today, Especially US GDP Month-End Flows Pull EUR And AUD Higher EU Morning Report - USD Under Pressure, Euro Tests 1.3100 USDJPY Hits New 2010 Low Dollar Index Breaks 82-Handle Support Technical Highlights FX Technical Analysis Daily Technical Outlook Daily Technical Analysis The Daily Forecaster: USDCAD The Daily Wave Analysis

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