Action Insight Daily Report 7-30-10

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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

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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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