Action Insight Mid-Day Report 7-14-10

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: Risk Rally Takes a Breathe, Dollar and Yen Recover Mildly Risk rally is taking a breathe as European stocks pare gains and retreat mildly. Nevertheless, we're not seeing any massive profit taking yet as the reaction to disappointing US retail sales is muted so far. Headline sales dropped more than expected by -0.5% in June while ex-auto sales also dropped -0.2%. Import price index dropped -1.3% mom in June. The recovery in dollar and yen remain unconvincing and we'd probably continue to see more downside ahead in US session. Full Report Here...
Featured Technical Report
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 1.0541; (P) 1.0608; (R1) 1.0670; More. USD/CHF's sideway consolidation from 1.0479 is still in progress and intraday bias remains neutral. Another rise cannot be ruled out but still, there is no indication of reversal as long as 1.1009 resistance holds and another fall is still in favor. Break of 1.0479 will confirm fall resumption towards 1.0434 support next. 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

Special Report

SNB to Resume Intervention Soon Swiss franc surged against the euro and the dollar by -7.22% and -6.37% respectively in June with the rallies accelerated after SNB's meeting on June 17. The central bank raised its inflation forecasts and stated that the deflationary risk in Switzerland has largely disappeared. At the same time, the SNB did not reiterate the stance to 'act decisively to prevent an excessive appreciation of the Swiss franc against the euro' although the franc has strengthened +8% against the euro over the past 6 months. This indicated the SNB's increased tolerance to the decline of EURCHF. Full Report Here...

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 22:45 NZD Retail Sales M/M May 0.40% 0.50% -0.30% 22:45 NZD Retail Sales Ex-Auto M/M May -0.20% 0.60% -0.20% -0.10% 23:01 GBP Nationwide Consumer Confidence Jun 63 62 65 66 00:30 AUD Westpac Consumer Confidence Jul 11.10% -- -5.70% 08:30 GBP Claimant Count Change Jun -20.8K -20.0K -30.9K -31.1K 08:30 GBP Claimant Count Rate Jun 4.50% 4.50% 4.60% 08:30 GBP ILO Unemployment Rate (3M) May 7.80% 7.90% 7.90% 09:00 EUR Eurozone CPI M/M Jun 0.00% 0.00% 0.10% 09:00 EUR Eurozone CPI Y/Y Jun F 1.40% 1.40% 1.40% 09:00 EUR Eurozone CPI - Core Y/Y Jun 0.90% 0.90% 0.80% 09:00 EUR Eurozone Industrial Production M/M May 0.90% 1.20% 0.80% 0.90% 09:00 EUR Eurozone Industrial Production Y/Y May 9.40% 11.40% 9.50% 9.60% 12:30 USD Import Price Index M/M Jun -1.30% -0.40% -0.60% 12:30 USD Advance Retail Sales Jun -0.50% -0.20% -1.20% 12:30 USD Retail Sales Less Autos Jun -0.10% -0.10% -1.10% 14:00 USD Business Inventories May 0.40% 0.40% 14:30 USD Crude Oil Inventories -1.1M -4961K 18:00 USD FOMC Meeting Minutes -- --
Elliott Wave Daily Trade Ideas
Trade Idea: EUR/JPY – Long entered at 110.70 met target at 112.60 and buy again at 111.75 The single currency found decent demand at 110.68 yesterday as expected in our previous update (we entered long at 110.70) and price then rallied in line with our anticipation, reached our indicated upside target at 112.60 (with 190 points profit). Read more... Trade Idea: AUD/USD – Exit short entered at 0.8850 As aussie has maintained a firm undertone on risk appetite, suggesting near term upside risk remains for a test of resistance at 0.8860, break there would exetnd the rise from 0.8066 low (A leg bottom) to 0.8884 (61.8% Fibonacci retracement of wave A from 0.9389), however, reckon 0.8950/60 would limit upside due to near term overbought condition. Read more...
Candlesticks and Ichimoku Intraday Trade Ideas
Trade Idea Update: USD/CHF – Sell at 1.0640 Although dollar has retreated after intra-day cross-inspired rebound from 1.0515 to 1.0618 and further choppy consolidation would take place, renewed selling interest should emerge around minor resistance at 1.0646 and bring another decline later. Read more... Trade Idea Update: EUR/USD – Buy at 1.2635 Euro's near term sideways trading is expected to continue and as long as yesterday's high at 1.2739 holds, mild downside bias is seen for retracement to the Kijun-Sen (now at 1.2652) and the Ichimoku cloud top (now at 1.2622) would hold, bring another upmove. Read more...
Suggested Readings
Fundamental Highlights Euro Area: Industrial Production Recovery on Track Sterling Extends Gains as Employment Picture Improves Recovery Concerns Ease On Better Earnings, Economic Data Greece Auction & US Earning Support Risk Sentiment The Equity Steamroller Rolls On Technical Highlights FX Thoughts for the Day GBPUSD - Strengthens, Eyes Trendline Resistance Forex Technical Update

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