Action Insight Daily Report 8-11-10

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Action Insight Market Overview	Markets Snapshot
Daily Report: Dollar Resumes Rebound, Yen Jumps on Risk Aversion A couple of factors triggered steep fall in Asian stocks today and send dollar and yen sharply higher. Firstly, markets are worried on the outlook of global recovery as Fed sounded dovish in its statement overnight and announced a 'modest' version of quantitative easing extension. Even though, US stocks managed to rebound after the release, they still ended in red. Secondly, Japanese Nikkei dropped sharply, by -2.7% on weakness in USD/JPY, which dragged down most yen crosses. The usual comments from FM yoshihiko Noda that yen's movement has been "a little bit one-sided" and the government will "closely monitor" the development were basically ignored by investors. Full Report Here...
Featured Technical Report
AUD/USD Daily Outlook Daily Pivots: (S1) 0.9072; (P) 0.9119; (R1) 0.9179; More AUD/USD's fall fro 0.9220 resumed after strong but brief recovery and reaches as low as 0.9021 today so far. A noted before, short term top is in place at 0.9220 on bearish divergence condition in 4 hours MACD. Intraday bias remains on the downside for 0.8904 support and break there will confirm this bearish case and target outer trend line support (now at 0.8615). On the upside, though, above 0.9220 will indicate that recent rise from 0.8066 is still in progress for 0.9380/9404 resistance zone. But we'd expect upside to be limited there to bring another fall to continue the medium term consolidation. 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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Fed Sparks Unconventional Measures By Reinvesting MBS Proceeds The Fed announced to reinvest principal payments from agency debt and agency mortgage-backed securities in longer-dated Treasuries as the 'pace of economic recovery is likely to be more modest in the near-term than had been anticipated'. This is the first step for the central bank to adopt unconventional monetary policies in more than a year and signaled policymakers' commitment to keep interest rates low and bolster the economy. Initial reaction appeared to be positive with Treasury prices rallying further. The market obviously expects further easing to come. Read more...

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GMT Ccy Events Actual Consensus Previous Revised 23:01 GBP RICS House Price Balance Jul -8% 5% 9% 8% 23:01 GBP BRC Retail Sales Monitor Y/Y Jul 0.50% -- 1.20% 1:30 AUD NAB Business Confidence Jul 2 -- 4 3:30 JPY BoJ Rate Decision 0.10% 0.10% 0.10% 5:45 CHF SECO Consumer Confidence Jul 16 18 14 6:00 EUR German CPI M/M Jul F 0.30% 0.20% 0.20% 6:00 EUR German CPI Y/Y Jul F 1.20% 1.10% 1.10% 8:30 GBP Visible Trade Balance (GBP) Jun -7.7B -8.1B 8:30 GBP DCLG UK House Prices Y/Y Jun 9.80% 11.00% 12:15 CAD Housing Starts Jul 184.0K 192.8K 12:30 CAD New Housing Price Index M/M Jun 0.30% 0.30% 12:30 USD Non-Farm Productivity Q2 P 0.30% 2.80% 12:30 USD Unit Labor Costs Q2 P 1.60% -1.30% 14:00 USD Wholesale Inventories Jun 0.50% 0.50% 18:15 USD FOMC Rate Decision 0.25% 0.25%
Candlesticks and Ichimoku Intraday Trade Ideas
Trade Idea: USD/CHF – Buy at 1.0490 Despite yesterday's sharp fall from 1.0618 to 1.0461, the subsequent rebound from there suggest low has been formed and consolidation with upside bias is seen, however, break of said resistance is needed to extend the rise from 1.0332 low for further gain to 1.0640-41 (previous resistance and 61.8% projection) but reckon 1.0690/00 would hold from here, bring retreat later. Read more... Trade Idea: GBP/USD – Sell at 1.5860 Despite yesterday's strong rebound from 1.5710 to 1.5910, the subsequent euro-led decline from there signals the rebound from 1.5710 is over and consolidation with downside bias is seen but break of said support at 1.5710 is needed to extend the decline from 1.5999 top towards 1.5663/65 (previous resistance and 38.2% Fibonacci retracement of 1.5125 to 1.5999) but reckon downside would be limited to 1.5600/10. Read more...
Suggested Readings
FOMC Fed Puts Exit on Hold - We Postpone Hikes to Q4 2011 Fed Sparks Unconventional Measures By Reinvesting MBS Proceeds FOMC: Recovery Slower, but Still Intact; Inflation Slows U.S. Fed Not Taking Any Chances on Recovery, Announces Plan to Keep Holdings of Securities Steady Fed Offers Up a Softer Tone and Forestalls Implicit Tightening Fed Goes Through with Quantitative Easing Lite Fundamental Highlights FOMC Chose The Middle Roads FOMC Leave Rates Unchanged At 0.25%! The Fed Commits To Maintaining Balance Sheet Size Amid A Weaker Economic Outlook Fed Annouces Easing Extensions, USD Mixed Technical Highlights Forex Technical Analytics FX Technical Analysis Daily Technical Outlook Foreign Exchange Market Commentary The Daily Wave Analysis

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