Action Insight Mid-Day Report 10-7-10

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Mid-Day Report: EUR/USD Breaks 1.4 as ECB on Hold; Dollar Selloff Continues Euro extends rally in and breaches 1.4 level against dollar after ECB left rates unchanged at 1.00% today. ECB President Trichet said in the press conference that current rates are "appropriate" and more importantly, "accommodative". Trichet expect "price developments to remain moderate" and recovery to continue at "moderate" pace. The overall tone suggests that ECB is in no rush to cut rates, not expand its non-conventional measures to boost liquidity. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3927; (P) 1.3930 (R1) 1.3933; More. EUR/USD's rally continues further in early US session and reaches as high as 1.4028 so far. Intraday bias remains on the upside with 1.3897 minor support intact. Current rally is expected to continue to 100% projection of 1.1875 to 1.3330 from 1.2587 at 1.4042. Break will target medium term trend line resistance at 1.4591. On the downside, below 1.3897 minor support will turn intraday bias neutral and bring retreat. But break of 1.3636 support is needed to sign short term topping. Otherwise, outlook will remain bullish. 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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Economic Indicators Update	Attend and Learn Expert Strategies for Pulling Profits from the Markets.Register FREE
GMT Ccy Events Actual Consensus Previous Revised -- GBP NIESR GDP Estimate Sep -- 0.70% 00:30 AUD Employment Change Sep 49.5K 20.0K 30.9K 31.6K 00:30 AUD Unemployment Rate Sep 5.10% 5.10% 5.10% 05:00 JPY Leading Index Aug P 99.1 99.1 100 08:30 GBP Manufacturing Production M/M Aug 0.30% 0.20% 0.30% 08:30 GBP Manufacturing Production Y/Y Aug 6.00% 5.80% 4.90% 5.00% 08:30 GBP Industrial Production M/M Aug 0.30% 0.30% 0.30% 0.40% 08:30 GBP Industrial Production Y/Y Aug 4.20% 4.20% 1.90% 2.00% 10:00 EUR German Industrial Production M/M Aug 1.70% 0.50% 0.10% 10:00 EUR German Industrial Production Y/Y Aug 10.70% -- 10.90% 11:00 GBP BoE Rate Decision 0.50% 0.50% 0.50% 11:00 GBP BoE Asset Purchase Target 200B 200B 200B 11:45 EUR ECB Rate Decision 1.00% 1.00% 1.00% 12:30 EUR ECB Press Conference -- -- 12:30 CAD Building Permits M/M Aug -9.20% -2.00% -3.30% 12:30 USD Initial Jobless Claims 445K 453K 453K 14:30 USD Natural Gas Storage 78B 74B 17:20 USD Fed's Richard Fisher Speaks on Economic Conditions -- -- 17:30 USD Fed's Thomas Hoenig Speaks on Economy -- --
Candlesticks and Ichimoku Intraday Trade Ideas
Trade Idea Update: USD/CHF – Sell at 0.9670 As the greenback has recovered after intra-day fall to 0.9555, suggesting a minor low is in place and consolidation with mild upside bias is seen for retracement to 0.9644/45 (38.2% Fibonacci retracement of 0.9789 to 0.9555 and previous support), however, renewed selling interest should emerge around the Ichimoku cloud bottom now at 0.9670) and bring another decline. Read more... Trade Idea Update: EUR/USD – Buy at 1.3900 As the single currency has maintained a firm undertone, suggesting bullishness remains for recent upmove to bring test of psychological resistance at 1.4000, above there would extend upmove to 1.4042-54 (1.618 times projection of 1.3559 to 1.3809 measuring from 1.3637 and 50% projection of 1.3637 to 1.3949 measuring from 1.3898) but loss of near term upward momentum would limit upside to 1.4090/00 and risk has increased for a retreat later. Read more...
Suggested Readings
Fundamental Highlights EURO Climbs As Markets Wait For The ECB ECB, BOE (In-)Action Before Alcoa Kicks Off The Earnings Season Australia Comes Up With Some Stellar Employment Data, AUD Just Shy Of All-Time Highs Technical Highlights USD/CAD - Assessing Possible Negative Reversal Signal FX Thoughts for the Day AUDUSD - How Significant Is The 1.0000 Level?

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