Action Insight Mid-Day Report 11-9-10

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Mid-Day Report: Dollar Back Under Pressure Dollar is back under pressure today partly due to mild strength in European stocks and partly due to the persistent rally in Gold. AUD/USD is back pressing record high of 1.0181 while USD/CAD breaches parity again. Euro manages to recover against the greenback and yen after initial selloff but still weak against swissy and commodity currencies and European debt worries weigh. Markets are cautious ahead of Portuguese issue of six-and 10-year bonds on Wednesday. Meanwhile, dollar's weakness is also noticeable against the Japanese yen and we'd probably see USD/JPY heading back to 80.29 low in the US session. Full Report Here...
Featured Technical Report
USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.0000; (P) 1.0028; (R1) 1.0062; More. USD/CAD dives sharply today and the break of 0.9979 support confirms that recent down trend has resumed. Intraday bias is back to the downside and deeper fall should now be seen towards 0.9929 key support level instead. On the downside, above 1.0072 will turn intraday bias neutral first but risk will continue to remain on the downside as long as 1.0153 support turned resistance holds. 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 23:50 JPY Japan Money Stock M2+CD Y/Y Oct 2.70% 2.80% 2.80% 23:50 JPY Bank Lending Banks ex-Trust Oct -1.90% -- -1.80% 23:50 JPY Current Account Total (JPY) Sep 1.66T 1.23T 1.18T 00:01 GBP RICS House Price Balance Oct -49% -39% -36% 00:01 GBP BRC Retail Sales Monitor Nov 0.80% -- 0.50% 00:30 AUD NAB Business Confidence Oct 8 -- 10 05:00 JPY Eco Watchers Survey: Current Oct 40.2 41.7 41.2 06:45 CHF SECO Consumer Confidence Oct 7 17 16 07:00 EUR German CPI M/M Oct F 0.10% 0.10% 0.10% 07:00 EUR German CPI Y/Y Oct F 1.30% 1.30% 1.30% 09:30 GBP Visible Trade Balance (GBP) Sep -8.2B -7.9B -8.2B -8.5B 09:30 GBP Industrial Production M/M Sep 0.40% 0.40% 0.30% 0.40% 09:30 GBP Industrial Production Y/Y Sep 3.80% 3.60% 4.20% 4.30% 09:30 GBP Manufacturing Production M/M Sep 0.10% 0.30% 0.30% 0.40% 09:30 GBP Manufacturing Production Y/Y Sep 4.80% 6.00% 6.00% 6.10% 13:30 CAD New Housing Price Index M/M Sep 0.20% 0.50% 0.10% 15:00 USD Wholesale Inventories Sep 0.60% 0.80% 20:00 CAD BoC Governor Mark Carney Speaks -- -- -- GBP NIESR GDP Estimate Oct -- 0.50%
Candlesticks and Ichimoku Intraday Trade Ideas
Trade Idea Update: GBP/USD – Sell at 1.6260 or buy at 1.6105 Current euro-led rebound signals an intra-day low has been formed at 1.6067 and consolidation with upside bias is seen for retracement of the decline from 1.6300 to 1.6210 (61.8% Fibonacci retracement of 1.6300 to 1.6067), however, renewed selling interest should emerge around previous resistance at 1.6261 and bring another decline Read more... Trade Idea Update: EUR/USD – Buy at 1.3900 The single currency has continued to move higher after rebounding from 1.3823, adding credence to our view that intra-day low has been formed there and consolidation with mild upside bias is seen for retracement of recent fall from 1.4283 and gain to 1.3999-1.4005 is likely Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1330 - 1400
Suggested Readings
Fundamental Highlights Eurozone Worries Bubbling Under: Dollar Appeal Wanes Ireland: Debt Crisis Part II Markets Focused On Widening EU Yield Spreads No Damping The Risk Appetite EUR/USD - Correction Continues Technical Highlights FX Thoughts for the Day Forex Technical Update Aud/Usd Intra-day: More Strenght To Come

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