Action Insight Daily Report 8-6-10

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Action Insight Market Overview	Markets Snapshot
Daily Report: Dollar in Range ahead of Non-Farm Payroll Dollar is staying in tight range as traders await July's Non-Farm Payroll report today. The headline number is expected to show -75k contraction in the job market while private jobs are expected to grow by 80k. Nevertheless, the range of expectation is wide from 20k to 150k and the main focus would be on whether growth is better or worse than prior month's data, 83k before revision. Unemployment rate is expected to edge higher to 9.6%. Better than expected economic data released this week cooled speculations on more fed easing and thus gave dollar a breath in recent decline. However, the greenback is vulnerable to another fall against yen and european majors in case of downside surprise today. Full Report Here...
Featured Technical Report
USD/JPY Daily Outlook Daily Pivots: (S1) 85.52; (P) 85.99; (R1) 86.26; More. Intraday bias in USD/JPY remains neutral as consolidations from 85.31 continues. Another rise might be seen but after all, 88.11 resistance is needed to indicate bottoming. Otherwise, outlook will remain bearish and we'd expect after fall. Below 85.31 will target a retest on 84.81 low 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

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ECB Delivered Upbeat Economic Outlook While ECB maintained the main refinancing rate at 1%, the upbeat economic outlook was encouraging. President Trichet said in the statement that there's 'strengthening in economic activity in the second quarter of 2010' while data for the third quarter are 'better than expected'. The central bank continued to view the current key ECB interest rates remain 'appropriate' and 'the risks to the economic outlook are broadly balanced in an environment of uncertainty'. Read more...

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GMT Ccy Events Actual Consensus Previous Revised -- GBP NIESR GDP Estimate Jul -- 0.70% 1:30 AUD RBA Quarterly Monetary Policy Statement -- -- 5:00 JPY Leading Index Jun P 98.90% 98.90% 98.60% 98.60% 5:45 CHF Unemployment Rate Jul 3.80% 3.90% 3.90% 8:30 GBP PPI Input M/M Jul -0.40% -0.20% 8:30 GBP PPI Input Y/Y Jul 11.40% 10.70% 8:30 GBP PPI Output M/M Jul 0.10% -0.30% 8:30 GBP PPI Output Y/Y Jul 4.90% 5.10% 8:30 GBP PPI Output Core Y/Y Jul 4.50% 4.80% 8:30 GBP Industrial Production M/M Jun 0.30% 0.70% 8:30 GBP Industrial Production Y/Y Jun 1.90% 2.60% 8:30 GBP Manufacturing Production M/M Jun 0.50% 0.30% 8:30 GBP Manufacturing Production Y/Y Jun 4.10% 4.30% 10:00 EUR German Industrial Production M/M Jun 0.90% 2.60% 11:00 CAD Net Change in Employment Jul 10.3K 93.2K 11:00 CAD Unemployment Rate Jul 7.90% 7.90% 12:30 USD Change in Non-farm Payrolls Jul -75K -125K 12:30 USD Unemployment Rate Jul 9.60% 9.50% 14:00 CAD Ivey PMI Jul 56.3 58.9
Candlesticks and Ichimoku Intraday Trade Ideas
Trade Idea: GBP/USD – Hold long entered at 1.5855 Although the British pound retreated quite sharply from 1.5925 to 1.5824, as the British pound has rebounded after holding above indicated support at 1.5820, retaining our bullishness and break of said resistance at 1.5925 would signal the correction from 1.5968 has ended at 1.5820 and bring resumption of upmove for a retest of this level later. Read more...
Suggested Readings
Fundamental Highlights We Expect Slight Decrease In Nonfarm Payrolls Today Another Mixed Session For The Greenback Overnight Recovery Signs Push JPY Down, NFP On Tap Markets Brace Themselves For The Upcoming NFP! Attention Turns To The US Jobs Report Technical Highlights FX Technical Analysis Daily Technical Outlook Daily Technical Analysis The Daily Forecaster: AUDUSD The Daily Wave Analysis

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