Action Insight Daily Report 12-23-10

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Daily Report: Yen Broadly Higher in Thin Markets

The Japanese yen is sharply higher against other major currencies today as risk aversion moves are exaggerated by thin market conditions. GDP report from US and New Zealand were both disappointing. Beside, China's seven-day repurchase rate surged to a three year high on speculation that fund shortage will worsen during the holiday period. Meanwhile, there were also talk that the sovereign crisis in Eurozone will deepen further in 2011 as the region will issue more securities to fund the Greece and Ireland bailout, and potentially others. Euro remain particularly weak against Swissy and Aussie. Meanwhile, Yen is picking up strength on risk aversion too.

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Featured Technical Report

GBP/JPY Daily Outlook

Daily Pivots: (S1) 128.01; (P) 128.85; (R1) 129.38; More

GBP/JPY's fall extends further to as low as 128.03 so far today and met mentioned target of 100% projection of 134.19 to 129.32 from 133.03 at 128.16. Intraday bias remains on the downside and deeper decline would be seen to test 126.42 key support level next. On the upside, above 128.72 minor resistance will turn intraday bias neutral first and bring recovery. But strong resistance should be seen at 4 hours 55 EMA (now at 130.44) to limit upside and bring fall resumption.

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GMT Ccy Events Actual Consensus Previous Revised
21:45 NZD GDP Q/Q Q3 -0.20% 0.10% 0.20% 0.10%
21:45 NZD GDP Y/Y Q3 1.50% 1.80% 1.90% 1.80%
9:30 GBP Index of Services 3M/3M Oct 0.70% 0.60%
13:30 CAD GDP M/M Oct 0.30% -0.10%
13:30 USD Durable Goods Orders Nov -0.60% -3.30%
13:30 USD Durables Ex Transportation Nov 1.70% -2.70%
13:30 USD Personal Income Nov 0.30% 0.50%
13:30 USD Personal Spending Nov 0.50% 0.40%
13:30 USD PCE Core M/M Nov 0.10% 0.00%
13:30 USD PCE Core Y/Y Nov 0.90% 0.90%
13:30 USD PCE Deflator Y/Y Nov -- 1.30%
13:30 USD Initial Jobless Claims 420K 420K
14:55 USD U. of Michigan Confidence Dec F 74.5 74.2
15:00 USD New Home Sales Nov 300K 283K
15:30 USD Natural Gas Storage -170B -164B
Forex Trade Ideas

Trade Idea: USD/JPY – Sell at 83.55

Current selloff signals the decline from 84.51 top is still in progress and test of previous support at 82.83 is underway, break there would extend weakness towards 82.34-36 (another previous support and 50% Fibonacci retracement of entire rise from 80.21 to 84.51) which is likely to hold from here.

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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

Technical Highlights


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Latest World News

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Latest World News

Link to news-mail.com.au: World News

Anna Nicole 'caused Bahamas havoc'

Posted: 22 Dec 2010 01:11 PM PST

ANNA Nicole Smith hit the Bahamas like a hurricane, spreading scandals that endangered the whole government, according to newly leaked US diplomatic cables.

Pope's Christmas mass goes online

Posted: 22 Dec 2010 12:51 PM PST

POPE Benedict XVI's traditional Christmas Eve mass will be streamed live on the internet in six languages and available on iPhones around the world.

Pike River mine inquest date set

Posted: 22 Dec 2010 06:00 AM PST

THE coronial inquest into the 29 men who died in New Zealand's Pike River Coal mine disaster will be held next month.

Christmas trees wobble in UK quake

Posted: 22 Dec 2010 04:03 AM PST

AUTHORITIES say a small magnitude 3.5 earthquake has struck northern England, waking residents and shaking buildings.

NZ military releases UFO files

Posted: 22 Dec 2010 02:57 AM PST

THE New Zealand military has released hundreds of previously classified reports of unidentified flying object (UFO) sightings and alien encounters.

LifeSiteNews.com - Wednesday, December 22, 2010

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Click here to View Full Text, With Photos, of all Today's Stories On One Page

The LSN Christmas fundraiser total is now $95,166. $54,484 is still needed to reach our goal of a minimum of $150,000. Thank you to the latest donors!

Yesterday’s story of young Lia Mills has been inspiring many readers.

Some very good news stories today about the US budget bill, removal of an abortion provision from the Senate defense bill and Phoenix Bishop Thomas Olmsted’s remarkable press conference. Also note the encouraging effort by a group of black pastors who have sponsored a Festival of Life as the next step in the civil rights movement.

Bishop Olmsted’s press conference is a must see item. This bishop does not follow the avoidance “No comment” rule that is disturbingly followed by many bishops in response to media calls on controversial moral issues. Olmsted believes that a religious leader is obliged to openly respond to media questioning and to use these public encounters as an opportunity to teach, regardless of hard questions.

A Canadian Supreme court ruling does not bode well for the cause of protecting the lives of embryonic humans.

The fallout from the US Senate passage of the repeal of the military’s Don’t ask, don’t tell policy is growing and worrisome. See Rabbi Levin’s very frank remarks to LifeSiteNews today. Also note the significant items on this issue in today’s newsbytes.

Steve Jalsevac
LifeSiteNews.com

China converts entire village into prison to contain pro-life activist

Matthew Cullinan Hoffman Wed Dec 22 17:30 EST Abortion

Chen had famously filed a lawsuit against the local provincial government for carrying out thousands of forced abortions and sterilizations.

No mention of ‘population growth’ in key UN document complains UK parliamentary committee

Hilary White Wed Dec 22 14:36 EST Abortion

"It's another welcome reminder that pro-life lobbying works," said John Smeaton of SPUC.

Christian religious freedom under threat across EU: UN security organization

Hilary White Wed Dec 22 16:48 EST Freedom

Director Janez Lenarcic said that the OSCE has become well aware of "emerging issues" regarding equality and non-discrimination legislation.

NewsBytes - Dec. 21   Religion

Steve Jalsevac Tue Dec 21 22:51 EST Faith

Christmas, China vs The Catholic Church, Catholic Church condoms controversy, REAL Catholic TV, Vatican Wikileaks scoop, Miscellaneous

Black pastors to celebrate civil rights of unborn on Martin Luther King Day

Kathleen Gilbert Wed Dec 22 18:37 EST Abortion

Pastor Joseph Parker told LifeSiteNews.com that "clearly we see the life issue as a civil rights issue."

Budget bill passes without increased Christmas bailouts for abortion industry

Peter Smith Wed Dec 22 18:01 EST Abortion

International groups that advocate or perform abortion overseas will be denied a $62 million increase for their activities.

Victory: Senate strips provision allowing abortion on military bases from defense bill

Peter Smith Wed Dec 22 17:40 EST Abortion

"Congress heard the pro-life grassroots activists' voices," said Susan B. Anthony List's President Marjorie Dannenfelser.

NewsBytes Dec. 22 - Homosexuality, DADT Repeal

Steve Jalsevac Wed Dec 22 17:39 EST Homosexuality

Report on 'gays' in military rigged, MassResistance Special Report on DADT repeal, Why they want to homosexualize the military, Federal Commission backs down on elimination of "Safe Schools Czar" Jennings' office, New gay group pours millions into marriage fight, More...

Planned Parenthood to affiliates: abortions mandatory

Kathleen Gilbert Wed Dec 22 17:15 EST Abortion

Planned Parenthood of South Texas is dropping its affiliation with the national abortion giant because of the decree.

Praise, ridicule over abortion stance ‘doesn’t matter,’ only fidelity to Christ, says Phoenix bishop

Kathleen Gilbert Wed Dec 22 15:05 EST Abortion

Earlier this week the bishop revoked the Catholic status of a hospital that performed a direct abortion.

Pro-abort vandalism prompts act of generosity

LifeSiteNews.com Wed Dec 22 13:35 EST Abortion

A Cincinnati window company has offered to replace the damaged windows at the home of Joe and Ann Scheidler.

Orthodox Rabbi predicts deadly fallout from permitting homosexuality in military

John-Henry Westen Wed Dec 22 12:56 EST Faith

Rabbi Levin said that the sanctioning of grave immorality removes God's protection.

Obama signs repeal of military ban on homosexuals

Peter Smith Wed Dec 22 12:36 EST Homosexuality

"Your country needs you, your country wants you, and we will be honored to welcome you into the ranks of the finest military the world has ever known," Obama told the nation's homosexuals.

Canadian Supreme Court embryo ruling will lead to more deaths say pro-life groups

Patrick B. Craine Wed Dec 22 14:17 EST Bioethics

The high court has decided to give control of the creation, destruction, and manipulation of human embryos to the provinces.

There can be no ‘Peace on Earth’ without ‘Peace in the Womb’

Bryan Kemper Wed Dec 22 13:17 EST Opinion

How can we talk about loving each other and ending wars when we wage war on the most innocent and vulnerable humans on the planet?

Adios, Christmas - controlling language and minds

Chuck Colson Wed Dec 22 11:15 EST Opinion

The larger culture may be intent on taking Christ out of Christmas but, that's all the more reason for us to place Him at the center of ours.

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