Action Insight Mid-Day Report 1-6-11

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Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
Calendar	Elliott Wave Trades	Markets Volatility	Pivot Points	Heat Map	Daily Fundamentals

Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Dollar Losses Some Steam With Jobless Claims Back above 400k Despite edging higher against European majors earlier today, dollar losses some steam in early US session after data showed jobless claims rose back to above 400k level at 409k. Nevertheless, note that US treasury yields are helping dollar's rally in this first week of 2011. Thirty year yield (TNX) was sharply up from last week's low of 4.331 and is back above 4.55. We're cautiously bullish in yield for the moment and expect TNX to climb through recent high of 4.624. In that case, dollar would likely be taken higher, in particular with USD/JPY breaking through 84.49 resistance. Meanwhile, we'd like to point out again that the sustainability of dollar's rebound will also depend on whether gold and oil could hold on to 1350 and 90 respectively. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3075; (P) 1.3200 (R1) 1.3275; More. EUR/USD is still bounded in range of 1.3054/3433 and neutral term outlook remains neutral. As noted before, recent price actions from 1.2969 are likely consolidation patterns, possibly in form of triangle. That is, fall from 1.4281 is not over yet. Below 1.3054 will indicate that such decline is resuming for 1.2969 and below. On the upside, above 1.3433 will dampen this view and bring stronger rebound for 1.3785 resistance instead. 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

Forex Brokers

2011 Currency and Monetary Policy Outlook

2011 Elliott Wave Forecast

JPY to be Weighed Down by Lower Yields and BOJ's Additional Easing Read more... Fiscal Tightening the Main Theme for UK in 2011 Read more... Uneven Growth Story Prolongs EZ's Hard Time while Money-Printing Nature in SMP will Send Euro Lower Read more... US - A Shift from Monetary to Fiscal Stimulus Read more...

USD index 2011 Elliott Wave Forecast GBP/CHF 2011 Elliott Wave Forecast EURCAD 2011 Elliott Wave Forecast USD/CAD 2011 Elliott Wave Forecast EURGBP 2011 Elliott Wave Forecast EURCHF 2011 Elliott Wave Forecast EURJPY 2011 Elliott Wave Forecast AUDUSD 2011 Elliott Wave Forecast USDCHF 2011 Elliott Wave Forecast GBP/JPY 2011 Elliott Wave Forecast GBP/USD 2011 Elliott Wave Forecast USD/JPY 2011 Elliott Wave Forecast EUR/USD 2011 Elliott Wave Forecast

Economic Indicators Update	This is the ultimate opportunity to meet face-to-face with industry leaders, test out the hottest products and software, and pick up trading ideas and strategies you can implement immediately to increase your percentage of profitable trades!  The New York Traders Expo.
GMT Ccy Events Actual Consensus Previous Revised 00:30 AUD Building Approvals M/M Nov -4.20% -3.60% 9.30% 8.30% 08:15 CHF CPI M/M Dec 0.00% -0.20% 0.20% 08:15 CHF CPI Y/Y Dec 0.50% 0.30% 0.20% 09:30 GBP PMI Services Dec 49.7 53 53 10:00 EUR Eurozone Economic Confidence Dec 106.2 105.5 105.3 105.1 10:00 EUR Eurozone Consumer Confidence Dec -11 -9 -9.4 -9 10:00 EUR Eurozone Industrial Confidence Dec 4 1.9 0.9 1 10:00 EUR Eurozone Services Confidence Dec 9.8 10.1 10.2 10 10:00 EUR Eurozone Retail Sales M/M Nov -0.80% 0.20% 0.10% 0.00% 10:00 EUR Eurozone Retail Sales Y/Y Nov 0.10% 2.10% 1.40% 1.20% 11:00 EUR German Factory Orders M/M Nov 5.20% 0.90% 1.60% 11:00 EUR German Factory Orders Y/Y Nov 20.60% 15.80% 17.90% 18.00% 13:30 USD Initial Jobless Claims 409K 404K 388K 15:00 CAD Ivey PMI Dec 54 57.5 15:30 USD Natural Gas Storage -135B -136B
Forex Trade Ideas
Trade Idea Update: USD/CHF – Buy at 0.9600 Although the greenback rose marginally to 0.9708, lack of follow through buying suggests consolidation would take place and retracement towards the Kijun-Sen (now at 0.9608) cannot be ruled out, however, renewed buying interest should emerge around 0.9600 and bring another upmove later towards resistance area at 0.9722-35 Read more... Trade Idea Update: GBP/USD – Sell at 1.5540 Cable's intra-day retreat from 1.5564 suggests bearishness remains for a test of yesterday's low at 1.5451, below would extend weakness to indicated lower range at 1.5434, however, a breach of this level is needed to confirm a downside break of the indicated 1.5434-1.5665 range has occurred and extend fall to 1.5400, however, reckon support at 1.5367 would hold from here. 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 Euro Continues to Weaken as Rift with Periphery Grows Is Risk-On/ Risk-Off Off? London Session: Dollar Bulls Take A Breather Strong ADP Labour Market Report Catapults USD Higher Technical Highlights EURUSD: Risk Turns To The 1.3055 Level FX Thoughts for the Day USDJPY At Pivotal Level Before Friday's Payrolls GBPUSD In Focus Eur/Usd-Triangle Update

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