Action Insight Mid-Day Report 7-11-12‏

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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: Euro Sold off in Crosses as Spain Announced EUR 65b Austerity Euro suffered steep selloff in crosses after Spanish Prime Minister Rajoy announced plan in budget deficit reduction by EUR 65b by 2014. That just came a day after EU agreed to giver Spain another year to meet the deficit target of 3% of GDP by 2014. It's a complete overhaul of Rajoy's prior plan of EUR 48b cuts but it's uncertain exactly how much the EUR 65b plan will bring in new savings. Spanish 10 year yield dropped slightly to below 6.7% after the news, suggesting that there is no negative response from markets. But while Euro is steadily in range against dollar, it dropped to new record low against Aussie and is deeply sold off in other crosses against Kiwi, Canadian and Sterling. Full Report Here...
Featured Technical Report
EUR/AUD Mid-Day Outlook Daily Pivots: (S1) 1.1974; (P) 1.2034; (R1) 1.2081; More... EUR/AUD drops further to new record low of 1.1948 so far today and intraday bias remains on the downside. Current fall from 1.3028 should head towards next projection level at 1.1352 next. On the upside, break of 1.2096 minor resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery. 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 Tertiary Industry Index M/M May 0.70% 0.20% -0.30% -0.20% 23:50 JPY Domestic CGPI M/M Jun -1.30% -0.40% -0.40% -0.70% 00:30 AUD Westpac Consumer Confidence Jul 3.70% 0.30% 06:00 EUR German CPI M/M Jun F -0.10% -0.10% -0.10% 06:00 EUR German CPI Y/Y Jun F 1.70% 1.70% 1.70% 12:30 CAD Trade Balance (CAD) May -0.8B -0.60B -0.37B 12:30 USD Trade Balance May -48.7B -$48.4B -$50.1B 14:00 USD Wholesale Inventories May 0.30% 0.60% 14:30 USD Crude Oil Inventories -1.4M -4.3M 18:00 USD FOMC Minutes
Orders and Options Watch
US Session: Orders and Options Watch EUR: Although profit-taking buy orders ahead of FOMC this week helped the single currency to recover earlier today, indicated offers from semi-official names capped the pair at 1.2297 and offers are still noted 1.2300-10 as well as 1.2330-35 with stops seen above there, followed by sizeable sell orders from various names at 1.2350 with more stops placed above 1.2370 but fresh offers should emerge around 1.2400-10. On the downside, mixture of bids and stops remain at 1.2230-40 with more option defensive bids located further out at 1.2200-10 (for protection of 1.2200 barrier), more option triggers are located at 1.2150 and 1.2100. Full Report Here...
Forex Trade Ideas
Trade Idea Update: USD/CHF – Buy at 0.9695 Despite yesterday’s rebound from 0.9740 to 0.9815, above indicated resistance at 0.9825 is needed to confirm recent upmove has resumed and extend gain to 0.9845-50, however, loss of near term momentum would limit upside to 0.9875-80, risk from there is seen for a retreat later. Full Report Here... Trade Idea: AUD/USD – Hold long entered at 1.0190 Despite this week’s initial fall to 1.0155, the subsequent rebound after holding above this support has retained our bullishness and consolidation with upside bias remains for further gain to 1.0285-90, then retest of 1.0330 (last week’s high). Once this level is penetrated, this would extend recent rise from 0.9581 for a stronger retracement of recent decline from 1.0857 to 1.0350 Full Report Here... 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: 1430 - 1500
Suggested Readings
Fundamental Highlights US Trade Deficit Narrowed as Expected in May Canada's May Trade Deficit Widens Spain Announces New Austerity Package US Data Point Towards Stabilization Euro Near 2 Year Lows, Focus On FOMC Minutes Technical Highlights GBP/JPY Well Protected Around 1.23, Jumping Above July Trendline USD/CHF Maintains Bullish Bias Ahead of the FOMC Meeting Minutes USD/CAD Consolidating Between 1.0165 and 1.0230 with Bullish Tilt EURUSD: Biased To THe Downside Below The 1.2407/1.2286 Levels EUR/USD Pulls Back to 1.23; FOMC Meeting Minutes on Tap