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Action Insight Archives

Action Insight is the most popular section of the site, read by traders around the world. Our team of analysts work around the clock, analyzing the markets from technical and fundamental perspectives in providing the reports in this section to you.



Mid-Day Report: Dollar Weakens, Yen Recoveres ahead of Weekend Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 13:21 GMT
Markets are relatively mixed in holiday mood. Yen's selloff extended earlier today and profit-taking was seen as yen crosses retreat as the session went on. Dollar's recovery was also limited and major pairs remain bounded in tight range. US President Obama is going to meet with political leaders on last minute effort to avert the so-called $600b fiscal cliff. Obama and Vice President Biden will meet with House and Senate leaders today inlcuding Republicans House Speaker Boehner and Senate Minority Leader McConnell, as well as Democrats Senate Majority Leader Reid and House Minority Leader Pelosi. It's not too optimistic that there would be a final agreement today, but just in case, House has convened a session for Sunday.
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EUR/JPY Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 10:54 GMT
EUR/JPY formed a temporary top at 114.68 with 4 hours MACD crossed below signal line and intraday bias is turned neutral for some consolidations. Nonetheless, near term outlook remains bullish as long as 110.62 minor support holds and further rally is still expected. Above 114.68 will target 161.8% projection of 94.11 to 104.58 from 100.32 at 117.26 next.
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GBP/JPY Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 10:18 GMT
GBP/JPY faces some resistance ahead of 140.02 key resistance and intraday bias is turned neutral first. After all, another rise is still expected as long as 135.88 support holds, for 140.02. Break will have larger bullish implications. Nonetheless, break of 135.88 will be the first signal of near term reversal and will turn bring deeper fall to 131.66 support and possibly below.
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EUR/GBP Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 10:15 GMT
EUR/GBP formed a temporary top at 0.8224 with 4 hours MACD crossed below signal line and intraday bias is turned neutral for some consolidations. Nonetheless, near term outlook remains bullish as long as 0.8115 support holds and another rise is still expected. Break of 0.8224 will target 38.2% retracement of 0.9083 to 0.7755 at 0.8262 next
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EUR/AUD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 10:11 GMT
EUR/AUD formed a temporary top at 1.2805, ahead of 1.2823 near term resistance and intraday bias is turned neutral first. Another rise is mildly in favor as long as 1.2544 support holds. As noted before, EUR/AUD could be forming a head and shoulder bottom pattern (ls: 1.2132, h: 1.1602, rs: 1.2159). Break of 1.2823 should confirm this bullish case and target 1.3028 and above. Though, below 1.2544 will invalidate this bullish view and would probably bring a retest on 1.2159 support before staging another rally.
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AUD/USD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 10:03 GMT
With 1.0415 minor resistance intact, deeper decline is still expected to 1.0286. Break will confirm our bearish view that whole rebound from 1.0148 is already finished at 1.0584 and target 1.0148 and below. On the upside, above 1.0415 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 1.0584 resistance and bring another fall.
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USD/CAD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 10:00 GMT
The rebound from 0.9825 is still in progress and further rise is expected. As noted before, pull back from 1.0056 should have finished at 0.9825 already and retest of 1.0056 should be seen next. Break there will confirm resumption of whole rally from 0.9633. However, below 0.9897 minor support will dampen this view and turn focus back to 0.9825 instead.
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EUR/USD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 09:58 GMT
EUR/USD continues to stay in tight range below 1.3308 as consolidation continues. Intraday bias remains neutral and deeper fall cannot be ruled out. But we'd still expect downside to be contained by 1.3126 support and bring another rally. Above 1.3308 will target 61.8% projection of 1.2042 to 1.3171 from 1.2661 at 1.3359 next. However, break of 1.3126 will at least indicate that deeper fall is underway to 1.2876 support and below.
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GBP/USD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 09:55 GMT
No change in GBP/USD's outlook. With 1.6205 minor resistance intact, fall from 1.6306 is still in progress for 1.6001 support. Break will confirm that whole rise from 1.5827 has completed and will bring retest on 1.5827 support. On the upside, above 1.6205 minor resistance will turn bias back to the upside for 1.6309 key resistance level.
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USD/CHF Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 09:52 GMT
USD/CHF recovers ahead of 0.9083 temporary low as consolidation continues and intraday bias remains neutral. More sideway trading would be seen and stronger recovery cannot be ruled out. But after all, upside should be limited by 0.9240 support turned resistance and bring fall resumption. Below 0.9083 will target 61.8% projection of 0.9971 to 0.9214 from 0.9512 at 0.9044 next.
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USD/JPY Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 08:51 GMT
USD/JPY rises further to as high as 86.62 so far today and intraday bias remains on the upside. Current rally from 77.13 should now target 161.8% projection of 79.20 to 82.83 from 82.11 at 87.98 next. On the downside, below 85.57 minor support will turn bias neutral and bring consolidations. But downside should be contained by 83.85 support and bring another rally.
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Daily Report: Yen Selloff Continues on Deflation, Weak Economic Data Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 28 12 08:50 GMT
Yen drops further today on expectations that the Japanese government would accelerate monetary easing to boost the economy. Consistent deflation pressure reinforced this view. The Japanese government released a series of economic data. Consumer price remained weak in the world's third largest economy. Core CPI dipped to -0.1% yoy in November from 0% a month ago. Leading indicator in Tokyo core CPI dropped -0.6% yoy in December, following a -0.5% decline in November. Industrial production plunged -1.7% mom in November from a 1.6% gain in October while retail sales climbed 1.3% yoy in November, compared with a -1.2% drop in October. The market had anticipated a 1.2% gain. Unemployment rate dipped -0.1% to 4.1% in November. This was better than market expectation of no change at 4.2%. Household spending climbed 0.2% yoy in November after a -0.1% drop in the prior month. However, the market had anticipated a 0.8% gain.
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Mid-Day Report: Dollar Turns Soft as Budget Talk Resumes, Yen Weakness Continues Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 14:03 GMT
Markets are generally trapped in tight holiday trading today. European indices are mixed while US futures point to a flat opening. Dollar's recovery lost steam and weakens broadly today as US President Obama is back from holiday and is set to resume budget talks. But investors are getting increasingly skeptical that a deal could be made before January 1. Senate will return to Capitol at evening today too. House Speaker Boehner urged yesterday that "the Senate must act first" and promised that House would weigh whatever Senate approves. Boehner said that House will either consider to accept the bills or send them back to Senate with amendments. Treasurer Geithner said in a letter to Congress yesterday that the government would hit the debt ceiling on Monday but he'd use "extraordinary measures" to prevent hitting that limit. He would use accounting measures to save approximately $200b and thus avoid reading the debt limit as fiscal cliff negotiation continues.
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EUR/USD Mid-Day Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 13:28 GMT
EUR/USD recovers today but is still limited below 1.3308 resistance. Intraday bias remains neutral and another fall could be seen as consolidation continues. But we'd still expect downside to be contained by 1.3126 support and bring another rally. Above 1.3308 will target 61.8% projection of 1.2042 to 1.3171 from 1.2661 at 1.3359 next. However, break of 1.3126 will at least indicate that deeper fall is underway to 1.2876 support and below.
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GBP/USD Mid-Day Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 13:20 GMT
As noted before, the fall from 1.6306 was deeper than expected and mixed up near term outlook. As long as 1.6205 minor resistance holds, deeper decline could be seen to 1.6001. Break will target a retest on 1.5827. On the upside, above 1.6205 minor resistance will turn bias back to the upside for 1.6309 key resistance level.
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USD/CHF Mid-Day Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 13:05 GMT
USD/CHF dips mildly today but is stills staying above 0.9083. Intraday bias remains neutral and more consolidations could be seen. But after all, in case of recovery, upside should be limited by 0.9240 support turned resistance and bring fall resumption. Below 0.9083 will target 61.8% projection of 0.9971 to 0.9214 from 0.9512 at 0.9044 next.
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USD/JPY Mid-Day Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 13:03 GMT
USD/JPY's rally is still in progress and intraday bias remains on the upside. Current rise from 77.13 should now target should target 161.8% projection of 79.20 to 82.83 from 82.11 at 87.98 next. On the downside, break of 84.60 support is needed to signal short term topping. Otherwise, outlook will stay bullish in case of retreat.
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AUD/USD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 05:26 GMT
Intraday bias in AUD/USD remains on the downside for the moment and current fall from 1.5084 should extend to 1.0286 first. Break there will confirm our bearish view that whole rebound from 1.0148 is already finished at 1.0584 and target 1.0148 and below. On the upside, above 1.0415 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 1.0584 resistance and bring another fall.
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USD/CAD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 05:25 GMT
As noted before, the pull back from 1.0056 should have finished at 0.9825 already. Further rise is still expected as long as 0.9897 minor support holds, for 1.0056 resistance. Break there will confirm resumption of whole rally from 0.9633. However, below 0.9897 minor support will dampen this view and turn focus back to 0.9825 instead.
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GBP/JPY Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 05:10 GMT
GBP/JPY rises to as high as 138.56 so far and intraday bias is now on the upside. Current rally should now target 140.02 key resistance level next. On the downside, break of 135.88 support is needed to signal short term topping. Otherwise, near term outlook will stay bullish in case of retreat.
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EUR/JPY Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 04:46 GMT
EUR/JPY rises further to as high as 133.65 so far and intraday bias is on the upside for the moment. Current rise from 100.32 is part of the rally from 94.11 and should target 161.8% projection of 94.11 to 104.58 from 100.32 at 117.26 next. On the downside, break of 110.62 is needed to indicate short term topping. Otherwise, outlook will stay bullish even in case of retreat.
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EUR/GBP Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 04:36 GMT
EUR/GBP rose to as high as 0.8208 so far and intraday bias remains on the upside for the moment. Rebound from 0.7755 is in progress and should target 38.2% retracement of 0.9083 to 0.7755 at 0.8262 next. And, we'll hold on to the bullish view as long as 0.8115 support holds, even in case of retreat.
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EUR/AUD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 04:29 GMT
Intraday bias in EUR/AUD remains on the upside as rebound from 1.2159 is heading back to 1.2823 near term resistance level. As noted before, EUR/AUD could be forming a head and shoulder bottom pattern (ls: 1.2132, h: 1.1602, rs: 1.2159). Break of 1.2823 should confirm this bullish case and target 1.3028 and above. On the downside, though, below 1.2659 minor support will dampen this bullish view and bring pull back back to 1.2286/2544 support zone instead.
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EUR/USD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 04:25 GMT
EUR/USD's consolidation from 1.3308 is still in progress and intraday bias remains neutral for the moment. As this point, we'd still expect downside to be contained by 1.3126 support and bring another rally. Above 1.3308 will target 61.8% projection of 1.2042 to 1.3171 from 1.2661 at 1.3359 next. However, break of 1.3126 will at least indicate that deeper fall is underway to 1.2876 support and below.
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GBP/USD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 04:18 GMT
GBP/USD's fall from 1.6306 extend further to as low as 1.6101 so far the the break of 1.6130 support mixed up the near term outlook. Intraday bias is mildly on the downside for the moment a deeper decline would be seen to 1.6001. Break will target a retest on 1.5827. On the upside, above 1.6205 minor resistance will turn bias back to the upside for 1.6309 key resistance level.
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USD/CHF Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 04:16 GMT
USD/CHF's consolidation from 0.9083 is still in progress and intraday bias remains neutral for the moment. More sideway trading might be seen but in case of recovery, upside should be limited by 0.9240 support turned resistance and bring fall resumption. Below 0.9083 will target 61.8% projection of 0.9971 to 0.9214 from 0.9512 at 0.9044 next.
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USD/JPY Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 04:01 GMT
USD/JPY jumps to as high as 85.83 so far today and remains firm. The break of 85.51 key resistance has larger bullish implications. Now, intraday bias remains on the upside and current rally should target 161.8% projection of 79.20 to 82.83 from 82.11 at 87.98 next. On the downside, break of 84.60 support is needed to signal short term topping. Otherwise, outlook will stay bullish in case of retreat.
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Daily Report: Yen Extends Decline as Abe Took Power Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 27 12 04:00 GMT
Yen selloff was the main theme over thin holiday markets as USD/JPY soared to 27 month high and broke a key resistance level at 85.51. Shinzo Abe was elected by the parliament as prime minister on Wednesday, after his party won a landslide victory in an election earlier this month. Abe reiterated his strong pledge to pressure BoJ into "bold monetary easing" and setting a 2% inflation target. He is expected to appoint a cabinet of close allies and some analysts said there seems to be a broad consensus among politicians on stronger BoJ actions. Meanwhile, the new finance minister Taro Aso said today that Abe has instructed him to formulate a stimulus package while new economics minister Akira Amari said that yen needs to maintain recent downward trends. Also, the BoJ minutes released earlier this week noted that some members proposed open-ended asset purchases until hitting the current 1% inflation target.
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EUR/USD Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 16:47 GMT
EUR/USD rose to as high as 1.3308 last week before forming a temporary top there and retreated. Initial bias is neutral this week and deeper fall might be seen. But downside should be contained by 1.3126 support and bring another rally. Above 1.3308 will target 61.8% projection of 1.2042 to 1.3171 from 1.2661 at 1.3359 next. However, break of 1.3126 will at least indicate that deeper fall is underway to 1.2876 support and below.
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USD/JPY Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 15:42 GMT
USD/JPY edged higher to 84.61 last week before forming a temporary top there and turned sideway. Initial bias is neutral this week for some consolidations. Note that we'd be cautious on topping sideway 84.17/85.51 resistance zone. Below 83.80 minor support will turn bias to the downside and break of 82.83 support will be first sign of reversal. Above 84.61 will bring another rise towards 85.51 key resistance.
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GBP/USD Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 15:00 GMT
GBP/USD rose to as high as 1.6306 last week but faced strong resistance fro 1.6309 and retreated sharply since then. Initial bias is neutral this week for some more sideway trading. At this point, we'd expect downside to be contained by 1.6130 resistance turned support and bring another rally. Decisive break of 1.6309 will have larger bullish implication and should target 1.6618/6746 resistance zone next. However, break of 1.6130 will dampen this bullish view and would at least bring deeper decline to 1.6601 support and below.
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USD/CHF Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 14:56 GMT
USD/CHF dropped further to as low as 0.9083 last week before forming a temporary low there and recovered. Initial bias is neutral this week for some consolidations first. But in case of recovery, upside should be limited by 0.9240 support turned resistance and bring fall resumption. Below 0.9083 will target 61.8% projection of 0.9971 to 0.9214 from 0.9512 at 0.9044 next.
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AUD/USD Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 14:51 GMT
AUD/USD's fall from 1.0584 extended last week and the development, with a close below near term rising channel, suggests that corrective rebound from 1.0148 has already completed. Initial bias is on the downside this week for 1.0286 support first. Break will confirm this bearish case and target 1.0148 and below. On the upside, above 1.0464 minor resistance, though, will dampen this bearish case and turn focus back to 1.0584 instead.
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USD/CAD Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 14:46 GMT
USD/CAD's strong rebound last week suggests that pull back from 1.0056 has already completed at 0.9825. Initial bias is on the upside this week and strong rally would be seen to retest 1.0056 resistance first. Note that firstly, 61.8% retracement of 0.9633 to 1.0056 at 0.9795 remains intact. Secondly, structure of the fall from 1.0056 is corrective in nature. That is, such decline is merely a correction and rise from 0.9633 is still in progress. Break of 1.0056 will confirm this bullish case. On the downside, below 0.9897 minor support through, will dampen this view and turn focus back to 0.9825 instead.
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GBP/JPY Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 14:32 GMT
GBP/JPY jumped further to as high as 137.86 last week before forming a temporary top there and retreated. Initial bias is neutral this week for some consolidations. In case of deeper retreat, downside should be contained above 132.90 resistance turned support and bring another rally. Above 137.86 will target 140.02 key resistance level next.
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EUR/JPY Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 14:26 GMT
EUR/JPY rose further to as high as 112.49 last week before forming a temporary top there and retreated. Initial bias is neutral this week for some consolidations. Break of 110.36 minor support will bring deeper retreat. But downside should be contained by 107.95 resistance turned support and bring another rally. Above 112.49 will target 161.8% projection of 94.11 to 104.58 from 100.32 at 117.26.
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EUR/AUD Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 14:20 GMT
EUR/AUD rose sharply last week and the break of 1.2544 resistance confirmed resumption of rebound from 1.2159. Also, the development now raised the possibility that EUR/AUD is forming a head and shoulder bottom pattern (ls: 1.2132, h: 1.1602, rs: 1.2159). Initial bias remains on the upside this week for 1.2823 resistance. Break should confirm this case and target 1.3028 and above. On the downside, though, below 1.2468 minor support will turn focus back to 1.2286 support instead.
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EUR/GBP Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 14:05 GMT
EUR/GBP edged higher to 0.8168 minor last week and breached 0.8164 resistance. The development suggests that rebound from 0.7755 is resuming. Though, no follow through buying was seen after that. Initial bias is neutral this week and some sideway trading could be seen. At this point, we're favoring the case that consolidation pattern from 0.8164 has already finished at 0.8035 already and further rise will remain in favor as long as 0.8097 support holds. Above 0.8168 will resume whole rebound from 0.7755 and should target 38.2% retracement of 0.9083 to 0.7755 at 0.8262. On the downside, below 0.8097 minor support will turn bias back to the downside for 0.8035 support and below to extend the consolidation instead.
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EUR/CHF Weekly Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 22 12 01:19 GMT
EUR/CHF was stuck in tight range last week and consolidative trading continued. Downside was contained above 1.2062 minor support so far. But after all, current development suggests that the cross would likely spiral lower through 1.2062 back towards 1.2 psychological level. Then again, strong support should be seen there to contain downside. Meanwhile, break of 1.2129 resistance is needed to signal buying momentum again. Otherwise, outlook will stay neutral.
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EUR/USD Mid-Day Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 14:09 GMT
EUR/USD's consolidation from 1.3308 temporary top is still in progress and intraday bias remains neutral. Deeper recovery cannot be ruled out but downside should be contained by 1.3126 support and bring another rally. Above 1.3308 will target 61.8% projection of 1.2042 to 1.3171 from 1.2661 at 1.3359 next.
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GBP/USD Mid-Day Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 14:07 GMT
GBP/USD's consolidation from 1.6306 temporary top is still in progress and intraday bias neutral. Deeper decline cannot be ruled out but downside should be contained above 1.6130 resistance turned support and bring another rally. On the upside, decisive break of 1.6309 will have larger bullish implication and should target 1.6618/6746 resistance zone next.
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USD/JPY Mid-Day Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 14:05 GMT
Intraday bias in USD/JPY remains neutral for the moment and some more consolidations could be seen below 83.61. Below 83.61 will bring deeper decline to 81.71/82.83 support zone. Break there will argue that rise for 77.13 has finished and turn near term outlook bearish. Meanwhile, in case of another rise, we'd continue to be cautious on reversal signal ahead of 85.51 key resistance. However, again, sustained break of 85.51 will have larger bullish implication and will pave the way for stronger rally ahead.
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USD/CHF Mid-Day Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 14:04 GMT
USD/CHF continues to consolidate above 0.9083 temporary low and intraday bias remains neutral. Stronger recovery cannot be ruled out but upside should bel limited by 0.9240 resistance and bring another fall. Below 0.9083 will extend the fall from 0.9512 to 61.8% projection of 0.9971 to 0.9214 from 0.9512 at 0.9044 next.
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Mid-Day Report: Risk Aversion Continues to Pressure CAD and AUD Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 14:03 GMT
Risk aversion continues to dominate markets today and lifts dollar and yen. Though, buying are mostly centered against commodity currencies as European majors are basically bounded in range. European indices are generally lower while US equities point to a sharply lower opening. Sentiments are weighed down by concerns over fiscal cliff negotiation after House Speaker Boehner cancelled the "plan B" vote yesterday. And, there are now less than 10 days for politicians to reach a deal to avert tax hikes and spending cuts to take effect on January 1. Economic data from US are generally positive but provide little support to risk markets. Durable goods orders rose 0.7% in November versus expectation of 0.2%. Ex-transport orders rose 1.6% versus expectation of -0.2%. Personal income rose 0.6% and beat expectation of 0.3%. Though, spending dropped d-0.2% versus expectation of 0.4%. Core PCE moderated to 1.5% yoy.
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GBP/JPY Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 09:45 GMT
Intraday bias in GBP/JPY remains neutral for the moment and some more consolidations could be seen below 137.86 temporary top. In case of deeper retreat, downside should be contained above 132.90 support and bring another rally. Above 137.86 will target 140.02 key resistance level.
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EUR/JPY Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 09:39 GMT
Intraday bias in EUR/JPY remains neutral and some more consolidations could be seen below 112.49 temporary top. Below 110.36 will bring deeper retreat but downside should be contained above 107.95 resistance turned support and bring another rally. Prior break of 111.43 resistance has larger bullish implication. Above 112.49 will target 161.8% projection of 94.11 to 104.58 from 100.32 at 117.26.
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EUR/GBP Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 09:34 GMT
Intraday bias in EUR/GBP remains neutral for the moment and some sideway trading might be seen. But again, with 0.8097 minor support intact, further rally is still expected. As noted before, consolidation pattern from 0.8164 might have finished with three waves to 0.8035 already. Break of 0.8164 will confirm resumption of whole rebound from 0.7755 and should target 38.2% retracement of 0.9083 to 0.7755 at 0.8262. On the downside, below 0.8097 minor support will turn bias back to the downside for 0.8035 support and below to extend the consolidation instead.
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EUR/AUD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 09:31 GMT
EUR/AUD's rebound from 1.2159 is still in progress and current rally would target to test 1.2728/2823 resistance zone. On the downside, below 1.2468 minor support will turn bias back to the downside with focus back on 1.2286 support.
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EUR/USD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 09:08 GMT
EUR/USD's consolidation from 1.3308 temporary top is still in progress and intraday bias remains neutral. Deeper recovery cannot be ruled out but downside should be contained by 1.3126 support and bring another rally. Above 1.3308 will target 61.8% projection of 1.2042 to 1.3171 from 1.2661 at 1.3359 next.
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GBP/USD Daily Outlook Print E-mail
Action Insight Archives | Written by ActionForex.com | Dec 21 12 09:05 GMT
GBP/USD's consolidation from 1.6306 temporary top is still in progress and intraday bias neutral. Deeper decline cannot be ruled out but downside should be contained above 1.6130 resistance turned support and bring another rally. On the upside, decisive break of 1.6309 will have larger bullish implication and should target 1.6618/6746 resistance zone next.
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