Action Insight Market Overview	Markets Snapshot
Sentiments Weak on Greek Referendum and Global Manufacturing Data Sentiments have been weak after Greek's referendum call re-raised concern over Eurozone debt crisis. Risk markets are further sold off today after poor manufacturing data around the world. Just released in US session, ISM manufacturing index unexpectedly dropped to 50.8 in October, versus a rise to 52.2. Price paid component dived sharply to 41. European major indices are all in red with DAX and CAD down more than -4.5% while FTSE is down -2.7%. DOW opened sharply lower today and is down over -200 pts at the time of writing while dollar index jumps to as high as 77.67 so far. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3734; (P) 1.3952 (R1) 1.4076; More. EUR/USD"s fall from 1.4268 extended further to as low as 1.3608 so far today and the break of 1.3652 support indicates that rebound from 1.3145 is already finished after missing 61.8% retracement of 1.4939 to 1.3145. Deeper decline could be seen retest 1.3145 low. On the upside, above 1.3871 minor resistance will turn bias neutral and bring recovery. But break of 1.4246 resistance is needed to confirm resumption of rise from 1.3145. Otherwise, we won't turn bullish for the moment. 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

Featured Technical Report

RBA Cut Cash Rate To 4.5%, Not A Beginning Of Easing Cycle The RBA cut the cash rate for the first time since April 2009, by -25 bps, to 4.5% as inflation has been contained by 'subdued demand conditions' and 'high exchange rate'. In the policy statement, the RBA delivered a more cautious view in global economic growth. It also lowered its inflation forecast and signaled growth outlook will be more in line with trend. We believe the reduction in interest rate is more of fine-tuning of the monetary policy than a beginning of an easing cycle. Read more... Fed to Hold Policy Stance Unchanged, Focus on Improving Communication At the November FOMC meeting, the Fed will likely leave the policy rate unchanged at 1% and will not announce additional easing measures as recent economic data improved. Yet, the focus lies on policymakers' discussion about ways of increasing transparency and tools to boost growth when needed. At the post-meeting press conference, Chairman Ben Bernanke will assure the market that the stimulus currently in place is sufficient and the Fed will promptly implement further easing measures should the recovery disappoint. Read more...

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GMT Ccy Events Actual Consensus Previous Revised 00:30 AUD House Price Index Q/Q Q3 -1.20% -1.50% -0.10% -0.50% 01:00 CNY PMI Manufacturing Oct 51 51.8 51.2 03:30 AUD RBA Rate Decision 4.50% 4.50% 4.75% 08:30 CHF SVME-PMI Oct 46.9 47.7 48.2 09:30 GBP GDP Q/Q Q3 A 0.50% 0.30% 0.10% 09:30 GBP GDP Y/Y Q3 A 0.50% 0.40% 0.60% 09:30 GBP Index of Services 3M/3M Aug 0.40% 0.50% 0.90% 0.80% 09:30 GBP PMI Manufacturing Oct 47.4 50 51.1 14:00 USD ISM Manufacturing Oct 50.8 52.2 51.6 14:00 USD ISM Prices Paid Oct 41 55 56 14:00 USD Construction Spending M/M Sep 0.20% 0.30% 1.40%
Orders and Options Watch
US Session: Orders and Options Watch EUR: Euro's broad-based weakness on renewed eurozone debt concerns after the Greek OM referendum call is definitely the main theme, most bids were basically cleared and U.S. funds were seen selling EUR/USD actively, stops below 1.3700 and 1.3650 were triggered and more stops below 1.3600, 1.3570 and 1.3550 are in focus. Risk aversion also put pressure on the single currency with Dow Future down almost 200 points, offers are lined up at 1.3690-00 and also 1.3720-30 with more selling interest likely to emerge further out at 1.3770-80 and 1.3810-20. Read more...
Forex Trade Ideas
Trade Idea Update: GBP/USD – Sell at 1.6030 As the British pound has remained under pressure after breaking support at 1.5965, adding credence to our view that top has been formed at 1.6167 yesterday and consolidation with mild downside bias remains for retracement of recent upmove to support at 1.5890-92, however, a sustained breach of this level is needed to turn outlook bearish for at least a stronger retracement of recent upmove to 1.5848-53 Read more... Trade Idea: AUD/USD – Sell at 1.0490 Aussie’s sharp retreat from 1.0753 signals recent upmove has formed a temporary top there and consolidation with downside bias is seen for weakness to support at 1.0322, break there would add credence to this view and bring further fall to 1.0290/00 and later towards 1.0232 (38.2% Fibonacci retracement of 0.9388-1.0753), then 1.0200, however, reckon support at 1.0145/50 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: 1430 - 1500
Suggested Readings
Fundamental Highlights UK: Despite Surprise in 3Q GDP, Oct Manufacturing Data Points to Weak 4Q Safe Havens Benefit as Uncertainty Rises UK Q3 GDP Better than Expected, but Could be a One-off Greece Steals the Limelight as Draghi Takes the Top Spot at the ECB Greek PM Shocks The Market With Referendum Call - What Now? RBA Cuts Rates To 4.50%, Grace Period For Greek Rescue Running Out Technical Highlights EUR/GBP Wipes Away the Entire October Rally with 3 Days of Free Fall GBP/USD at 1.59 Support after Double Top FX Thoughts for the Day EUR/USD at Support Cluster after Channel Breakout USDJPY - Recovery Intact, Biased To The Upside Above The 77.40/85 Levels