US yields edged higher overnight

Action Insight Market Overview	Markets Snapshot
Dollar Consolidates in Quite Markets Markets are rather quite this week so far. Dollar seemed to have formed a temporary top against other major currencies and some consolidations would probably be seen. While US yields edged higher overnight, USD/JPY stayed in sideway trading below yesterday's high of 102.04. EUR/USD is back above 1.3 handle for the moment. In other markets, gold is consolidating around 1430/40 level while crude oil hovers around 95. Asian equities are mixed after DOW closed mildly down -0.18%. German ZEW is the main focus today but would probably trigger little reactions. Full Report Here...
Featured Technical Report
USD/JPY Daily Outlook Daily Pivots: (S1) 101.50; (P) 101.82; (R1) 102.13; More... With 4 hours MACD crossed below signal line, a temporary top in 102.14 and intraday bias is turned neutral for some consolidations. Downside of retreat should be contained above 99.45 support and bring another rally. Above 102.14 will extend recent up trend to 161.8% projection of 77.13 to 96.70 from 92.56 at 104.65 next. 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

Economic Indicators Update
GMT Ccy Events Actual Consensus Previous Revised 22:45 NZD Retail Sales Ex Inflation Q/Q Q1 0.50% 0.80% 2.10% 1.90% 23:01 GBP RICS House Price Balance Apr 1% 2% -1% -2% 23:50 JPY Domestic CGPI Y/Y Apr 0.00% -0.20% -0.50% 23:50 JPY Loans & Discounts Corp Y/Y Mar 1.47% 1.40% 6:00 EUR German CPI M/M Apr F -0.50% -0.50% 6:00 EUR German CPI Y/Y Apr F 1.20% 1.20% 6:00 JPY Machine Tool Orders Y/Y Apr P -21.50% 9:00 EUR Eurozone Industrial Production M/M Mar 0.50% 0.40% 9:00 EUR German ZEW (Economic Sentiment) May 40 36.3 9:00 EUR German ZEW (Current Situation) May 9.8 9.2 9:00 EUR Eurozone ZEW (Economic Sentiment) May 27.3 24.9 12:30 USD Import Price Index M/M Apr -0.50% -0.50% 23:50 JPY Tertiary Industry Index M/M Mar -0.70% 1.10%
Orders and Options Watch
US Session: Orders and Options Watch EUR: Although the single currency dropped in New York opening shortly after the release of stronger-than-expected U.S. retail sales data, demand from Asian sovereign names emerged again and brought the pair back to where it was pre-data, bids from same parties remain at 1.2945-50 and also is still seen at 1.2925-35 (stops below), more stops are expected below 1.2900 (some bids above), some buy orders are scattered around 1.2875-80 and further out at 1.2850. On the upside, offers in good size remain at 1.2995-1.3000 and also at 1.3020, more sell orders from various parties are located at 1.3040-50 (option related) and further out at 1.3080-1.3100, followed by combination of offers and stops at 1.3120-30. Read more...
Forex Trade Ideas
Trade Idea Wrap-up: GBP/USD - Sell at 1.5385 As the British pound has fallen again after meeting renewed selling interest at 1.5385, suggesting the decline from 1.5607 top is still in progress and may extend further weakness to 1.5253-55 (61.8% Fibonacci retracement of intermediate rise from 1.5034-1.5607), then towards 1.5220 (50% Fibonacci retracement of entire rise from 1.4832-1.5607), however, near term oversold condition should prevent sharp fall below 1.5190-5200 and risk from there is seen for a rebound later. Read more... Trade Idea: USD/CAD - Hold long entered at 1.0100 Despite last week's fall to 1.0014, the subsequent strong rebound to 1.0152 low is possibly formed at 1.0014 and consolidation with mild upside bias remains for further gain to 1.0200 but break of 1.0210-15 is needed to retain bullishness and bring a stronger rebound towards resistance at 1.0295. Looking ahead, the greenback needs to penetrate this key resistance to signal the correction from 1.0343 has indeed ended at 1.0014 and bring an eventual retest of this recent high, above there would confirm early upmove has resumed for headway to 1.0390-00. 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 EUR/USD: US Retail Sales Rose Unexpectedly In April Some Factors Behind The Rally In USD/JPY John Taylor Says The Aussie Is A Bubble, Time To Buy? Technical Highlights GBP/USD Breaks Down Channel Support EUR/USD Stabilizes Around 1.3 After US Retail Sales Bond Yields And The Aussie NZD/USD Challenges Key Rising Channel Support