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The markets had a reasonable consolidation day, but ended lower on the session, due to profit-taking from a very overbought condition. Although at mid-day they did reach new rally highs, a pullback in the last couple hours pulled them back into negative territory. The day started out with a gap down. They went lower and reached session lows early in the first half hour, rallied nicely and snapped back to retest the highs, but at that point went sideways in a multi-hour consolidation. They

Quote: ‘The only reason I would take up jogging is so that I could hear heavy breathing again.’ Erma Brombeck (1927-1996) The News: Toyota to close Japanese plants for 11 days in February and March to reduce stocks of unsold cars. The Numbers: Greenwich Mean Time, with expectations and previous figures in brackets. (22:00) US December Total Vehicle Sales 10.28M versus 10.13M November; Chrysler –53%. (23:50) JP December Monetary Base +1.8% Y/Y versus +1.9% November. 00:01 GB December Nationwide

EUR/USD Probes 50% retrace of 1.2549/1.4720 upleg near 1.3629 low from 16 of December ahead of minor equality target at 1.3467. Consolidation breakout at 1.3840 caps for now. Res: 1.3660, 1.3709, 1.3750, 1.3840 Sup: 1.3467, 1.3407, 1.3378, 1.3250 USD/JPY Last Friday's bull flag breakout beckons to eye 93.91, nr 50% -100.56/87.13 fall next. Extended highly conditions however caution and below 92.85 defers. Res: 93.59, 94.91, 94.25, 94.60 Sup: 92.82, 92.41, 91.80, 91.46 GBP/USD Hourly RSI

Action Insight Daily Report Euro Remains Pressured ahead of Inflation Release, Busy Calendar Ahead Euro remains pressured as markets are awaiting the highly anticipated HICP inflation flash estimate in Dec from Eurozone. ECB comments took a drastic turn with ECB member Constancio and Vice President Papademos voicing out support for rate cuts should inflation ease further. HICP is expected to ease from 2.1% yoy to 1.8% yoy in Dec which is consistent with ECB's definition of price stability of

INTRA-DAY GBP/USD OUTLOOK : +1.4579+ Updating time : 06 Jan 2009 07:08 GMT Current retreat signals recovery fm 1.4568 has ended n erratic decline fm 1.4740 shud resume for weakness to 1.4530/35, however, reckon downside wud be ltd to 1.4500 n 1.4475 wud hold, yield a rebound later today. Sell with stop as indicated, break wud risk 1.4651, abv wud confirm low is in place… Range Forecast +1.4550 / 1.4590+ Resistance/Support R: 1.4651/1.4740/1.4831 S: 1.4551/1.4475/1.4428

Today's session started rather quiet as markets looked to take a breath after the big moves in the US, but the quiet was fleeting as a late Dollar surge set the markets moving. The calming 100 pip range in Asia was a nice respite after the overnight US drop of four handles, but as the session wound down, the EUR/USD fell from 1.3610ish levels to prices just above 1.3500 in less than an hour. Exuberance of the possibility of a huge stimulus package by president elect Obama coupled with the

Pair has retraced 50% of rise from low to 1.4719 (1.3525). Below Triangle off 1.4719 (see graph): Support area at 1.3505 (today’s low?), with next levels at 1.3468 (daily envelope bottom) and 1.3410 (daily Long Term Moving Average↑): tough on 1st attempts. Resistance at 1.3656 (today’s high?), with next levels at 1.3727 (daily envelope top) and 1.3793 (daily Short Term Moving Average↓), where pause favored. If wrong , next levels at 1.3837/ .3854 (breakdown daily/ daily Bollinger midline),

European Session EUR/USD - Euro Dollar 1,3544. EUR USD is in an downtrend directed by 1H exponential moving averages. The volatility is low. Bollinger bands are parallel and form the trend. ForexTrend 1H (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR USD. The downtrend should continue on 1,3250 support (294 pips). => We could take a short position at 1,3550. We will put the stop loss above 1,3660 (-110 pips).

The euro could face increased selling pressures over the next 24 hours of trading as economists expect the Euro-Zone CPI estimate to fall to an annual rate of 1.8% from 2.1% in November. Trading the News: Euro-Zone Consumer Price Index Estimate What’s Expected Time of release: 01/06/2009 10:00 GMT, 05:00 EST Primary Pair Impact : EURUSD Expected: 1.8% Previous: 2.1% Effect the Euro-Zone Consumer Price Index Estimate had over EURUSD for the past 3 months

INTRA-DAY AUD/USD OUTLOOK :       0.7116 Updating time : 06 Jan 2009 04:46 GMT Aussie's retreat after meeting renewed selling at 0.7161 suggests downside bias is seen for weak- ness to 0.7104 n break wud confirm a temp. top has been made y'day at 0.7203, yield correction of re- cent upmove twds 0.7062. Sell at market for this move, stop as indicated, abv prolongs choppy trading n risks gain to 0.7161. Range Forecast 0.7104 / 0.7125 Resistance/Support R: