Action Insight Daily Report 12-21-18

DOW Dropped to Critical Fib Level, Yield Curve Flattened Further

Action Insight Daily Report 12-21-18 DOW Dropped to Critical Fib Level, Yield Curve Flattened Further While risk aversion continued in Asian session, volatility cooled mildly. Major pairs and crosses are staying in relatively tight range. Swiss Franc and Sterling are generally higher while commodity currencies are soft. But the picture for the day could easily change. For the week, dusts have little settled. Yen is trading as the strongest one on risk aversion. Euro, as second strongest, is supported by weakness in Dollar and Italy-EU budget deal. Australian Dollar is the weakest one, followed by Canadian and then New Zealand Dollar. Technically, USD/CHF breached 0.9848 key support but quickly recovered. USD/JPY is close to 110.75 key fibonacci level. Meanwhile, EUR/JPY took out 127.61 support quite firmly yesterday. GBP/JPY also break 141.17 support. More downside is now favored in both Yen crosses. We'll see whether further decline in EUR/JPY and GBP/JPY would drag USD/JPY down. Or, selloff in EUR/JPY and GBP/JPY with rebound in USD/JPY and USD/CHF would drag down EUR/USD and GBP/USD. Full Report Here Japan cabinet approved record fiscal 2019 budget Asian update: Nikkei dropped to lowest since Sep 2017, Yen stays... Quick Comments Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOE Turns Dovish as Brexit Deadline Nears, Yet No Deal is... FOMC Review – Fed Not As Dovish As Expected Oil Fundamentals Remain Fragile Despite OPEC+ Cut. Saudi's Over-Optimistic Budget Reinforces... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Daily Outlook Daily Pivots: (S1) 110.53; (P) 111.57; (R1) 112.33; More.. USD/JPY dropped to as low as 110.81 so far before recovery mildly. Outlooks is unchanged that price actions from 114.54 are viewed as a consolidation pattern. We'd continue to expect downside to be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. On the upside, break of 111.84 will turn bias back to the upside for rebound to 4 hour 55 EMA (now at 112.56). However, firm break of 110.75 will target 61.8% retracement at 108.40. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Bloodbath In Global Equity Markets Continues USD/JPY Bearish Breakout Confirms Impulsive Wave 3 Can Aggressive Elliott Wave View In Nikkei Will Play Out? AUD/USD And NZD/USD Turned Sell On Rallies USD/JPY Nosedives Below 112.00, US GDP Next S&P 500: So Much For A Santa Rally! Markets Trend Every Which Way But Up China Weekly Letter: Major Tax Cuts Coming – Trade Talks on Track Fundamental Analysis | Technical Analysis In-depth Reports BOE Turns Dovish as Brexit Deadline Nears, Yet No Deal is Secured FOMC Review - Fed Not As Dovish As Expected Fed More Dovish, But Markets Hoped For More Where The Fed May Be Wrong Italian Politics Monitor: Budget Balancing Act Year ahead - Gold: Worst- & Best-Case Scenarios in 2019 The Only Thing We Have To Fear… Is Fear Itself US: Economy Set To Remain Strong In 2019 2019: The Year of the Deal What to Expect From Central Bankers in 2019 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY National CPI Core Y/Y Nov 0.90% 1.00% 1.00% 7:00 EUR German GfK Consumer Confidence Jan 10.3 10.4 9:30 GBP Public Sector Net Borrowing Nov 7.0B 8.0B 9:30 GBP Current Account Balance (GBP) Q3 -22.2B -20.3B 9:30 GBP GDP Q/Q Q3 F 0.60% 0.60% 9:30 GBP Total Business Investment Q/Q Q3 F -1.20% -1.20% 13:30 CAD Retail Sales M/M Oct 0.60% 0.20% 13:30 CAD Retail Sales Ex Auto M/M Oct 0.30% 0.10% 13:30 CAD GDP M/M Oct 0.20% -0.10% 13:30 USD GDP Annualized Q/Q Q3 T 3.50% 3.50% 13:30 USD GDP Price Index Q3 T 1.70% 1.70% 13:30 USD Durable Goods Orders Nov P 1.80% -4.30% 13:30 USD Durables Ex Transportation Nov P 0.30% 0.20% 15:00 EUR Eurozone Consumer Confidence Dec A -4 -4 15:00 CAD BoC Business Outlook Survey 15:00 USD Personal Income Nov 0.30% 0.50% 15:00 USD Personal Spending Nov 0.30% 0.60% 15:00 USD PCE Deflator M/M Nov 0.20% 15:00 USD PCE Deflator Y/Y Nov 2.00% 15:00 USD PCE Core M/M Nov 0.20% 0.10% 15:00 USD PCE Core Y/Y Nov 1.90% 1.80% 15:00 USD U. of Mich. Sentiment Dec F 97.6 97.5

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