Action Insight Daily Report 5-7-19

The Show of US-China Trade Talks Will Go On Despite Tariff Threats

Action Insight Daily Report 5-7-19 The Show of US-China Trade Talks Will Go On Despite Tariff Threats Markets sentiments stabilized as more information was revealed regarding escalation of US-China trade tensions. The Chinese delegation will still travel to the US, with Vice Premier Liu He remaining as the lead negotiator. While there are still a lot of uncertainties with tariffs threats on, there is a least some hope for another about turn before new tariffs are imposed this Friday. Meanwhile, RBA refrained from cutting interest rates pre-emptively. Australian Dollar is double supported and rebounds strongly today. Sterling is currently the second strongest one after Aussie, followed by Canadian. Dollar is now the weakest one for today, followed by Swiss Franc and then New Zealand Dollar. However, it should be note that the greenback is staying above last week's close against all except Euro, Yen and Aussie. Yen remains the strongest one for the week. That is, risk aversion is not totally eased. Technically, EUR/USD and USD/CHF remains bounded in tight range, maintains near term bearish outlook. USD/JPY is staying near term bearish. EUR/JPY continues to defend 123.39 key support but looks vulnerable. AUD/USD, despite today's rebound, is held below 0.7069 resistance and stays near term bearish. Though, EUR/AUD's break of 1.5920 minor support is an early sign of near term reversal. Overnight, DOW closed down just -0.25% at 26438.48 after diving to as low as 26033.95, paring most of initial losses. S&P 500 dropped -0.50%. NASDAQ dropped -0.45%. 10-year yield dropped -0.031 to 2.500. In Asia, Hong Kong HSI is up 0.46%. China Shanghai SSE is up 0.69%. Singapore Strait Times is up 0.71%. Japan is still enjoying the 10-day holiday. Full Report Here China VP Liu to visit US on May 9-10 despite new... Japan PMI manufacturing finalized at 50.2, recent drop in momentum potentially... RBA stands pat at 1.50%, revised down growth and inflation forecasts Australia retail sales rose 0.3%, trade surplus narrowed to AUD 4.95B Lighthizer and Mnuchin noted erosion of commitment by China in trade... Fed Harker and Kaplan see low inflation as transitory Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBNZ Preview – Chance of Rate Cut Increases as Job Market... CFTC Commitments of Traders – Precious Metals Seen Broad-based Increase in... CFTC Commitments of Traders – Traders Increased Short Bets on World... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Outlook Daily Pivots: (S1) 0.6972; (P) 0.6987; (R1) 0.7013; More... Intraday bias in AUD/USD is turned neural with today's strong rebound. Though, as long as 0.7069 resistance holds, near term outlook stays cautiously bearish and deeper decline is expected. On the downside, break of 0.6962 will resume the fall from 0.7295 to 100% projection of 0.7295 to 0.7003 from 0.7205 at 0.6913. Decisive break there will indicate further downside acceleration and pave the way to retest 0.6722 low. However, considering bullish convergence condition in 4 hour MACD, firm break of 0.7069 will indicate near term bottoming and turn bias back to the upside for 0.7205 resistance and above. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBPUSD Bulls Back In Play After Reaching 6-Week Low RBA Holds Rates Steady in Line with Westpac’s Forecast China Confirms Trade Talks In Washington This Week NZD Under Pressure Ahead Of RBA And RBNZ Meetings GBP/USD Could Rebound Further Above 1.3200 Will The S&P 500 Shrug Off US-China Trade Fears? Thunder From The Land Down Under Fundamental Analysis | Technical Analysis In-depth Reports RBA Holds Rates Steady in Line with Westpac's Forecast Doubling Down on the Trade Dispute with China US-China Trade: Major Uncertainty in Trade Talks as Trump Threatens of New Tariffs "Tarrified" Part III: European Union The Next Target of U.S. Tariffs Oil Price Outlook: Hitting the Sweet Spot Don't Expect a Big Jolt to Growth if Trade Tensions Ease Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 0:30 JPY PMI Manufacturing Apr F 50.2 49.5 49.5 1:30 AUD Trade Balance (AUD) Mar 4.95B 4.49B 4.80B 5.14B 1:30 AUD Retail Sales M/M Mar 0.30% 0.20% 0.80% 0.90% 3:00 NZD RBNZ 2-Year Inflation Expectation Q2 2.00% 2.00% 4:30 AUD RBA Rate Decision 1.50% 1.25% 1.50% 6:00 EUR German Factory Orders M/M Mar 0.60% 1.50% -4.20% -4.00% 7:00 CHF Foreign Currency Reserves (CHF) Apr 772B 756B 756B 9:00 EUR EU Economic Forecasts 14:00 CAD Ivey PMI Apr 51.5 54.3

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