Action Insight Mid-Day Report 7-23-19

Dollar Extends Rebound, Sterling Soft after Brief Recovery

Action Insight Mid-Day Report 7-23-19 Dollar Extends Rebound, Sterling Soft after Brief Recovery Sterling has a very brief recovery today after Boris Johnson reaches the most important checkpoint to become the next UK prime minister. But the Pound quickly lost momentum and is back under pressure. Though, for now, New Zealand Dollar is the weakest one, followed by Euro, then Sterling. On the other hand, Dollar is extending recent this week's rebound, and gains further momentum in early US session. Swiss Franc is currently the second strongest, followed by Australian. Technically, EUR/USD's break of 1.1193 support earlier today is the first sign of Dollar strength. It's on tract to retest 1.1107 low. USD/CAD's break of 1.3143 resistance is the second sign. A short term bottom is formed at 1.3016 and stronger rebound should be seen. 108.37 in USD/JPY will be an immediate focus now. Break will likely resume recent rebound from 106.78 through 108.99 resistance. In Europe, currently, FTSE is up 0.97%. DAX is up 1.62%. CAC is up 1.01%. German 10-year yield is down -0.0005 at -0.346. Earlier in Asia, Nikkei rose 0.95%. Hong Kong HSI rose 0.34%. China Shanghai SSE rose 0.45%. Singapore Strait Times rose 0.47%. Japan 10-year JGB yield dropped -0.0123 to -0.147. Full Report Here EU Timmermans: Hard Brexit a tragedy for all sides Johnson wins UK Conservative leaders, EU Barnier look forward to work... Japan cabinet office: Weakness continues in exports, but investment increase at... BoE Saunders: There's a tension, disparity between forecasts and actual policy... RBA Kent: Without rate cuts, Aussie dollar might have been higher Japan FM Aso: We won public trust for sales tax hike Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol ECB Preview – Expecting Change in Forward Guidance and Hints on... CFTC Commitments of Traders – Traders Trimmed Bets on USD as... Sterling Might Bottom While Euro Would Stay Pressured, Dollar Indecisive Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1202; (P) 1.1213; (R1) 1.1221; More... EUR/USD drops further to as low as 1.1163 so far in early US session. Intraday bias remains on the downside for retesting 1.1107 low. At this point, we're not expecting a break there yet. Thus, focus will be on bottoming signals around 1.1107. Though, break of 1.1282 resistance is needed to signal completion of fall from 1.1412. Otherwise, further decline is in favor even in case of recovery. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings WTI Futures Encounter Resistance from Both the 50- and 200-SMAs US OPEN – Dollar And US Stocks Rally On Earnings And Debt Deal, Boris Wins, Oil And Gold Struggle EUR/GBP: ECB Eyed As Boris Johnson Becomes Tory Leader UK 100 Index Rises Slightly But Remains Below 11-Month High ECB To Guide On More Stimulus Boris Johnson Is The New UK Prime Minister! London Stocks Higher As Packaging Firms Lead The Way Another Political Shock On The Cards? The Oil Market Struggles To Sustain A Rally EURGBP To Hold Uptrend In Near Term, 20-SMA Key Support Dollar Sails Higher, Boris Becomes Prime Minister How Sterling Is Likely To Perform Today Fundamental Analysis | Technical Analysis In-depth Reports A Flashlight for the FOMC Blackout Period RBA's Big Challenge with Unemployment Slow Growth, Low Inflation: What's the ECB to Do? What's Next for Sterling as Britain Flirts with a No-Deal Brexit? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 10:00 GBP CBI Trends Total Orders Jul -34 -15 -15 13:00 USD House Price Index M/M May 0.10% 0.30% 0.40% 14:00 EUR Eurozone Consumer Confidence Jul A -7.2 -7.2 14:00 USD Existing Home Sales Jun 5.35M 5.34M

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