Action Insight Daily Report 9-23-19

Risk Appetite Turns Softer But Aussie Supported by Services PMI

Action Insight Daily Report 9-23-19 Risk Appetite Turns Softer But Aussie Supported by Services PMI The forex markets are trading in rather tight range today. Risk appetite turn weaker on renewed worries over US-China trade negotiations. Asian stocks responded by opening lower. Yen could extend the rebound started on Friday if sentiments worsen ahead. But for now, the risk aversion currency is trading slightly lower below Friday's high. Australian Dollar recovers mildly on strong PMI services reading, but there is not clear sign of bottoming yet. Dollar and Euro are mixed, awaiting further guidance. Technically, 107.45 minor support in USD/JPY is an immediate focus today. Break will be the first sign of completion of rebound from 104.45. EUR/AUD is pressing 1.6308 support turned resistance. Break there should confirm completion of corrective fall from 1.6786. USD/CAD's rebound from 1.3133 might resume through 1.3310 temporary top to1.3382 resistance next. In Asia, Japan is on holiday. Hong Kong HSI is down -0.78%. China Shanghai SSE is down -1.31%. Singapore Strait Times is down -0.30%. Full Report Here Australia PMI manufacturing dropped to 49.4, but services rebounded notably Asian stocks lower on US-China trade worries, HSI heading back to... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Yen Jumps as Trade Optimism Waned Suddenly after China Canceled Farm... BOE Stays Put But Warns of the Market Volatility in Case... SNB Raises Exemption Threshold for Negative Rate; CHF Rises on No... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Outlook Daily Pivots: (S1) 0.6746; (P) 0.6778; (R1) 0.6795; More... AUD/USD recovers mildly today but with 0.6808 minor resistance intact, intraday bias remains on the downside. Corrective rise from 0.6677 should have completed with three waves up to 0.6894. Further decline should be seen to retest 0.6677 first. Break will resume larger down trend. On the upside, above 0.6808 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.6894 resistance holds. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Good Morning Asia: Isn't It Ironic Weekly Economic and Financial Commentary: Fed Cuts Again, But Dissent Rises The Weekly Bottom Line: Fed Cuts Rates, More to Come Forward Guidance: Geopolitical Uncertainty Matters – But Economic Data Still Looks a Little Better Week Ahead – Markets Remain Focused on Geopolitical Risks Week Ahead: US-China Trade and Brexit Back to Forefront China Has Instant Response to Trump Comments Weaker Data this Week May Help BOC with Decision Eurozone Flash PMIs to Hold Steady, Unlikely to Knock Euro Out of Range Week Ahead – RBNZ Meets, But Geopolitics May Steal the Show Weekly Focus: Central Banks Have Spoken, How is the Economy Doing? Fundamental Analysis | Technical Analysis In-depth Reports Fed Cuts Rates 25 Bps. Is Further Easing On The Way? FOMC Cut Rate by -25 bps. Third Cut Still Possible Despite Sounding Less Dovish Moody's and Fitch's Downgrade Hong Kong on Concerns about Closer Link with China A US-Iran War Would Trigger A Global Recession RBA Minutes Repeat Key Themes - Case for an October Cut Still Intact Oil 'Supply Shock' in Context Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:00 AUD Manufacturing PMI Sep P 49.4 50.9 50.9 23:00 AUD Services PMI Sep P 52.5 45.3 49.1 07:15 EUR French Manufacturing PMI Sep 51.2 51.1 07:15 EUR French Services PMI Sep 53.2 53.4 07:30 EUR German Manufacturing PMI Sep 44.6 43.5 07:30 EUR German Services PMI Sep 54.3 54.8 08:00 EUR Manufacturing PMI Sep 47.3 47 08:00 EUR Services PMI Sep 53.3 53.5 10:00 GBP CBI Industrial Trends Orders Sep -14 -13 10:00 EUR German Buba Monthly Report 12:30 CAD Wholesale Sales M/M Jul 0.30% 0.60% 13:45 USD Manufacturing PMI Sep P 50.3 50.3 13:45 USD Services PMI Sep 51.5 50.7

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