Action Insight Daily Report 1-6-20

Middle East Tensions Continue to Dominate as Gold and Oil Surge

Action Insight Daily Report 1-6-20 Middle East Tensions Continue to Dominate as Gold and Oil Surge Middle East tensions continued to drive risk aversion in the markets as another week started. Stocks in Asia are generally in red, except in being mixed in China. Gold and oil price surge sharply on safe haven flows. Movements in the currency markets are relatively limited though. Canadian Dollar is the stronger one on oil prices, followed by Swiss Franc and Yen. New Zealand and Australian Dollars are the weakest, followed by Dollar. Technically, recovery in USD/CAD is so far rather and held well below 1.3102 resistance. We'd expect further decline through 1.2951 temporary low to 1.2779 projection target. AUD/USD is pressing 0.6938 support and sustained break will confirm near term reversal for 0.6754 support next. EUR/AUD's break of 1.6071 resistance should confirm short term bottoming. Further rise is expected for 1.6314 resistance next. In Asia, Nikkei closed down -1.91%. Hong Kong HSI is down -0.66%. China Shanghai SSE is up 0.34%. Singapore Strait Times is down -0.49%. Japan 10-year JGB yield is down -0.017 at -0.033. Full Report Here China PMI services dropped to 52.5, overall economy continued to stabilize Japan PMI manufacturing finalized at 48.4, negatively contribute to GDP to... Williams: Fed has to stick to 2% inflation target WTI oil breaks 64, but strong resistance still expected from 66.49 Gold gaps up as Middle East tension escalates, heading to 1625 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Yen, Gold and Oil Jumps as Geopolitical Risks Cloud Markets Oil Prices Jump after Airstrike in Iran. Impacts should be Short-Lived Trade War Continues to Direct the Outlook of Chinese Yuan Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/AUD Daily Outlook Daily Pivots: (S1) 1.6005; (P) 1.6034; (R1) 1.6092; More... EUR/AUD's break of 1.6071 minor resistance should confirm short term bottoming at 1.5962, ahead of 1.5894/5906 key support zone. Intraday bias is turned back to the upside. Further rise is expected to 1.6314 resistance. Decisive break there will re-affirm medium term bullishness. On the downside, break of 1.5692 will turn focus back to 1.5894/5906. Decisive break there will carry larger bearish implications. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/USD Likely To Follow Uptrend Above 1.1150 It's Gap Galore Around Middle East Tensions | Gold, SPX, WTI Weekly Economic and Financial Commentary: Geopolitical Developments Ring in the New Year The Weekly Bottom Line: A Risk-Filled Start to the Year Oil Market Week Ahead: Iran's Possible Scenarios Gold – A Thing of Beauty Week Ahead – Middle East Tensions, Global Deflationary Pressures, US Jobs Report in Focus FX Year Ahead 2020: Turnaround or Same Old Blues? Week Ahead – US Jobs Report to Heat Things Up After Holiday Snooze Fundamental Analysis | Technical Analysis In-depth Reports Oil Prices Jump after Airstrike in Iran. Impacts should be Short-Lived USDJPY to Firm in 1H20, Could Weaken as Uncertainties Resurface Later in the Year Trade War Continues to Direct the Outlook of Chinese Yuan A Phase One Trade Deal is Reached, What Does It Mean? Is the Fed on the Right Path? The 2020 Election and the Economy: Part II Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:30 AUD AiG Performance of Mfg Index Dec 48.3 48.1 0:30 JPY Jibun Bank Manufacturing PMI Dec F 48.4 48.8 1:45 CNY Caixin Services PMI Dec 52.5 53.2 53.5 7:00 EUR Germany Retail Sales M/M Nov 1.00% -1.90% 8:15 EUR Spain Services PMI Dec 53.9 53.2 8:45 EUR Italy Services PMI Dec 51.1 50.4 8:50 EUR France Services PMI Dec 52.4 52.4 8:55 EUR Germany Services PMI Dec 52 52 9:00 EUR Eurozone Services PMI Dec 52.4 52.4 9:30 EUR Eurozone Sentix Investor Confidence Jan -4.9 0.7 9:30 GBP Services PMI Dec 49.2 49 10:00 EUR Eurozone PPI M/M Nov 0.00% 0.10% 10:00 EUR Eurozone PPI Y/Y Nov -1.60% -1.90% 13:30 CAD Raw Material Price Index M/M Nov 1.50% -1.90% 13:30 CAD Industrial Product Price M/M Nov 0.40% 0.10% 14:45 USD Services PMI Dec F 52.2 52.2

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