Action Insight Daily Report 2-4-20

Aussie Recovers as RBA Gives No Hint of Imminent Rate Cut

Action Insight Daily Report 2-4-20 Aussie Recovers as RBA Gives No Hint of Imminent Rate Cut Australian Dollar recovers broadly today after RBA stands pat. More importantly, the central bank gives no hint of an imminent rate cut in the accompanying statement. It actually sounds quite comfortable with the current policy. Markets are relatively mixed elsewhere. Sterling turned mixed after yesterday's selloff . Yen also turned mixed as risk markets stabilized, awaiting next development regarding China's coronavirus. Technically, AUD/USD should have formed a temporary low ahead of 0.6670 key support. Some consolidations likely but selloff should resume sooner rather than later as long as 0.6777 resistance holds. EUR/AUD also formed a temporary top at 1.6593 and turns into consolidations. Downside of retreat should be contained above 1.6294 resistance turned support to bring rise resumption. In Asia, currently, Nikkei is up 0.44%. Hong Kong HSI is up 1.14%. China Shanghai SSE is up 0.21%. Singapore Strait Times is up 1.28%. Japan 10-year JGB yield is up 0.0041 at -0.052. Overnight, DOW rose 0.51%. S&P 500 rose 0.73%. NASDAQ rose 1.34%. 10-year yield closed flat at 1.520. Full Report Here RBA keeps cash rate at 0.75%, no indication of rate cut Bundesbank Weidmann, policy objection should be understandable, forward-looking and realistic Fed Bostic: Coronavirus hasn't change outlook or rate path yet China's coronavirus cases top 20k, death toll reaches 425 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Left Cash Rate at 0.75%. Less Dovish on Growth Despite... CFTC Commitments of Traders – Safe-Haven Currencies Shined as Novel Coronavirus... CFTC Commitments of Traders – NET LENGTH on Crude oil Futures... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Report Daily Pivots: (S1) 0.6682; (P) 0.6694; (R1) 0.6705; More... A temporary low is formed at 0.6678 in AUD/USD, just ahead of 0.6670 key support. Intraday bias is turned neutral for some consolidations. But upside of recovery should be limited by 0.6777 resistance to bring fall resumption. On the downside, decisive break of 0.6670 low will confirm resumption of larger down trend. Next target will be 0.6008 key support. Nevertheless, firm break of 0.6777 will indicate short term bottoming and extend the consolidation pattern form 0.6670 with another near term rise. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBP/USD Dives Again, Can Bulls Protect 1.3000? Asia Morning: Flattening WTI Probes 1-Year Low At $50.00 – Time For A Dead Cat Bounce? Same Old Trading For GBP/USD After Brexit WTI Oil Outlook: Bears Pressure Key $50 Level But Final Break Might be Delayed for Consolidation Fundamental Analysis | Technical Analysis In-depth Reports Coronavirus: Gauging the Economic Impact Early Signs Of Slowdown In Spread Of Coronavirus Coronavirus Impact on the Chinese Economy An Early Read on the Coronavirus Risk Research China: Uncertainty on the Rise on the Back of Corona Virus One Big Reason Traders May STILL Be Underestimating Coronavirus Risks Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:45 NZD Building Permits M/M Dec 9.90% -8.50% -8.40% 23:50 JPY Monetary Base Y/Y Jan 2.90% 3.10% 3.20% 3:30 AUD RBA Interest Rate Decision 0.75% 0.75% 0.75% 9:30 GBP Construction PMI Jan 44.9 44.4 10:00 EUR Eurozone PPI M/M Dec 0.00% 0.20% 10:00 EUR Eurozone PPI Y/Y Dec -0.70% -1.40% 15:00 USD Factory Orders M/M Dec 0.70% -0.70%

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