Action Insight Mid-Day Report 3-4-20

Stock Markets Rebound as Consolidations Continue, Euro Weakens ahead of Resistance

Action Insight Mid-Day Report 3-4-20 Stock Markets Rebound as Consolidations Continue, Euro Weakens ahead of Resistance Stock markets rebound strongly in European session, on speculations that ECB could follow Fed to announce new monetary stimulus soon. There are also talks that markets are boosted by former US Vice President Joe Biden's Tuesday night victories in the Democratic primary for for US presidential candidate. But we're skeptical on the depth of the correlation. Overall, we're seeing US stocks, in near term consolidations above last week's low. Hence, a day up then a day down is nothing something that really surprises us. Global coronavirus cases continue to surge and reaches 94301 so far, with 3220 deaths. South Korea reaches 5621, with 34 deaths. Iran reaches 2922, with 92 deaths. Italy reaches 2502, with 79 deaths. Japan surges pass 300 to 319. Germany (244), France 212, Spain 193 and USA (128) are all worsening. Switzerland is catching up at 93. Singapore and Hong Kong remain steady at 110 and 103 respectively. In the currency markets, Euro is currently the weakest, followed by Yen and Swiss Franc. Commodity currencies are the strongest ones for today, led by Aussie. Focus will turn to whether BoC would cut interest rate, and by how much. Technically, EUR/USD is clearly losing a lot of upside momentum ahead of 1.1239 key resistance. Break of 1.1038 minor support will suggest rejection by this key resistance and retain near term bearishness for retesting 1.0777 low first. EUR/GBP also dips ahead of 0.8786 resistance. Break of 0.8594 support will reaffirm the case that price actions from 0.8276 are merely a consolidation pattern. And fall from 0.9324 isn't over yet. In Europe, currently, FTSE is up 1.53%. DAX is up 1.31%. CAC is up 1.37%. German 10-year yield is up 0.0059 at -0.619. Earlier in Asia, Nikkei rose 0.08%. Hong Kong HSI dropped -0.24%. China Shanghai SSE rose 0.63%. Singapore Strait Times rose 0.18%. Japan 10-year JGB yield dropped -0.0288 to -0.140. Full Report Here US ADP jobs rose 183k, job market firewall should weather most... Debelle: RBA has capacity to cut one more time, then QE... UK PMI Services finalized at 53.2, suggests quarterly GDP growth of... Eurozone PMI composite finalized at 52.6, problems lie ahead China Caixin PMI services dropped to 26.5, necessary to pay attention... Australia GDP grew 0.5% in Q4, remains below long run average DOW dropped 758.9, 10-yr yield broke 1% despite Fed's rate cut Fed Powell: Risks to US outlook have changed materially because of... Gold rebounds after after Fed cut, heading back to retest 1689... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Fed's Emergency Cut Reveals the Lack of Tools to Deal with... RBA Cut Rate to 0.5%, Being the First Central Bank to... China's PMIs Dived in February, Just First Glimpse of the Disastrous... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1106; (P) 1.1160; (R1) 1.1223; More... Intraday bias in EUR/USD is turned neutral as it retreats notably ahead of 1.1239 key resistance. On the upside, decisive break of 1.1239 will confirm medium term bottoming at 1.0777 and turn outlook bullish.. On the downside, break of 1.1038 minor support will turn bias back to the downside for retesting 1.0777 low. That would also retain near term bearishness. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Fed, Markets, Gold, OPEC+, Oil USDCNH Tumbles Towards 6-Week Low with Strong Momentum GBPCHF Stabilizes Around 4-Month Low, Bears Could Keep Control EURJPY Challenges 120.00 Key Level, Short-Term Indicators Signal Positive Session Fed Fires Blank As Emergency Rate Cut Fails To Calm Markets USD/JPY Outlook: The Pair Must Surpass 107.50 And 107.80 To Start A Steady Increase Gold Recoups Lost Ground But Eyes Turn To 1,662 GBPUSD Hovers Above 4-Month Low With Weak Momentum 50Bp Emergency Rate Cut By FOMC – More To Come Fundamental Analysis | Technical Analysis In-depth Reports Fed Monitor: We Expect Easing of a Further 50bp During the Spring RBA Cut Rate to 0.5%, Being the First Central Bank to Ease Due to Coronavirus Update on COVID-19 Impacts on the Economic Outlook China's PMIs Dived in February, Just First Glimpse of the Disastrous Impact of Coronavirus Outbreak Update on Coronavirus and Global Central Bank Outlook Change Of OCR Call: RBNZ To Cut 25Bp In March Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:30 AUD AiG Performance of Construction Index Feb 42.7 41.3 21:45 NZD Building Permits M/M Jan -2.00% 9.90% 9.80% 00:00 NZD ANZ Commodity Price Feb -2.10% -0.90% 00:30 AUD GDP Q/Q Q4 0.50% 0.40% 0.40% 0.60% 01:45 CNY Caixin Services PMI Feb 26.5 48 51.8 07:00 EUR Germany Retail Sales M/M Jan 0.90% 0.90% -3.30% 07:30 CHF CPI M/M Feb -0.10% 0.30% -0.20% 07:30 CHF CPI Y/Y Feb 0.10% 0.00% 0.20% 08:45 EUR Italy Services PMI Feb 52.1 51.5 51.4 08:50 EUR France Services PMI Feb F 52.5 52.6 52.6 08:55 EUR Germany Services PMI Feb F 52.5 53.3 53.3 09:00 EUR Eurozone Services PMI Feb F 52.6 52.8 52.8 09:30 GBP Services PMI Feb F 53.2 53.3 53.3 10:00 EUR Eurozone Retail Sales M/M Jan 0.60% 0.60% -1.60% -1.10% 13:15 USD ADP Employment Change Feb 183K 191K 291K 209K 13:30 CAD Labor Productivity Q/Q Q4 -0.10% 0.20% 0.20% 14:45 USD Services PMI Feb F 49.4 49.4 15:00 USD ISM Non-Manufacturing PMI Feb 55.5 55.5 15:00 CAD BoC Interest Rate Decision 1.25% 1.75% 15:30 USD Crude Oil Inventories 2.8M 0.5M 16:15 CAD BoC Press Conference 19:00 USD Fed's Beige Book

Action Forex Company Limited | Room 804, 8/F. , Prosperity Centre, 982 Canton Road, Mongkok, Kowloon 852 Hong Kong SAR China Unsubscribe mondemand.forex@blogger.com Update Profile | About Constant Contact Sent by contact@actionforex.com in collaboration with Try email marketing for free today!