Action Insight Daily Report 4-23-20

Euro Awaits PMIs as Markets Need More Guidance

Action Insight Daily Report 4-23-20 Euro Awaits PMIs as Markets Need More Guidance Directions in the markets are relatively unclear for now. US stocks closed higher overnight, but relatively close to opens. Asian markets are mixed with slight gains in Nikkei and HSI. WTI crude oil seems to be stabilizing above 10 handle after horror actions earlier. In the currency markets, Dollar remains the strongest one for the week, followed by Yen, but there is no clear follow through buying. Commodity currencies and Sterling are weak. Euro could be a focus for today as fresh round of PMIs would be released. Technically, EUR/USD turns softer today and focus is back on 1.0768 support. Break will extend the fall from 1.1147 to retest 1.0635 low. The question is, if that happens, whether EUR/JPY, EUR/GBP and EUR/AUD would follow with downside breakout. In particular, EUR/JPY might face 115.86 low with next decline and break there will resume larger down trend. That could, in turn drag USD/JPY through 106.91 support to resume the fall from 111.71. Very interactive. In Asia, currently, Nikkei is up 0.67%. Hong Kong HSI is up 0.26%. China Shanghai SSE is down -0.06%. Singapore Strait Times is flat. Japan 10-year JGB yield is up 0.0017 at -0.005, staying negative. Overnight, DOW rose 1.99%. S&P 500 rose 2.29%. NASDAQ rose 2.81%. 10-year yield rose 0.048 to 0.619. Full Report Here Japan PMI composite dropped to 27.8, harsh economic effects likely to... Australia PMI manufacturing dropped to 45.6, services down to 19.5 Singapore expects sharper contraction after circuit breaker extension Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Downside Risks on WTI Crude Oil Remain High as Inventory Continued... WTI Crude Oil Price Dived to Negative as Oversupply Sparks Concerns... PBOC Cut Policy Rate to 3.85%, More Easing on the Way Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Daily Outlook Daily Pivots: (S1) 1.0788; (P) 1.0836; (R1) 1.0870; More... Intraday bias in EUR/USD remains neutral for now. Rejection by 4 hour 55 EMA is a sign of weakness. Focus in now on 1.0768 support. Break there will extend the decline from 1.1147 to retest 1.0635 low. On the upside, above 1.0990 will extend the corrective pattern from 1.0635 with another rebound. But upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Gold Regains Momentum On Reignited US-Iran Tension AUD/USD Remains Well Supported Above 0.6200 Update After The Close On Wall Street : Strong AUD Whatever It Takes! EUR/USD Levels To Watch As ECB Rumors Fly Fundamental Analysis | Technical Analysis In-depth Reports WTI Crude Oil Price Dived to Negative as Oversupply Sparks Concerns about Storage PBOC Cut Policy Rate to 3.85%, More Easing on the Way International Growth Outlook Continues to Darken China's GDP Contracted the Most in Decades as Driven its Self-Produced Coronavirus Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:00 AUD CBA Manufacturing PMI Apr P 45.6 49.7 23:00 AUD CBA Services PMI Apr P 19.6 38.5 0:30 JPY Manufacturing PMI Apr P 43.7 44.8 3:00 NZD Credit Card Spending Y/Y Mar 2.50% 6:00 EUR Germany Gfk Consumer Confidence May -2 2.7 6:00 GBP Public Sector Net Borrowing (GBP) Mar 1.7B -0.4B 7:15 EUR France Manufacturing PMI Apr P 40 43.2 7:15 EUR France Services PMI Apr P 25.1 27.4 7:30 EUR Germany Manufacturing PMI Apr P 39.6 45.4 7:30 EUR Germany Services PMI Apr P 29 31.7 8:00 EUR Eurozone Manufacturing PMI Apr P 39 44.5 8:00 EUR Eurozone Services PMI Apr P 24.9 26.4 8:30 GBP Manufacturing PMI Apr P 42.5 47.8 8:30 GBP Services PMI Apr P 29.6 34.5 10:00 GBP CBI Industrial Trends Orders M/M Apr -35 -29 12:30 USD Initial Jobless Claims (Apr 17) 5245K 13:45 USD Manufacturing PMI Apr P 48.5 13:45 USD Services PMI Apr P 39.8 14:00 USD New Home Sales Mar 661K 765K 14:30 USD Natural Gas Storage 73B

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