Action Insight Daily Report 4-24-20

Euro Stays Weak in Mixed Markets, Canadian Attempting a Rebound

Action Insight Daily Report 4-24-20 Euro Stays Weak in Mixed Markets, Canadian Attempting a Rebound Euro and Swiss Franc remains broadly pressured today even though there is no follow through selling yet. But markets elsewhere are relatively mixed. While Australian and New Zealand Dollar attempted for a rebound, Dollar and Yen are not overwhelmed yet. Canadian Dollar is slightly stronger for now as oil prices continue to recover from this week's horror decline. Stocks soften slightly but losses are limited. Gold struggles to break recent top made earlier in the month. Technically, Euro's selloff should continue as in EUR/USD, EUR/JPY and EUR/AUD. 1.5121 support in EUR/CAD is a level to watch as break will extends corrective fall from 1.5991 to 61.8% retracement of 1.4263 to 1.5991 at 1.4923.0.8681 temporary low in EUR/GBP is another one and break will resume whole decline from 0.9499 with risk of retesting 0.8726 low. As for Dollar, we'd look at Gold's reaction to 1747.75 short term top as hint of the greenback's next direction. In Asia, currently, Nikkei is down -0.83%. Hong Kong HSI is down -0.28%, China Shanghai SSE is down -0.63%. Singapore Strait Times is down -0.81%. Japan 10-year JGB yield is down -0.014 at -0.022. Overnight, DOW rose 0.17%. S&P 500 dropped -0.05%. NASDAQ dropped -0.01%. 10-year yield dropped -0.006 to 0.613. Full Report Here UK Gfk consumer confidence unchanged at -34, no guarantee the fall... NZ Robertson: Any further government support will be substantial Japan CPI core slowed to 0.4%, more downward pressure ahead US PMI composite dropped to 27.4, historically dramatic contraction in Q2 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Canadian Dollar Weakness Expected to Catch Up with Recent Oil Price... 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 USD/CAD Daily Outlook Daily Pivots: (S1) 1.3988; (P) 1.4093; (R1) 1.4185; More.... USD/CAD's breach of 1.4005 minor support dampens our bullish view. Instead, the development suggests that corrective pattern from 1.4667 is still extending. Intraday bias is back on the downside for 1.3855 support and possibly below. But downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, above 1.4265 will revive the case that correction from 1.4667 has completed, and turn bias back to the upside for retesting 1.4667 high. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USD/JPY: Here's Why 108.00 Holds The Key In Near Term Forex Report: EUR/USD Slid 0.4% To 1.0776, Posting A Four-Day Decline.. EURJPY Denied a Close Below Tough Support of 115.86 Good News?? Initial Claims Only 4.4 Million Fundamental Analysis | Technical Analysis In-depth Reports Canadian Dollar Weakness Expected to Catch Up with Recent Oil Price Collapse Reserve Bank Governor's Speech Reveals Forecasts Very Close to Westpac's Views 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 23:01 GBP GfK Consumer Confidence Apr -34 -40 -34 23:30 JPY National CPI Core Y/Y Mar 0.40% 0.40% 0.60% 23:50 JPY Corporate Service Price Index Y/Y Mar 1.60% 1.70% 2.10% 04:30 JPY All Industry Activity Index M/M Feb -0.60% -0.40% 0.80% 0.60% 06:00 GBP Retail Sales M/M Mar -4.50% -0.30% 06:00 GBP Retail Sales ex-Fuel M/M Mar -3.50% -0.50% 08:00 EUR Germany IFO Business Climate Apr 79.8 86.1 08:00 EUR Germany IFO Current Assessment Apr 81.0 93 08:00 EUR Germany IFO Expectations Apr 75.0 79.7 12:30 USD Durable Goods Orders Mar -12.00% 1.20% 12:30 USD Durable Goods Orders ex Transportation Mar -6.10% -0.60% 14:00 USD Michigan Consumer Sentiment Index Apr 67.8 71

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