Action Insight Daily Report 4-7-20

Stocks Rebound as Germany Prepares Lockdown Exit But Japan Readies State of Emergency

Action Insight Daily Report 4-7-20 Aussie Follows Stocks Higher, While RBA Stands Pat Australian dollar jumps broadly today after RBA kept monetary policies unchanged as widely expected. Aussie is additionally helped by the strong rally in US stocks overnight, even though the rise in Asia markets is relatively muted. Also, China, the origin of the coronavirus pandemic, is set to end the lockdown of Wuhan. New Zealand Dollar follows Aussie closely as the second weakest. Dollar is currently the worst performing one as safe haven flows reverse. Swiss Franc and Euro are the next weakest. Technically, Dollar's rebound could have ended and it's probably starting the third leg of near term correction. 1.0902 minor resistance in EUR/USD and 0.9686 minor support in USD/CHF will be watched for signs of Dollar weakness. For this down leg in the greenback, AUD/USD will likely rise through 0.6213 temporary top while USD/CAD will likely drops through 1.3920 temporary low. In Asia, currently, Nikkei is up 0.58%. Hong Kong HSI is up 0.28%. China Shanghai SSE is up 1.74%. Singapore Strait Times is up 1.40%. Japan 10-year JGB yield is up 0.0019 at 0.006. Overnight, DOW rose 7.73%. S&P 500 rose 7.03%. NASDAQ rose 7.33%. 10-year yield rose 0.089 to 0.676. Full Report Here RBA kept cash rate at 0.25%, very large economic contraction expected... Australia AiG services index dropped to 38.7, lowest since 2009 New York Fed: Consumers see chance of job loss jumped Gold resumes rebound, heading back to 1700, but no break expected Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – Bets on Higher Oil Price Could... CFTC Commitments of Traders – Bet on Higher Euro should Fade... Dollar Jumped as Markets Started Q2 With Risk Aversion, But Oil... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Report Daily Pivots: (S1) 0.6017; (P) 0.6061; (R1) 0.6132; More... AUD/USD's strong rebound suggests that pull back from 0.6213 has completed at 0.5979. Focus is back on 0.6213. Break will resume whole rebound from 0.5506 to 61.8% projection of 0.5506 to 0.6213 from 0.5979 at 0.6416. On the downside, break of 0.5979 will now indicate completion of rise from 0.5506. Intraday bias will be turned back to the downside for retesting 0.5506. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Tentative Tuesday As Tokyo Unleashes Fiscal Package Australia's Exceptional Expansion: All Good Things Must Come To An End GBP/USD: Here's Why 1.2500 Holds Key For More Upsides RBA Interest Rate Decision Should Be Quiet Event BoC Survey Highlights Energy Shock Bank of Canada's BOS Pre-Dates COVID-19 Impacts, But Reflects Some Oil Price Shock Concerns  Fundamental Analysis | Technical Analysis In-depth Reports Australia's Exceptional Expansion: All Good Things Must Come To An End Is this a Light at the End of the Stock Tunnel or Just a Flashlight? Oil Rally likely Short-lived as Coordinated Output Cut Could Take Long to Materialize Australia: JobKeeper Payment to Reduce Peak Unemployment Rate from 17% to 9% COVID-19: A Black Swan or a Group of Black Swans? Canadian Dollar Weakened but Not Headed for Historical Lows Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:00 NZD NZIER Business Confidence Q1 -70% -21% 22:30 AUD AiG Performance of Services Index Mar 38.7 47 23:30 JPY Labor Cash Earnings Y/Y Feb 1.00% 0.20% 1.50% 1.20% 23:30 JPY Overall Household Spending Y/Y Feb -0.30% -3.90% -3.90% 1:30 AUD Trade Balance (AUD) Feb 4.36B 3.75B 5.21B 4.75B 4:30 AUD RBA Interest Rate Decision 0.25% 0.25% 0.25% 5:00 JPY Leading Economic Index Feb P 92.1 90.4 90.5 6:00 EUR Germany Industrial Production M/M Feb -1.00% 3.00% 6:45 EUR France Trade Balance (EUR) Feb -5.1B -5.9B 7:00 CHF Foreign Currency Reserves (CHF) Mar 769B 8:00 EUR Italy Retail Sales M/M Feb 0.40% 0.00% 14:00 CAD Ivey PMI Mar 50.1 54.1

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