Action Insight Daily Report 4-8-20

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

Action Insight Daily Report 4-8-20 Dollar Recovers as Risk Rebound Lost Steam, Aussie Lower after Rating Outlook Downgrade Dollar recovers mildly today as stock rebound somewhat lost momentum. In particular, DOW closed lower after gaining nearly 1000 pts overnight. Asian markets turned mixed despite rally in Nikkei. Investors could be awaiting the results of OPEC++ decision on production cuts before taking another move. Yen is following Dollar is the second strongest for today. Australian Dollar is leading commodity currencies mildly lower. Technically, intraday bias in Dollar turns neutral after today's recovery. As long as these levels holds, more downside will remain mildly in favor in the greenback, for extending near term correction. The levels include 1.0768 support in EUR/USD, 0.5979 support in AUD/USD, 0.9797 resistance in USD/CHF and 1.4349 resistance in USD/CAD. In Asia, Nikkei closed up 2.13%. Hong Kong HSI is down -1.39%. China Shanghai SSE is down -0.46%. Singapore Strait Times is down -2.06%. Japan 10-year JGB yield is up 0.0016 at 0.009. Overnight, DOWN dropped -0.12%. S&P 500 dropped -0.16%. NASDAQ dropped -0.33%. 10-year yield rose 0.060 to 0.736. Full Report Here US to give small businesses another $250B critical lifeline South Korea pledges new measures to help exporters and boost domestic... New Zealand ANZ business confidence dropped to -73.1, times don't get... S&P downgrade Australia's rating outlook as recession will deteriorate fiscal headroom Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Aussie Gained as RBA Hinted the Possibility of Easing the Pace... CFTC Commitments of Traders – Bets on Higher Oil Price Could... CFTC Commitments of Traders – Bet on Higher Euro should Fade... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Report Daily Pivots: (S1) 0.6096; (P) 0.6152; (R1) 0.6228; More... AUD/USD retreats mildly after failing 0.6213 resistance. But with 0.5979 support intact, further rise is mildly in favor. Break of 0.6213 will extend the corrective rise 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 Wednesday Wobbles As COVID Confidence Ebbs Gold Price Could Retest The Key $1,700 Resistance The Problem With Trading Virus Stats GBP/USD Volatility Depends On Johnson's Health USD/NOK Is Following Oil And The US Dollar 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 23:50 JPY Current Account (JPY) Feb 2.38T 2.02T 1.63T 23:50 JPY Machinery Orders M/M Feb 2.30% -2.70% 2.90% 5:00 JPY Eco Watchers Survey: Current Mar 14.2 22.2 27.4 5:45 CHF Unemployment Rate s.a M/M Mar 2.80% 2.30% 12:15 CAD Housing Starts Mar 205.0K 210.1K 12:30 CAD Building Permits M/M Feb 4.00% 14:30 USD Crude Oil Inventories 13.8M 18:00 USD FOMC Minutes

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