Action Insight Daily Report 5-1-20

Aussie Turns Lower as Markets Reversing April's Moves

Action Insight Daily Report 5-1-20 Aussie Turns Lower as Markets Reversing April's Moves Australian Dollar is leading commodity currencies broadly lower in Asian session today, as markets seem to be rushing to reverse April's moves. Euro has somewhat taken the lead overnight, pulling Swiss Franc higher too, after initial reactions to non-eventful ECB. Yen is also trading generally lower in relatively quiet markets. With many countries on holidays today, volatility might jump in thin market conditions before weekend. Technically, EUR/USD's break strong rally overnight suggests that consolidation pattern from 1.0635 has finally started the third leg. Further rise should be seen through 1.0990 resistance towards 1.1147. Similarly, USD/CHF should be heading back to 0.9592 support and then 0.9502 as correction from 0.9901 extends. Both EUR/AUD and AUD/JPY show that Aussie is being rejected by key resistance levels. 0.6444 support in AUD/USD remains a level to watch. Break will solidify the case of short term topping in Aussie in general. In Asia, Nikkei is currently down -2.29%. Japan 10-year JGB yield is up 0.0090 at -0.028. Hong Kong, China Singapore are on holiday. Overnight, DOW dropped -1.17%. S&P 500 dropped -0.92%. NASDAQ dropped -0.28%. 10-year yield dropped -0.005 to 0.622. Full Report Here Australia AiG manufacturing dropped to 35.8 as unusual surge for manufactured... BoJ minutes: Uncertain whether economy would recover strongly after coronavirus pandemic Japan PMI manufacturing finalized at 41.9, suggests output droppe Japan Nishimura to avoid deflation return as Tokyo core CPI turned... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Crude Oil Selloff Could Resume in Weeks as Cushing Approaches Full... Fed Markedly Downgraded Economic Assessments on Sharp Decline in Activities and... BOJ's QE Expansion Likely Ineffective Despite Pledge of Unlimited Purchases Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Report Daily Pivots: (S1) 0.6477; (P) 0.6523; (R1) 0.6556; More... AUD/USD's retreat from 0.6569 continues today and focus is now on 0.6444 resistance turned support. Sustained break there should confirm short term topping, on bearish divergence in 4 hour MACD. Intraday bias will be turned back to the downside for 0.6253 support first. Further break there will indicate completion of whole rebound from 0.5506 and turn outlook bearish. Though, above 0.6569 will extend the rebound to 0.6670 key resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USD/JPY Trading Near Make-Or-Break Levels Gold Loses Shine On Moderating Coronavirus Fears EURUSD Hits 2-Week High As ECB Holds On Rates Asia Morning: US Stocks Lower On Downbeat Data Economy Slumps, ECB Eases Modestly Week Ahead – Nonfarm Payrolls: The Market's Trial by Fire? Fundamental Analysis | Technical Analysis In-depth Reports China Outlook: From Output To Demand Crisis, CNY Stability Set To Continue Fed Markedly Downgraded Economic Assessments on Sharp Decline in Activities and Surge in Unemployment Crude Reality Monitoring The International Impact Of COVID-19 RBNZ OCR to Go Negative Later this Tear The RBA's Target Cash Rate is Likely to Hold at 0.25% Until End 2023 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Tokyo CPI Core Y/Y Apr -0.10% 0.10% 0.40% 00:30 JPY Jibun Bank Manufacturing PMI Apr F 41.9 43.7 43.7 01:30 AUD PPI Q/Q Q1 0.20% 0.30% 01:30 AUD PPI Y/Y Q1 1.30% 1.40% 06:30 AUD RBA Commodity Index SDR Y/Y Apr -10.20% 08:30 GBP Manufacturing PMI Apr F 32.8 32.9 08:30 GBP Mortgage Approvals Mar 59K 74K 08:30 GBP M4 Money Supply M/M Mar 0.20% 0.30% 13:30 CAD Manufacturing PMI Apr 46.1 13:45 USD Manufacturing PMI Apr F 36.9 36.9 14:00 USD ISM Manufacturing PMI Apr 36.7 49.1 14:00 USD ISM Manufacturing Prices Paid Apr 30.7 37.4 14:00 USD ISM Manufacturing Employment Index Apr 43.8 14:00 USD Construction Spending M/M Mar -3.90% -1.30%

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