Action Insight Mid-Day Report 4-14-20

European Majors Rise on Partial Lockdown Exit, Dollar Decline Continues

Action Insight Mid-Day Report 4-14-20 European Majors Rise on Partial Lockdown Exit, Dollar Decline Continues Dollar's decline continues today on improving risk sentiments. In particular, it's back under pressure against Euro and Swiss Franc despite earlier recovery attempt. Canadian Dollar is not far away with drag from weakening oil price. On the other hand, European majors are generally stronger today, partly with help from improvements in coronavirus situations. Spain and Austria are partially exiting lockdown even though France is extending it. Technically, EUR/USD's rise from 1.0768 is on track to 1.1167 fibonacci level. We're seeing EUR/USD as in consolidation from 1.0635. Reactions from 1.1167 will reveal if this view is correct. Also, USD/CHF resumes the fall from 0.9797 and should target 0.9502 and below. Reactions from 0.9456 will reveal whether price actions from 0.9901 are merely a consolidation pattern, or reversing rise from 0.9181. In Europe, currently, FTSE is down -0.81%. DAX is up 1.00%. CAC is up 0.18%. German 10-year yield is down -0.0207 at -0.369. Earlier in Asia, Nikkei rose 3.13%. Hong Kong HSI rose 0.56%. China Shanghai SSE rose 1.59%. Singapore Strait Times rose 2.62%. Japan 10-year JGB yield rose 0.0077 to 0.017. Full Report Here OBR: UK economy to contract -35% in Q2 but bounces back... Dombrovskis: EU could finance a EUR 1.5T coronavirus recovery fund France GDP to contract -8% this year as lockdown extends to... China returned to trade surplus, but exports plunged -13.3% this year Australia NAB business confidence dropped to -66, recession of unprecedented speed... New Zealand unemployment rate could peak at 26% without additional fiscal... Gold hits new 7-year high as up trend resumes WTI crude oil in range below 30, unimpressed by OPEC+ cut Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol OPEC+ Deal on Output Cut Unlikely Helps Reduce Surplus. Downside Risk... CFTC Commitments of Traders – Bets on US Dollar Trimmed while... CFTC Commitments of Traders – Recovery on Oil Prices Fades on... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9642; (P) 0.9665; (R1) 0.9699; More... USD/CHF's decline from 0.9797 resumed after brief recovery. Intraday bias is back on the downside for 0.9502 and below. Price actions from 0.9901 are possibly forming a consolidation pattern. Strong support might be seen from 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound. On the upside, above 0.9687 minor resistance will turn bias back to the upside for 0.9797 resistance. However, sustained break of 0.9456 will pave the way to retest 0.9181 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US 100 Index Flags Overbought Situation Near One-Month High WTI OIL Outlook: Oil Price Hits New Low As Demand Fears Offset Positive Impact From Supply Cuts OPEC Plus Announces Massive Production Cuts While Oil Prices Remain Unimpressed GBP/USD Outlook: Break Above Key Fibo Barrier Shifts Focus Towards 200DMA EURJPY Sideways Market Endures, Sellers Re-Emerge GBPUSD Bulls Return To The Game, Approach A Tougher Barrier WTI Futures Bears Face Big Challenge Near 21.90, Stochastic Seems Oversold Stocks Edge Up As Earnings Get Underway Amid Stabilizing Virus Cases Equities Gain As Earnings Season Kicks Off. Gold Above $1700 Per Oz Caution Kicks In As Corporate Earnings Loom Fundamental Analysis | Technical Analysis In-depth Reports Canada: COVID-19 Recession Deepens Fast from Coast to Coast OPEC+ Deal on Output Cut Unlikely Helps Reduce Surplus. Downside Risk on Oil Price Remains Moderation in China's CPI Allows Government to Accelerate Stimulus Virus Containment Could Spell Trouble for the Dollar Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 1:30 AUD NAB Business Confidence Mar -66 -4 -2 1:30 AUD NAB Business Conditions Mar -21 0 2:00 CNY Trade Balance (CNY) Mar 130B 175B -43B 2:00 CNY Exports (CNY) Y/Y Mar -3.50% -15.90% 2:00 CNY Imports (CNY) Y/Y Mar 2.40% -2.40% 3:50 CNY Trade Balance (USD) Mar 19.9B 19.7B -7.1B 3:50 CNY Imports (USD) Y/Y Mar -0.90% -4.00% 3:50 CNY Exports (USD) Y/Y Mar -6.60% -17.20% 12:30 USD Import Price Index M/M Mar -2.30% -3.10% -0.50%

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