Action Insight Mid-Day Report 4-28-20

Dollar Under Broad Based Pressure on USD/JPY Downside Breakout

Action Insight Mid-Day Report 4-28-20 Dollar Under Broad Based Pressure on USD/JPY Downside Breakout Dollar's broad based decline resumes today with the help from downside break out in USD/JPY. Risk sentiments are firm on reopening optimism, with generally rally in European indices. Swiss Franc is pressured as the third weakest, following Dollar and New Zealand Dollar. Yet, Yen is not too bothered and is trading as the third strongest, following Australia and Canadian. Dollar might look into consumer confidence data but that might provide little help. Technically, USD/JPY finally takes out 106.91 support to resume whole fall from 111.71. Next near term downside target is 104.58 projection level. The development prompts selloff in the greenback elsewhere, rather that drags down Yen crosses. In particular, EUR/USD is pressing 1.0885 minor resistance. Break will likely start the third leg of the corrective pattern towards 1.1147 resistance. Similarly, USD/CHF failed 0.9082 resistance with today's rally attempt. Break of 0.9712 minor support will extend the corrective pattern from 0.9901 with a third leg to 0.9502 support. In Europe, currently, FTSE is up 1.87%. DAX is up 1.84%. CAC is up 1.90%. German 10-year yield is down -0.015 at -0.468. Earlier in Asia, Nikkei dropped -0.06%. Hong Kong HSI rose 1.22%. China Shanghai SSE dropped -0.19%. Singapore Strait Times rose 0.53%. Japan 10-year JGB yield dropped -0.0075 to -0.045. Full Report Here US trade deficit widened to USD 64.2B, both imports and exports... UK CBI realized sales dropped to -55, record low Ifo: German economy to contract -6.6% this year BoJ Kuroda: Longer coronavirus pandemic could push up credit costs AUD/NZD surges as RBNZ forecasts to cut to -0.50% this year NSW lockdown relaxation pushes Aussie higher, but key resistance in sight Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOJ's QE Expansion Likely Ineffective Despite Pledge of Unlimited Purchases FOMC to Highlight Weakness in Economy and Reinforce Dovish Stance in... Aussie and Yen Ended as Strongest as Conoslidative Markets Remained Indecisive Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 106.96; (P) 107.29; (R1) 107.60; More... USD/JPY finally breaks 106.91 support to resume the decline from 111.71 today. Intraday bias is back on the downside for 100% projection of 111.71 to 106.91 from 109.38 at 104.58 next. Momentum of the current decline and reaction from 104.58 should reveal whether USD/JPY is resuming larger down trend. On the upside, break of 108.04 resistance is needed to indicate short term bottoming. Otherwise, further fall will remain in favor even in case of recovery. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Green, Watch MM, PEP, CAT, MRK, PFE, UPS, XRX, BA, LUV, UHS EURCHF At One-Month High But Trend Bearish Overall Are WTI Futures Ready For A Minor Recovery? Fed Meeting: Taking A Breather AUD Inches Up As Risk Appetite Improves WTI Oil Outlook: Bears Face Headwinds At $10 Support Zone But Upticks Were So Far Seen As Positioning AUD/USD Outlook: Aussie Extends Rally On Fresh Risk Mode And Fall In Oil Prices GBPUSD Upside Risks In Place But A Potential Reversal Pattern Also In Focus Oil Plunges Again Despite Lockdown Exits, Gold Down Too US 500 Stock Index's Positive Picture Stalls, Edges Sideways EURJPY Still Decreasing Near 3-Year Low Fundamental Analysis | Technical Analysis In-depth Reports Crude Reality Monitoring The International Impact Of COVID-19 RBNZ OCR to Go Negative Later this Tear Oil Drowns in a Flood of Supply, No Lifejacket for Now The RBA's Target Cash Rate is Likely to Hold at 0.25% Until End 2023 Canadian Dollar Weakness Expected to Catch Up with Recent Oil Price Collapse Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY Unemployment Rate Mar 2.50% 2.50% 2.40% 10:00 GBP CBI Realized Sales Apr -55 -45 -3 12:30 USD Wholesale Inventories Mar P -1.00% -0.10% -0.70% 12:30 USD Goods Trade Balance (USD) Mar -64.2B -55.0B -59.9B 13:00 USD S&P/CS Composite-20 HPI Y/Y Feb 3.20% 3.10% 14:00 USD Consumer Confidence 90.1 120 14:00 USD Richmond Fed Manufacturing Index Apr -34 2

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