Action Insight Daily Report 5-5-20

Aussie Follow Stocks Higher, Steady after RBA

Action Insight Daily Report 5-5-20 Aussie Follow Stocks Higher, Steady after RBA Australian Dollar strengthen mildly today following recovery in the stock markets. It remains steady after RBA left monetary policy unchanged as widely expected. Rally in oil price, with WTI crude oil up 6.5% at 21.7, is helping sentiments in general, as well as the Canadian Dollar. On the other hand, Dollar turns soft, followed by Swiss France, Euro and Yen. Technically, there is no confirmation of return of risk-off yet. DOW is holding comfortably above 22941.88 support despite yesterday's initial dip. Hong Kong HSI is also holding above corresponding support at 23483.31. In the currency markets, the selloff in commodity currencies could have passed an initial peak, with AUD/USD recovery and USD/CAD retreating. Consolidative trading might continue in general. Though, a focus is back on 106.35 temporary low in USD/JPY and break will resume whole fall from 111.71. In Asia, currently, Hong Kong HSI is up 0.54%. Singapore Strait Times is up 0.78%. Japan and China remain on holiday. Overnight, DOW rose 0.11%. S&P 500 rose 0.42%. NASDAQ rose 1.23%. 10-year yield dropped -0.005 to 0.637. Full Report Here RBA stands pat, scaled back bond purchases as markets improved Australia AiG construction dropped to 21.6, record low US Treasury to raise USD 3T debts in Q2 to fund... Gold extending consolidation from 1747, upside break still expected Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA to Stay on Hold in May. Economic Forecasts to be... BOE to Keep Stimulus Measures Unchanged in May. Could Announce QE... From Coronavirus Lockdown Exit to New US-China Tariff war Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Report Daily Pivots: (S1) 0.6387; (P) 0.6411; (R1) 0.6449; More... AUD/USD recovered after hitting 0.6372 and intraday bias is turned neutral first. Fall fro 0.6569 short term top is still in favor to continue and below 0.6372 will target 0.6253 support first. Break there should indicate completion of whole rise from 0.5506 and target 38.2% retracement of 0.5506 to 0.6569 at 0.6163. On the upside, break of 0.6569 will extend the rebound to 0.6670 key resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings WTI Crude Oil: Will History Repeat Itself? GBP/USD Likely Forming Double Top, More Losses Likely Asia Morning: US Stocks, Oil Higher As Sentiment Keeps Improving Market Wrap – EUR/USD In Focus Traders Should Be Ready When And If USD/TRY Makes New Highs AUD/USD May Be Ready It's Next Move! Copper Futures Bullish Correction Under Strain Copper Price Fell to Nearly Two-Week Low on Renewed Concerns about Weaker Demand Fundamental Analysis | Technical Analysis In-depth Reports China Outlook: From Output To Demand Crisis, CNY Stability Set To Continue Crude Reality 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 22:30 AUD AiG Performance of Construction Index Apr 21.6 37.9 22:45 NZD Building Permits M/M Mar -21.30% 4.70% 5.70% 1:00 NZD ANZ Commodity Price Apr -1.10% -2.10% -2.00% 4:30 AUD RBA Interest Rate Decision 0.25% 0.25% 0.25% 5:45 CHF SECO Consumer Climate Q2 -40 -9 6:30 CHF CPI M/M Apr -0.10% 0.10% 6:30 CHF CPI Y/Y Apr -0.50% -0.50% 8:30 GBP Services PMI Apr F 12.3 12.3 9:00 EUR Eurozone PPI M/M Mar -1.20% -0.60% 9:00 EUR Eurozone PPI Y/Y Mar -2.40% -1.30% 12:30 CAD Trade Balance (USD) Mar -2.2B -1.0B 12:30 USD Trade Balance (USD) Mar -41.0B -39.9B 13:45 USD Services PMI Apr 27 27 14:00 USD ISM Non-Manufacturing PMI May 37.5 52.5

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