Action Insight Daily Report 5-6-20

Yen Surges Through Resistance Against Dollar and Euro

Action Insight Daily Report 5-6-20 Yen Surges Through Resistance Against Dollar and Euro Yen is trading generally higher is Asian session and broke some near term resistance level. Risk sentiments are mixed in major Asian markets. While US stocks ended with gains overnight, the closes in major indices were indeed lower then opens. That's a signal of indecisiveness among the bulls. Commodity currencies turn softer, but New Zealand Dollar is supported by robust job data. Euro turned mixed after yesterday's selloff, but remains the weakest one for the week. Technically, USD/JPY's break of 106.35 temporary low suggests resumption of fall from 111.71. Further decline would be seen to 104.58 near term projection level. EUR/JPY broke 115.44 support to resume medium term down trend. 131.90 support in GBP/JPY will be a focus today and break should confirm completion of rebound from 123.94. That will be another evidence of underlying strength in Yen. In Asia, Hong Kong HSI is up 0.57%. China Shanghai SSE is down -0.42%. Singapore Strait Times is up 1.06%. Japan is still on holiday. Overnight, DOW rose 0.56%. S&P 500 rose 0.90%. NASDAQ rose 1.13%. 10-year yield rose 0.020 to 0.657. Full Report Here Australia retail sales rose 8.5% with heavy impact from coronavirus New Zealand employment grew 0.7% in Q1, robust before coronavirus RBNZ: GDP to be lowered by 37 by level 4 coronavirus... Fed officials expect slow, uneven recovery in H2 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOE to Keep Stimulus Measures Unchanged in May. Could Announce QE... CFTC Commitments of Traders – Bets on Higher Safe Haven Currencies... From Coronavirus Lockdown Exit to New US-China Tariff war Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Daily Outlook Daily Pivots: (S1) 106.34; (P) 106.62; (R1) 106.82; More... USD/JPY's break of 106.35 suggests resumption of whole decline from 111.71. Intraday bias is back on the downside for 100% projection of 111.71 to 106.91 from 109.38 at 104.58 next. At this point, downside momentum as seen in 4 hour MACD is still unconvincing. The structure of the fall from 111.71 doesn't warrant that it's an impulsive move resuming larger down trend. Reactions from 104.58 could finally reveal whether fall from 111.71 is corrective. On the upside, break of 107.49 resistance will indicate short term bottoming and turn bias back to the upside for 109.38 resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Crude Oil Price Recovers Significantly, $25 Next? Asia Morning: US Stocks Up For Second Session FX Market Wrap USD/CHF In Focus Crude Is Heating Up, But Be Cautious Of A Cooldown Bundesverfassungsgericht Questions ECB 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 22:45 NZD Employment Change Q1 0.70% -0.20% 0.00% 0.10% 22:45 NZD Unemployment Rate Q1 4.20% 4.20% 4.00% 22:45 NZD Labour Cost Index Q/Q Q1 0.30% 0.50% 0.60% 01:30 AUD Retail Sales M/M Mar 8.50% 8.20% 8.20% 06:00 EUR Germany Factory Orders M/M Mar -9.00% -1.40% 07:45 EUR Italy Services PMI Apr 8 17.4 07:50 EUR France Services PMI Apr F 10.4 10.4 07:55 EUR Germany Services PMI Apr F 15.9 15.9 08:00 EUR Eurozone Services PMI Apr F 11.7 11.7 08:30 GBP Construction PMI Apr 39.3 09:00 EUR Eurozone Retail Sales M/M Mar -12.00% 0.90% 09:00 EUR Eurozone Retail Sales Y/Y Mar -10% 3% 12:15 USD ADP Employment Change Apr -13050K -27K 14:30 USD Crude Oil Inventories 9.0M

Action Forex Company Limited | Room 804, 8/F. , Prosperity Centre, 982 Canton Road, Mongkok, Kowloon 852 Hong Kong SAR China Unsubscribe mondemand.forex@blogger.com Update Profile | About Constant Contact Sent by contact@actionforex.com in collaboration with Try email marketing for free today!