Action Insight Mid-Day Report 5-15-20

Dollar Down Again of Record Retails Sales Fall, Gold Shines

Action Insight Mid-Day Report 5-15-20 Dollar Down Again of Record Retails Sales Fall, Gold Shines Dollar weakens notably in early US session after retail sales data showed another record decline in April. Stock futures also tumble after the news In particular, gold rides on the greenback's selloff and it's set to resume larger up trend. . Nevertheless, for the day, New Zealand, Australian Dollar and Sterling remain the worst performing ones. Yen, Swiss Franc, and Euro are the stronger ones, Technically, Gold is eyeing 1747.75 resistance. Decisive break there will target 61.8% projection of 1160.17 to 1703.28 from 1451.16 at 1786.80. Some further upside acceleration could be seen if this major hurdle is overcome. Sterling's weakness is also worth a watch as EUR/GBP is resuming recent rebound from 0.8670 resumes after brief retreat. Reactions to 0.8987 near term fibonacci resistance would reveal the underlying strength of the cross. In Europe, currently, FTSE is up 0.65%. DAX is up 0.69%. CAC is down -0.20%. German 10-year yield is down -0.016 at -0.556. Earlier in Asia, Nikkei rose 0.62%. Hong Kong HSI dropped -0.14%. China Shanghai SSE dropped -0.07%. Singapore Strait Times rose 0.05%. Japan 10-year JGB yield rose 0.0007 to -0.004. Full Report Here US retail sales dropped record -16.4% in April Very limited progress made after disappointing Brexit negotiations German recession expected to accelerate in Q2, but recovery began in... Eurozone GDP dropped -3.8% in Q1, EU contracted -3.3% Gold finished triangle consolidation, ready to resume up trend? China industrial production grew again, but retail sales contracts, USD/CNH range... New Zealand BusinessNZ PMI dropped to 26.1, production and new orders... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol More Stimuli Needed to Support China's Gradual Economic Recovery Unexpected Decline in US Inventory Lent Support to Oil Price China's Inflation Slowed Further in April, Giving Room for Further Easing Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 106.89; (P) 107.13; (R1) 107.48; More... USD/JPY is extending the retreat from 107.76 temporary top and intraday bias stays neutral first. Outlook is unchanged that corrective fall from 111.71 should have completed with three waves down to 105.98. Further rise is expected as long as 105.98 support holds. On the upside, break of 107.76 will turn bias back to the upside for 109.38 resistance first. However, break of 105.98 will dampen our bullish view and bring deeper decline. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings AUDCAD Bulls May Challenge Long-Term Downtrend Above 0.9150; 20-Day SMA Eyed For Support Reality Doesn't Sit Well With Investors NZDUSD Declines After Hitting 0.6015, Seems Bearish In Near Term US 30 Index's Ascent Slows, Forming Head And Shoulders Pattern GBP/USD Outlook: Cable Could Drop To 1.20 On Break Of Key Supports At 1.2174/64 US-China Tensions Simmer But Markets Still Betting On Recovery WTI Oil Outlook: Bulls Approach Critical Barriers, On Track For Third Strong Weekly Rally GBPJPY Appears To Pause Before Snowballing Negative USDCAD Maintains Neutral-To-Bearish Bias Below SMAs GBPUSD At Risk Of A Bearish Trend After Double Top Formation Why Trump Suddenly Loved A 'Strong Dollar' The Long Road To 'New Normal' Fundamental Analysis | Technical Analysis In-depth Reports With Interest Rates At Zero, What Will Drive FX Now? Could the U.S. Economy Be Facing Deflation? China's Inflation Slowed Further in April, Giving Room for Further Easing What to Expect from CCP's Two Sessions? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 NZD BusinessNZ Manufacturing Index Mar 38 53.2 53.7 23:50 JPY PPI Y/Y Apr -2.30% -1.60% -0.40% 02:00 CNY Retail Sales Y/Y Apr -7.50% -7.50% -15.80% 02:00 CNY Industrial Production Y/Y Apr 3.90% 1.50% -1.10% 02:00 CNY Fixed Asset Investment YTD Y/Y Apr -10.30% -10.00% -16.10% 08:00 EUR Germany GDP Q/Q Q1 P -2.20% -2.10% 0.00% -0.10% 09:00 EUR Eurozone Trade Balance (EUR) Mar 23.5B 17.2B 25.8B 09:00 EUR Eurozone GDP Q/Q Q1 P -3.80% -3.80% -3.80% 09:00 EUR Eurozone Employment Change Q/Q Q1 P -0.20% -2.00% 0.30% 12:30 CAD Foreign Securities Purchases (CAD) Mar -9.78B 20.61B 19.42 B 12:30 USD Empire State Manufacturing Index May -48.5 -65 -78.2 12:30 USD Retail Sales M/M Apr -16.40% -10.00% -8.70% -8.30% 12:30 USD Retail Sales ex Autos M/M Apr -17.20% -8.60% -4.50% -4.00% 13:15 USD Industrial Production M/M Apr -11.60% -5.40% 13:15 USD Capacity Utilization Apr 65.00% 72.70% 14:00 USD Michigan Consumer Sentiment Index May P 68 71.8 14:00 USD Business Inventories Mar -0.50% -0.40%

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