Action Insight Mid-Day Report 5-18-20

Investor Cheers Coronavirus Vaccine news, Risk On

Action Insight Mid-Day Report 5-18-20 Investor Cheers Coronavirus Vaccine news, Risk On Global stock markets surge sharply today on optimism that coronavirus vaccine research took another big step. New Zealand Dollar leads commodity currencies generally higher. On the other hand, Yen, Dollar and Swiss Franc are under broad based pressure. Gold also retreats notably back below 1750 in the risk-on markets. WTI crude oil is extending recent strong rebound and regains 30 handle. Technically, AUD/JPY's strong rebound suggests that pull back from 70.17 has completed at 68.54. Focus is back on cluster resistance of 69.95 and 61.8% retracement of 76.54 to 59.89 at 70.17. Decisive break of this key resistance zone could open up stronger rise to 76.54. This will be a strong sign of sustainability of risk appetite. In Europe, currently, FTSE is up 3.15%. DAX is up 4.15%. CAC is up 3.77%. German 10-year yield is up 0.009 at -0.520. Earlier in Asia, Nikkei rose 0.48%. Hong Kong HSI rose 0.58%. China Shanghai SSE rose 0.24%. Singapore Strait Times rose 0.62%. Japan 10-year JGB yield dropped -0.0078 to -0.011. Full Report Here Moderna reports positive coronavirus vaccine trial results Bundesbank: Germany still far from normal despite easing coronavirus measures ECB Lane: Economy unlikely to return to pre-crisis level before 2021 Japan GDP contracted -0.9% in Q1, Nishimura expects significant slump UK Gove: There's a big philosophical difference with EU on negotiations Fed Powell: Negative rates probably inappropriate, not useful for US Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Crude Oil Price Supported by Improved Fundamentals; Upside Limited CFTC Commitments of Traders report – Traders Trimmed Bets on USD... Negative Interest Rate Expectations Drove Markets, Risk Reversal TBC Soon Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2058; (P) 1.2148; (R1) 1.2194; More.... A temporary low is formed at 1.2065 with today's recovery and intraday bias is turned neutral first. Some consolidations would be seen but recovery should be limited below 1.2467 resistance to bring another decline. Corrective rise from 1.1409 should have completed. On the downside, below 1.2065 will target a test on 1.1409 low. However, on the upside, break of 1.2467 will turn bias to the upside for 1.2647 resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Up, Watch GS, GOOGL, AAPL A Promising Start To The Week Market Update: Risk ON – For Now WTI Oil Outlook: Extends Recovery Above Critical $29/$30 Barriers XAU/USD Outlook: Gold Shines On Global Recovery Concerns And Rises To New Nearly 8 Years High EURGBP Bulls May Stay In Play In Short-Term Market Optimism Holding Up Despite Fragile Fundamentals USDJPY Flirts With 23.6% Fibonacci, Lacks Direction In Near Term USD Seems To Remain Steady, While Pound Relents Ground US 500 Index Breaches MAs, Attempts To Resume Climb Stocks And Gold Climb As Fed Hopes Overpower Trade Fears EURUSD Making Baby Steps Within Congested Area Gold Unlocks New 7½-Year High, Positive Outlook On Cards Gold Price Outlook: The Price Broke $1,725 And $1,730 Resistance Levels To Move Into A Positive Zone Fundamental Analysis | Technical Analysis In-depth Reports UK: Keep Cautious and Carry On With Interest Rates At Zero, What Will Drive FX Now? Could the U.S. Economy Be Facing Deflation? What to Expect from CCP's Two Sessions? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY GDP Q/Q Q1 P -0.90% -1.20% -1.80% 23:50 JPY GDP Deflator Y/Y Q1 P 0.90% 1.00% 1.20% 04:30 JPY Tertiary Industry Index M/M Mar -4.20% -0.40% -0.50% 14:00 USD NAHB Housing Market Index May 35 30

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