Action Insight Mid-Day Report 5-26-20

Coronavirus Vaccine News Boost Risk Appetite Again, Dollar in Free Fall

Action Insight Mid-Day Report 5-26-20 Coronavirus Vaccine News Boost Risk Appetite Again, Dollar in Free Fall Risk appetite is back driving the global financial markets, after biotech company Novavax said it has started phase 1 human trials of coronavirus vaccine candidate. DOW future points to a breakout from recent rally for rally resumption. Dollar, Yen and Swiss Franc are decisively sold off across the board. New Zealand Dollar is leading Australian Dollar, followed by Sterling. Technically, EUR/AUD's break of 1.6597 key support level now suggests medium term reversal. It may take a bit more time to confirm, but outlook will stay bearish as long as 1.6763 minor resistance holds. AUD/USD is also picking up upside momentum against with focus on corresponding resistance at 0.6670. Firm break there will also suggest medium term bullish reversal. Both GBP/USD and GBP/JPY break near term resistance levels at 1.2296 and 132.40 respectively. They should be heading back towards recent highs at 1.2647 and 135.74. In Europe, currently, FTSE is up 1.03%. DAX is up 1.01%. CAC is up 1.34%. German 10-year yield is up 0.0629 at -0.432. Earlier in Asia, Nikkei rose 2.55%. Hong Kong HSI rose 1.88%. China Shanghai SSE rose 1.01%. Singapore Strait Times rose 1.22%. Japan 10-year JGB yield dropped -0.0025 to -0.003. Full Report Here UK CBI realized sales improved slightly to -50 as grocery returned... BoE Haldane: Not reached a view remotely yet on using negative... AUD/JPY resumes rebound form 59.89, heading to 72.79/73.43 key resistance zone... Germany Gfk consumer sentiment rose to -18.9, but economy is far... PBoC to continue with targeted easing as domestic economy improves BoJ Kuroda: Economy in increasingly severe situation, likely to remain the... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol HKD Weakened Despite Widening HIBOR-LIBOR Spread; Hong Kong's Autonomy at Risk... CFTC Commitments of Traders – Traders Bet Precious Metals to Go... CFTC Commitments of Traders – NET SHORT of GBP Futures Jumped... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2165; (P) 1.2184; (R1) 1.2205; More.... GBP/USD's break of 1.2296 minor resistance suggests resumption of rebound from 1.2065. More importantly, corrective pattern from 1.2647 might have completed and rise from 1.1409 might be resuming. Intraday bias is back on the upside for 1.2647 resistance. Break will confirm and target 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. On the downside, below 1.2155 minor support will turn bias back to the downside for 1.2065 instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Investors Return in Good Spirits US Futures Gaining Ground, Watch MRK, REGN, HPE, AZO Stocks And Pound Jump On Lockdown Easing USDCAD Restrained Near Bottom Of Trading Range GER 30 Index Bullish At Fresh Highs, Nears Key Obstacle EURGBP Breaks Sideways Pattern, But Can It Break Out? Recovery Hopes Pull Stocks Higher As US-China Row Put Aside US 100 Index Within Breathing Distance Of All-Tme High Fundamental Analysis | Technical Analysis In-depth Reports HKD Weakened Despite Widening HIBOR-LIBOR Spread; Hong Kong's Autonomy at Risk as China Seeks to Impose New Law Can the EU Recovery Fund Change the Euro's Fortunes? Australia's Spat With China May Spell Doom for its Economy and the Aussie A Matter Of When, Not If – Updated Forecasts Of The RBNZ's OCR And LSAP Soft Japanese Economy, Subdued Yen With Interest Rates At Zero, What Will Drive FX Now? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD Trade Balance (NZD) Apr 1267M 1270M 672M 722M 23:50 JPY Corporate Service Price Index Y/Y Apr 1.00% 1.30% 1.60% 04:30 JPY All Industry Activity Index M/M Mar -3.80% -3.90% -0.60% -0.70% 06:00 EUR Germany Gfk Consumer Confidence Jun -18.9 -18.6 -23.4 -23.1 06:00 CHF Trade Balance (CHF) Apr 4.04B 4.02B 3.96B 10:00 GBP CBI Realized Sales May -50% -50% -55% 13:00 USD S&P/Case-Shiller 20-Cities House Price Y/Y Mar 3.90% 3.20% 3.50% 13:00 USD Housing Price Index M/M Mar 0.10% 0.60% 0.70% 0.80% 14:00 USD Consumer Confidence May 87.1 86.9 14:00 USD New Home Sales Apr 492K 627K

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