Action Insight Mid-Day Report 5-27-20

Euro Flies High on EU New Generation Recovery Plan

Action Insight Mid-Day Report 5-27-20 Euro Flies High on EU New Generation Recovery Plan Euro surges broadly today as traders more than welcome the new EU pandemic recovery plan. Canadian Dollar is currently the second strongest while the greenback is the third. Strength in Euro appears to have prompted some selloff in Sterling as well as Australian Dollars. The Pound is somewhat weighed down by renewed concerns over Brexit negotiations too. Aussie bulls might be turning cautious, as markets awaits escalation in US-China tensions over Hong Kong. Technically, EUR/JPY resume the rebound from 114.42 by taking out 118.52. Such rise should at least be correcting the decline from 122.87 to 114.42 and would target 121.4 resistance next. EUR/USD should also be taking 1.1147 resistance with a break of 1.1008 The biggest focus, though, will be on EUR/AUD as it's now back above 1.6597 key support level with today's recovery. Break of 1.6763 minor resistance will be the first indication of defending the key support and retaining medium term bullishness. That could also be a hint of Aussie weakness elsewhere. In Europe, currently, FTSE is up 1.47%. DAX is up 1.77%. CAC is up 2.11%. German 10-year yield is up 0.0239 at -0.396, back above -0.4 handle. Earlier in Asia, Nikkei rose 0.70%. Hong Kong HSI dropped -0.36%. China Shanghai SSE dropped -0.34%. Singapore Strait Times dropped -0.43%. Japan 10-year JGB yield dropped -0.0023 to 0.001. Full Report Here EU unveils EUR 750B Next Generation EU recovery plan ECB Lagarde: Eurozone contraction likely in between medium and severe scenarios SNB willing to intervene in currency markets more strongly Euro surges as EU proposes larger than expected EUR 750B recovery... Yuan falling towards key support with eyes on China-Hong Kong-US relations RBNZ Orr: Banking system has significant capital and liquidity buffers 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 EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0919; (P) 1.0957; (R1) 1.1022; More... EUR/USD's break of 1.1008 minor resistance suggest resumption of rise from 1.0774. Also, corrective pattern from 1.0635 is in another rising leg. Intraday bias is now on the upside for 1.1147 resistance. Though, we'd still expect upside to be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, break of 1.0870 minor support will turn bias to the downside for 1.0774 support first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Still on the Upside, Watch AMZN, BA, REGN, DIS, DPZ, KEYS Eurozone ESI And Inflation Unlikely To Distract Euro Ahead of ECB Decision Rally Mode Continues, Oil Dips On Easing Cut Outlook, Gold Drops, Bitcoin Bounces Grand Reopening US/China Conflict Stocks Extend Gains But Renminbi Undermined By US-China Tensions USD Picks Up Strength On US-Sino Tensions Deluge Of US Data Unlikely To Excite Dollar, But Risk Tones Might AUD/USD Outlook: Bulls Are Pausing Under Key Barriers Caution Sets In After Trump Signals Hong Kong Action Gold Heads Lower, Hitting 2-Week Low USDJPY Edges Sideways, Capped By 50-Day SMA NZDUSD Looks For More Gains But Path Could Be Challenging Fundamental Analysis | Technical Analysis In-depth Reports Canadian Inflation in a Post-Pandemic World HKD Weakened Despite Widening HIBOR-LIBOR Spread; Hong Kong's Autonomy at Risk as China Seeks to Impose New Law 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 21:00 NZD RBNZ Financial Stability Report 01:30 AUD Construction Work Done Q1 -1.00% -1.00% -3.00% -2.90% 08:00 CHF ZEW Expectations May 31.3 12.7 18:00 USD Fed's Beige Book

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