Action Insight Mid-Day Report 6-15-20

Risk Aversion Remains the Main Theme While Gold Reverses

Action Insight Mid-Day Report 6-15-20 Risk Aversion Remains the Main Theme While Gold Reverses Risk aversion remain a major theme today on concern over coronavirus second wave. DOW futures point to sharply lower open and the index could lose 25k handle. NASDAQ might also have another take on 9500 too. In the currency markets. Swiss Franc, Yen and Dollar are taking turns to the strongest for today. But all three are limited below Friday's high against other major currencies. Australian Dollar is leading commodity currencies lower. Technically, one development to note is the selloff in AUD/NZD. the break of 55 day EMA suggests rejection by 1.0865 near term resistance. Fall from there could have a take on 38.2% retracement of 0.9994 to 1.0880 at 1.0542. Reaction from there would determine which one of Aussie or Kiwi would underperform in the next move. Gold's sharp decline today and break of 1707.84 minor support dampens our original bullish view. Corrective pattern is extending with another fall, with prospect of a break of 1670.66 low to 38.2% retracement of 1451.16 to 1766.25 at 1645.26. In Europe, currently, FTSE is down -1.09%. DAX is down -0.96%. CAC is down -0.70%. German 10-year yield is down -0.0174 at -0.456. Earlier in Asia, Nikkei dropped -3.47%. Hong Kong HSI dropped -2.16%. China Shanghai SSE dropped -1.02%. Singapore Strait Times dropped -2.64%. Japan 10-year JGB yield dropped -0.0121 to 0.005. Full Report Here Canada manufacturing sales dropped record -28.5% in April US Empire state manufacturing rose to -0.2, six-month expectations jumped to... Germany economy ministry: H2 recovery will be sluggish and take longer Eurozone trade surplus shrank to EUR 1.2B in Apr (s.a.), intra-EA... China industrial production continues to rebound while retail sales shrink UK Johnson to seek high quality FTA by Autumn at high... Fed Kaplan expects positive job growth from here Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – Improved Risk Appetite Weighed on US... CFTC Commitments of Traders – Renewed Coronavirus Concerns may Lead to... Sentiments Took a U-Turn on Fear of Coronavirus Second Wave Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1203; (P) 1.1271; (R1) 1.1330; More.... EUR/USD's decline form 1.1422 short term top is still in progress. Intraday bias remains on the downside for 38.2% retracement of 1.0635 to 1.1422 at 1.1121. Sustained break there will argue that whole rebound from 1.0635 has completed and bring deeper fall to 61.8% retracement at 1.0936. On the upside, though, break of 1.1230 minor resistance will turn bias back to the upside for 1.1422 instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings CADJPY Builds Base Below 20-SMA; Lacks Direction COVID-19 Hammers Canada's Manufacturing Sales in April      Canada: Physical Distancing Tanked April Manufacturing Activity Sales in Oil Are Not Letting Up USDJPY Unable to Break Confines of a Sideways Market US Futures Red, Watch SHOP, MMM, AXP, INTC GBPAUD Looks To End Bearish Cycle Above Channel US 500 Index Rebounds On 100-SMA, Remains Under Pressure The Wobble Continues USD/JPY Outlook: Recovery Looks For Further Signals To Resume And Neutralize Existing Downside Risk GBP/USD Outlook: Bears Faced Strong Headwinds At Pivotal 1.2450 Zone, UK/EU Talks In Focus For Fresh Signals Gold May Not Expect Higher Highs In The Near-Term EURUSD Sharply Corrects, Maintains Positive Signals AUDUSD Dives Below 0.6800, Posting 2-Week Low Volatility Returns With Surge In New Covid-19 Cases Fundamental Analysis | Technical Analysis In-depth Reports HKD Supported by Low US Yield and Seasonal Factors, Despite Huge Political Uncertainty Ahead Gold Rally: Worth to Hold Your Breath How the Stock Market Took Over the FX Market So How Is That Phase One US-China Trade Agreement Going? Gold will Regain Momentum after Correction, Supported by Low Yield and US-China Tensions Australia's Risks With Its Exports to China Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 02:00 CNY Retail Sales Y/Y May -2.80% -2.00% -7.50% 02:00 CNY Industrial Production Y/Y May 4.40% 5.00% 3.90% 02:00 CNY Fixed Asset Investment YTD Y/Y May -6.30% -5.90% -10.30% 04:30 JPY Tertiary Industry Index M/M Apr -6.00% -7.50% -4.20% -3.80% 06:30 CHF Producer and Import Prices M/M May -0.50% -0.90% -1.30% 06:30 CHF Producer and Import Prices Y/Y May -4.50% -4.60% -4.00% 09:00 EUR Eurozone Trade Balance (EUR) Apr 1.2B 20.3B 23.5B 25.5B 12:30 USD Empire State Manufacturing Index Jun -0.2 -30 -48.5 12:30 CAD Manufacturing Sales M/M Apr -28.50% -20.20% -9.20%

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