Action Insight Mid-Day Report 6-22-20

Dollar Softens Further in Mixed Markets, Risk Mildly on the Downside

Action Insight Mid-Day Report 6-22-20 Dollar Softens Further in Mixed Markets, Risk Mildly on the Downside The global risk markets are generally mixed today. While major European indices are trading slightly in red, US futures point to a higher open. Yen and Dollar remain the weakest ones for today so far, followed by Swiss Franc. New Zealand and Australian Dollar are the strongest ones. But major pairs and crosses are staying inside Friday's range, except Kiwi. Traders are still holding their bets for now. Technically, with much loss in buying momentum, a focus is now on whether Dollar is reversing last week's rebound. Attentions would be on 1.3504 minor support in USD/CAD and 4 hour 55 DMA (now at 1.1243) in EUR/USD break of these levels could prompt a reversal in the greenback. Two are levels to watch would be 1765.25 resistance in Gold and 106.57 temporary low in USD/JPY. Break will also signals Dollar weakness. In Europe, currently, FTSE is down -0.22%. DAX is down -0.44%. CAC is down -0.42%. German 10-year yield is down -0.0364 at -0.486. Earlier in Asia, Nikkei dropped -0.18%. Hong Kong HSI dropped -0.54%. China Shanghai SSE dropped -0.08%. Singapore Strait Times dropped -0.20%. Japan 10-year JGB yield dropped -0.0033 to 0.010. Full Report Here UK CBI manufacturer output dropped to historical low in June ECB de Guindos: Markets sometimes overreact, but ultimately remain realistic BoE Bailey: Level of reserves should be adjusted first when withdrawing... RBA Lowe: Interest rate to stay at current level for years Bundesbank Weidmann: Economic trough is behind, but followed only by a... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBNZ Preview: Cautiously Optimistic about Recovery while Pledges to Do More... CFTC Commitments of Traders – Traders Trimmed Bets on Crude Oil... CFTC Commitments of Traders – USD Index Futures Drifted to Net... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3563; (P) 1.3590; (R1) 1.3632; More.... Intraday bias in USD/CAD remains neutral at his point. We'd still expect rebound from 1.3315 to extend higher. On the upside, break of 1.3686 temporary top will target 38.2% retracement of 1.4667 to 1.3315 at 1.3831. However, break of 1.3504 minor support will turn bias back to the downside for retesting 1.3315 low. Decisive break of 1.3315 will resume whole decline from 1.4667. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings AUDUSD's Bigger Positive Bias Struggles, as Current Neutral Phase Extends US Futures Rise, Watch AAL, WMT, AXP GBP/USD Outlook: Risk Appetite Inflates Pound; Tuesday's UK PMI Data in Focus for Fresh Signals Gold Appears Poised For Breakout AUD/USD Outlook: Optimistic Comments Fuel Recovery By Key Obstacles Still Cap USDJPY Maintains Weak Bias In Near Term, Broader Trend Is Negative The Oil Shale Revolution Defeated: The US Is Cutting Production Despite Rising Prices EUR/USD Outlook: Bears Take A Breather After Strong Fall Previous Week Investors Grapple With The Virus Blues Gold's Sideways Picture Remains Skewed To The Upside EURUSD Capped By 20-Day SMA, Lacks Clear Direction In Medium Term Gold Remains An Attractive Investment Option Despite Latest Surge Fundamental Analysis | Technical Analysis In-depth Reports Downside Risks of Crude OIl Price Rising Despite Recent Optimism HKD Supported by Low US Yield and Seasonal Factors, Despite Huge Political Uncertainty Ahead Gold Rally: Worth to Hold Your Breath 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 10:00 GBP CBI Industrial Order Expectations Jun -58 -59 -62 14:00 EUR Eurozone Consumer Confidence Jun P -15 -18.8 14:00 USD Existing Home Sales May 4.20M 4.33M

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