Action Insight Mid-Day Report 6-25-20

Dollar Stays in Familiar Range Despite Rebound Attempt, Markets Turned Mixed Elsewhere

Action Insight Mid-Day Report 6-25-20 Dollar Stays in Familiar Range Despite Rebound Attempt, Markets Turned Mixed Elsewhere The financial markets turned into mixed mode today. While European indices open broadly lower, they quickly reversed early losses and turned positive. US markets open lower again but loss in DOW is relatively limited. Dollar is trying to extend yesterday's rebound against European majors and Yen. Yet, it struggles to have decisive gains against commodity currencies. Overall, major Dollar pairs remain range bound. Technically, Dollar's underlying momentum for sustainable rally remains in question. Focus will stay on 1.1168 support in EUR/USD, 1.2334 support in GBP/USD, 0.6776 support in AUD/USD, 0.9554 resistance in USD/CHF, 107.64 resistance in USD/JPY and 1.3686 resistance in USD/CAD. These levels need to be taken out before confirming a comeback of the greenback. In Europe, currently, FTSE is up 0.06%. DAX is up 0.41%. CAC is up 0.66%. German 10-year yield is down -0.0362 at -0.473. Earlier in Asia, Nikkei dropped -1.22%. Japan 10-year JGB yield rose 0.0009 to 0.018. Singapore Strait Times dropped -1.46%. Hong Kong and China were on holiday. Full Report Here US durable goods orders rose 15.8, ex-transport orders rose 4.0% US initial jobless claims dropped to 1.48m, continuing claims at 19.5m ECB stand ready to adjust all instruments including PEPP, TLTROs, interest... UK CBI realized sales rose to -37, slower pace of decline German Gfk consumer sentiment rose to -9.6, faint light getting somewhat... New Zealand trade surplus down slightly to NZD 1253m Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Another Week Of US Stock-build Dampened Crude Oil Price RBNZ Pledged to Expand QE and other Stimulus if Needed, as... Gold's Rally Set to Resume, Supported by Low Yield, Geopolitics and... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1223; (P) 1.1274; (R1) 1.1301; More.... EUR/USD is staying in range of 1.1168/1353 and intraday bias remains neutral first. On the downside, break of 1.1168 will resume the decline from 1.1422 to 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, break of 1.1353 will suggest that larger rebound from 1.0635 is resuming. Intraday bias will be back on the upside for 1.1422 and then 1.1496 key resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USD/JPY Outlook: The Dollar Rises Further on Risk Aversion; US Data Eyed for Fresh Signals US Futures Still Red, Watch BA, DD, ACN, KBH EURJPY Pauses Its Buying Interest Above Descending Line GBP/USD Outlook: Bears Take A Breather On Higher EU Stocks USD Strengthens As Hopes For A Quick Rebound Dampen EUR/USD Outlook: Euro Remains In Red And Eyes Key Supports Ahead Of Important US Data Markets Lose Altitude As Virus Fears Escalate EURUSD Poised For More Downside If The Trendline Gives Way NZD/USD: Narrowing New Zealand's Annual Trade Deficit WTI Futures' Ascent Reloads Ahead Of Key Resistance AUDUSD Retests 20-Day SMA, Holding In Upward Sloping Channel Fundamental Analysis | Technical Analysis In-depth Reports Economics And Macro Strategy: Risks From A Resurgence In COVID-19 Gold's Rally Set to Resume, Supported by Low Yield, Geopolitics and Second Virus Wave Downside Risks of Crude OIl Price Rising Despite Recent Optimism HKD Supported by Low US Yield and Seasonal Factors, Despite Huge Political Uncertainty Ahead So How Is That Phase One US-China Trade Agreement Going? Australia's Risks With Its Exports to China Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD Trade Balance (NZD) May 1253M 1279M 1267M 1339M 04:30 JPY All Industry Activity Index M/M Apr -6.40% -6.50% -3.80% -3.40% 06:00 EUR Germany Gfk Consumer Confidence Jul -9.6 -11 -18.9 -18.6 10:00 GBP CBI Realized Sales Jun -37 -35 -50 12:30 USD GDP Annualized Q1 F -5.00% -5.00% -5.00% 12:30 USD GDP Price Index Q1 F 1.40% 1.40% 1.40% 12:30 USD Initial Jobless Claims (Jun 19) 1480K 1300K 1508K 1540K 12:30 USD Durable Goods Orders May 15.80% 10.30% -17.70% 12:30 USD Durable Goods Orders ex Transportation May 4.00% 2.80% -7.70% 12:30 USD Wholesale Inventories May P -1.20% 0.40% 0.30% 12:30 USD Goods Trade Balance (USD) May -74.3B -68.0B -69.7B -69.7B 14:30 USD Natural Gas Storage 108B 85B

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