Action Insight Mid-Day Report 7-27-20

Euro Power Continues While Gold Extends Record Run

Action Insight Mid-Day Report 7-27-20 Euro Power Continues While Gold Extends Record Run The powerful rallies in Euro and Gold remain the dominate theme for today as traders seems to be focusing on the worsening US-China relations as well as second wave of coronavirus infections in the US and Asia. Swiss franc tumbles sharply, as mainly pressured by the selloff against Euro while Yen is firm and resilient. The developments suggest that the moves are not driven by broad based risk aversion, which is also reflected in sluggishness in the stock markets. Dollar remains pressured, following Swiss Franc as the second weakest. Technically, EUR/CHF's break of 1.0797 is a positive sign for the common currency. Further rise should be seen to 1.0915 near term resistance next. The focus will turn to Euro/commodity currency crosses. In particular, EUR/AUD is now at around midpoint of 1.6033/6772 range, and it's picking up momentum towards the upper side. EUR?CAD is also accelerating higher towards 1.5991 near term resistance. Break of these levels would further solidify EUR/USD's medium term up trend towards 1.2555 resistance. In Europe, currently, FTSE is down -0.22%. DAX is down -0.05%. CAC is down -0.35%. Germany 10-year yield is down -0.367 at -0.483. Earlier in Asia, Nikkei dropped -0.16%. Hong Kong HSI dropped -0.41%. China Shanghai SSE rose 0.26%. Singapore Strait Times dropped -0.14%. Japan 10-year JGB yield rose 0.037 to 0.020. Full Report Here US durable goods orders rose 7.3% in Jun, ex-transport orders up... ECB Panetta: PEPP to be used in full unless there are... German Ifo business climate rose to 90.5, services turned positive Gold accelerates to new record high, next key target at 2020 RBA Kent: Pandemic policy responses represent bread and butter of central... BoJ: Economy unlikely to reach pre-pandemic level even in fiscal 2022 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol FOMC Preview – Preparing for Changes in Monetary Policy CFTC Commitments of Traders – Trader Increased Long Bets, Sending Euro... Euro Started Medium Term Up Trend With Break of Key Resistance... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1605; (P) 1.1631; (R1) 1.1682; More..... EUR/USD's rally continues to accelerate today and hits as high as 1.1764 so far. Intraday bias remains on the upside for 100% projection of 1.0774 to 1.1422 from 1.1168 at 1.1816 first. Break will target 161.8% projection at 1.2216 next. On the downside, below 1.1640 minor support will turn intraday bias neutral and bring consolidations first. But downside of retreat should be contained by 1.1422 resistance turned support and bring another rally. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Streaking Gold Climbs to Record High US Futures Gaining Ground – Watch AMZN, AAPL, MRNA, SLB, BIIB, HAS Gold Nears $2K, Dollar Extends Drop And Stocks Waver Fed Meeting: A More Cautious Message USD/JPY Outlook: Bears Extend To The Lowest Since Mid-March, Pressure Key Fibo Support USDJPY Exits Range Area And Tumbles To 4½-Month Lows The US Dollar Is Lower Across The Board Gold Hits All-Time High USD Index Outlook: The Dollar Index Falls To The Lowest In Nearly Two Years EUR/USD Outlook: Fresh Bullish Extension Approached Key Barriers Gold Reaches For The Sky, Euro Soars Too As Dollar Sags Gold Shines At A New Record High After 9 Years EURUSD Touches Fresh 22-Month High Above 1.1700 Fundamental Analysis | Technical Analysis In-depth Reports Silver Price to Go High on Economic Recovery amidst High Uncertainty EU Recovery Fund: White Smoke at Last July Flashlight for the FOMC Blackout Period PBOC Left Policy Rate Unchanged for Three Months, Affirming Targeted Monetary Easing Stance Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY BoJ Summary of Opinions 04:30 JPY All Industry Activity Index M/M May -3.50% -3.50% -6.40% 08:00 EUR Germany IFO Business Climate Jul 90.5 89.3 86.2 86.3 08:00 EUR Germany IFO Expectations Jul 97 93.4 91.4 91.6 08:00 EUR Germany IFO Current Assessment Jul 84.5 85 81.3 08:00 EUR Eurozone M3 Money Supply Y/Y Jun 9.20% 9.30% 8.90% 12:30 USD Durable Goods Orders Jun 7.30% 6.50% 15.70% 12:30 USD Durable Goods Orders ex Transportation Jun 3.30% 3.50% 3.70%

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