Action Insight Daily Report 8-3-20

Trading Subdued in Cautious Mood, Dollar Still Finding Momentum for Rebound

Action Insight Daily Report 8-3-20 Trading Subdued in Cautious Mood, Dollar Still Finding Momentum for Rebound Trading in forex markets is rather subdued today in overall mixed mood. Better than expected manufacturing data provides little lift to sentiments. Coronavirus curfew in Australia's Victoria state is also shrugged off. Instead, traders are generally cautious ahead of a very busy week. RBA and BoE will meeting while tons of heavy weight data like US ISMs and non-farm payrolls will be featured. Technically, an immediate focus would be on whether Dollar could finally turn around the corner and has a sustainable rebound. USD/JPY has already breached 106.07 resistance, so did USD/CHF on 0.9151 minor resistance. Eyes will now be on 1.1698 minor support in EUR/USD, 1.3013 minor support in GBP/USD, as well as 0.7063 minor support in AUD/USD. Additionally, 1939.20 support in Gold will also be watched. In Asia, Nikkei closed up 2.24%. Hong Kong HSI is down -0.73%. China Shanghai SSE is up 1.36%. Singapore Strait Times is down -1.52%. Japan 10-year JGB yield is up 0.0108 at 0.026. Full Report Here Australia Frydenberg: Coronavirus lockdown a real kick in the guts to... Australia AiG manufacturing rose to 53.5, but headwinds lie ahead China Caixin PMI manufacturing rose to 52.8, strongest upturn since 2011 Japan PMI manufacturing finalized at 45.2, consumer goods stabilized, capital goods... Fed Kashkari: 4-6 weeks hard lockdown or no real robust recovery Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA to Caution about Economic Impacts of Renewed Lockdown, Relying on... CFTC Commitments of Traders – NET LENGTH on Crude Oil and... Yen, Dollar, Aussie, Gold and Stocks in Focuses in a Busy... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Report Daily Pivots: (S1) 0.7108; (P) 0.7167; (R1) 0.7202; More... Intraday bias in AUD/USD remains neutral at this point. Upside momentum has been clearly diminishing as seen in 4 hour MACD and a short term top should be around the corner. On the downside, break of 0.7063 will turn bias back to the downside for 0.6776, for correcting the whole rise from 0.5506. Nevertheless, above 0.7227 will extend the rally towards 0.7311 long term EMA. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/USD Correcting Gains, 1.1700 Holds The Key Asia Morning: U.S. Dollar Rebounds, Stocks Close Higher CFTC Commitments of Traders – NET LENGTH on Crude Oil and... CFTC Commitments of Traders – Bets on Higher Euro Sharply Increased... Weekly Economic and Financial Commentary: The Second Wave Appears to Have Crested The Weekly Bottom Line: Historical Decline in GDP As Virus Struck in Q2 Forward Guidance: Growth in Employment to Continue in July, at a Slower Pace Week Ahead: The Coronavirus Continues to Dominate Global Economies Week Ahead – Is the Economic Recovery Stalling? Research China: At the Foothills of a New Cold War – and What It Implies Aussie Braces for Dovish Tilt by RBA as Australia Battles Second Virus Wave Week Ahead – Can Non-Farm Payrolls Halt the Dollar's Descent? Cliff Notes: A Record-Breaking Week   Fundamental Analysis | Technical Analysis In-depth Reports Research China: At the Foothills of a New Cold War – and What It Implies China's Economy Continued to Improve in July, but Pace Varied Across Sectors 'King Dollar' Falls from Grace, Growth Concerns to Blame? Gold Price Approaches US$2,000/oz amidst Low Real Yields, Rising Inflation Expectations and Geopolitical Tensions Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Mfg Index Jul 53.5 51.5 23:50 JPY Prelim GDP Q/Q Q2 -0.60% -0.70% -0.60% 0:30 JPY Manufacturing PMI Jul F 45.2 42.6 42.6 1:00 AUD TD Securities Inflation M/M Jul 0.90% 0.60% 1:45 CNY Caixin Manufacturing PMI Jul 52.8 51.3 51.2 6:30 CHF CPI M/M Jul -0.40% 0.00% 6:30 CHF CPI Y/Y Jul -1.30% -1.30% 7:30 CHF SVME PMI Jul 50 41.9 7:45 EUR Italy Manufacturing PMI Jul 51.3 47.5 7:50 EUR France Manufacturing PMI Jul F 52 52 7:55 EUR Germany Manufacturing PMI Jul F 50 50 8:00 EUR Eurozone Manufacturing PMI Jul F 51.1 51.1 8:30 GBP Manufacturing PMI Jul F 53.6 53.6 13:45 USD Manufacturing PMI Jul F 51.3 51.3 14:00 USD ISM Manufacturing PMI Jul 54 52.6 14:00 USD ISM Manufacturing Prices Paid Jul 60 51.3 14:00 USD ISM Manufacturing Employment Index Jul 42.1 14:00 USD Construction Spending M/M Jun -0.50% -2.10%

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