Action Insight Mid-Day Report 8-11-20

Gold in Steep Correction as Global Stocks in Strong Rally

Action Insight Mid-Day Report 8-11-20 Gold in Steep Correction as Global Stocks in Strong Rally The global financial markets continue to trade in full risk-on mode today. In particular, US futures point to sharply higher open as S&P 500 would likely take on new record high. Canadian Dollar is currently the strongest one for today, as lifted by mildly higher oil price. Australian Dollar follows as the second strongest. Euro is supported by improvement in German economic sentiment. On the other hand, Yen and Dollar are the weakest for now. Technically, Gold is in deep correction today and selling accelerates after clearing 2000 handle. At this point, we'd look for some support from 38.2% retracement of 1670.66 to 2075.18 at 1920.65 to contain downside to bring rebound. Yen crosses are generally higher today and eyes are on 125.58 resistance in EUR/JPY and 139.23 in GBP/JPY to indicate resumption of recent rally. In Europe, currently, FTSE is up 2.01%. DAX is up 2.46%. CAC is up 2.80%. Germany 10-year yield is up 0.0454 at -0.480, back above -0.5. Earlier in Asia, Nikkei rose 1.88%. Hong Kong HSI rose 2.11%. China Shanghai SSE dropped -1.15%. Singapore Strait Times dropped -0.05%. Japan 10-year JGB yield rose 0.0218 to 0.032. Full Report Here US PPI picked up to -0.4% yoy, core PPI at 0.3%... German ZEW economic sentiment rose to 71.5, growing hope of recovery UK unemployment rate unchanged at 3.9%, but worked hours and pay... Australia NAB business confidence dropped to -14, deteriorated even before Melbourne... UK BRC total sales rose 3.2%, still catching up lost ground BoE Ramsden: Significant headroom to do more QE Fed Evans: New policies needed to address this unique recession Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Crude's Strength Might Pause as OPEC+ Output Set to Increase Further... RBNZ Preview: Expect QE Size Expansion and More Discussion on Negative... CFTC Commitments of Traders – Gold's Net Length Climbed Slightly as... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 105.71; (P) 105.96; (R1) 106.20; More... USD/JPY strengthens mildly but stays below 106.47 temporary top. Intraday bias remains neutral and the bullish case is still in favor. That is, corrective fall from 111.71 has completed with three waves down to 104.18, after missing 100% projection of 111.71 to 105.98 from 109.85 at 104.12. On the upside, above 106.47 will target 108.16 resistance next. Nevertheless, break of 104.18 will extend the whole decline from 111.71 instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Rising – Watch OXY, UBER, LYFT, SPG USDCAD Under Negative Tension, Sentiment Remains Bearish WTI Futures Tick Higher But Needs Some More Fuel US Stocks Flirt With Record Highs, Gold Retraces Oil Remains Rangebound, Gold Eases Tencent, Macau Gambling Boost Asia Markets The Fall Of The Euro And Nasdaq Amid A Positive Market Mood Requires Attention GBPUSD Trapped Between Reversal Pattern And Long-Term Trendline EURJPY Retreats Beneath 16-Month High, Bullish Outlook Geopolitical Put Fades In Asia Fundamental Analysis | Technical Analysis In-depth Reports Crude's Strength Might Pause as OPEC+ Output Set to Increase Further this Month US China Trade Agreement 1st Half Review - A Fail? What Marks the Spot for U.S. Dollar Weakness? Onward, Upward for the Eurozone Economy and Currency The Future of the US Dollar After the 2020 Election Research China: At the Foothills of a New Cold War – and What It Implies Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:01 GBP BRC Retail Sales Monitor Y/Y Jul 4.30% 10.90% 23:50 JPY Bank Lending Y/Y Jul 6.30% 6.50% 6.20% 23:50 JPY Current Account (JPY) Jun 1.05T 1.00T 0.82T 01:30 AUD NAB Business Confidence Jul -14 1 0 05:00 JPY Eco Watchers Survey: Current Jul 41.1 46.6 38.8 06:00 GBP ILO Unemployment Rate (3M) Jun 3.90% 4.20% 3.90% 06:00 GBP Average Earnings Including Bonus 3M/Y Jun -1.20% -1.20% -0.30% 06:00 GBP Average Earnings Excluding Bonus 3M/Y Jun -0.20% -0.10% 0.70% 06:00 GBP Claimant Count Change Jul 94.4K 9.7K -28.1K 09:00 EUR Germany ZEW Economic Sentiment Aug 71.5 55 59.3 09:00 EUR Germany ZEW Current Situation Aug -81.3 -69.5 -80.9 09:00 EUR Eurozone ZEW Economic Sentiment Aug 64 55.3 59.6 10:00 USD NFIB Business Optimism Index Jul 98.8 105.9 100.6 12:30 USD PPI M/M Jul 0.60% 0.30% -0.20% 12:30 USD PPI Y/Y Jul -0.40% -0.60% -0.80% 12:30 USD PPI Core M/M Jul 0.50% 0.10% -0.30% 12:30 USD PPI Core Y/Y Jul 0.30% 0.30% 0.10%

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