Aussie Tumbles after Poor Job Data, Dollar Recovering on Risk Aversion

Action Insight Daily Report 1-19-23

Aussie Tumbles after Poor Job Data, Dollar Recovering on Risk Aversion

Australian Dollar tumbles broadly today after weaker than expected job data. Overall risk-off sentiment is also pressuring commodity currencies. On the other hand, Yen and Swiss Franc are strengthening together with Dollar. As for the week, Swiss Franc and Sterling are currently the best performer, thanks to additional support from buying against Euro. Aussie and Canadian are the worst while Dollar and Euro are mixed with Yen.

Technically, USD/CAD's break of 1.3451 minor resistance argues that pull back from 1.3704 has completed at 1.3302, well ahead of 1.3223 low. Further rally should be seen back to retest 1.3704 resistance. Firm break there will resume the rebound from 1.3223. Let's see if such development will come with more rebound in Dollar, at least against other commodity currencies.

In Asia, at the time of writing, Nikkei is down -1.52%. Hong Kong HSI is down -0.03%. China Shanghai SSE is up 0.19%. Singapore Strait Times is down -0.44%. Japan 10-year JGB yield is down -0.0153 at 0.407. Overnight, DOW dropped -1.81%. S&P 500 dropped -1.56%. NASDAQ dropped -1.24%. 10-year yield dropped -0.160 to 3.375.

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Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

AUD/USD Daily Report

Daily Pivots: (S1) 0.6897; (P) 0.6980; (R1) 0.7025; More...

AUD/USD dropped notably after hitting 0.7062 and intraday bias is turned neutral first. Some consolidations could be seen but further rally is in favor as long as 0.6721 support holds. Above 0.7062 will resume rise from 0.6169 to 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7168 next. However, firm break of 0.6721 will indicate short term topping, and turn bias back to the downside.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:50 JPY Trade Balance (JPY) Dec -1.72T -1.63T -1.73T -1.78T
00:01 GBP RICS Housing Price Balance Dec -42% -30% -25% -26%
00:30 AUD Employment Change Dec -14.6K 21.2K 64.0K 58.3K
00:30 AUD Unemployment Rate Dec 3.50% 3.40% 3.40% 3.50%
07:30 CHF Producer and Import Prices M/M Dec -0.40% -0.50%
07:30 CHF Producer and Import Prices Y/Y Dec 3.10% 3.80%
09:00 EUR Eurozone Current Account (EUR) Nov -11.6B -0.4B
12:30 EUR ECB Meeting Accounts
13:30 CAD Wholesale Sales M/M Nov 2.00% 2.10%
13:30 USD Initial Jobless Claims (Jan 13) 212K 205K
13:30 USD Building Permits Dec 1.37M 1.34M
13:30 USD Housing Starts Dec 1.36M 1.43M
13:30 USD Philadelphia Fed Manufacturing Survey Jan -11.2 -13.8
15:30 USD Natural Gas Storage -76B 11B
16:00 USD Crude Oil Inventories -2.1M 19.0M