Aussie Tumbles after Job Data, Dollar Extending Rally
Action Insight Daily Report 11-11-21

Aussie Tumbles after Job Data, Dollar Extending Rally

Dollar stays generally firm in Asian session, following the post CPI rally overnight. Yen is some what helped by the selloff in stock markets despite rebound in US yields, and remains firm except versus the greenback. On the other hand, Australian Dollar tumbles sharply following much worse than expected job data, and leads other commodity currencies lower.

Technically, Dollar has made some progress with EUR/USD breaking through 1.1512 temporary low, and GBP/USD breaking 1.3410 support. USD/CAD's break of 1.2497 resistance is also a sign of more rally. A focus now is on whether USD/JPY would break through 114.69 high to resume larger up trend, and confirm Dollar's one-sided rally.

In Asia, at the time of writing, Nikkei is up 0.47%. Hong Kong HSI is down -0.15%. China Shanghai SSE is up 0.59%. Singapore Strait Times is flat. Japan 10-year JGB yield is up 0.0113 at 0.071. Overnight, DOW dropped -0.66%. S&P 500 dropped -0.82%. NASDAQ dropped -1.66%. 10-year yield rose 0.128 to 1.560.

Full Report Here

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AUD/USD Daily Report

Daily Pivots: (S1) 0.7302; (P) 0.7348; (R1) 0.7371; More...

AUD/USD's fall from 0.7555 extends to as low as 0.7294 so far today. Current development argues that corrective rise from 0.7105 has completed with three waves up to 0.7555. Intraday bias stays on the downside for 0.7169 support first, and then 0.7105 low. We'd look for bottoming signal again at around 0.6991 key support. On the upside, though, break of 0.7431 resistance is needed to indicate completion of the fall. Otherwise, further decline will remain in favor.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

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USD/CAD Could Start Fresh Increase To 1.2600

AUDUSD Tests Key Support After AU Jobs Data Disappoints

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:50 JPY PPI Y/Y Oct 8.00% 6.90% 6.30% 6.40%
00:01 GBP RICS Housing Price Balance Oct 70% 68% 68% 69%
00:30 AUD Employment Change Oct -46.3K 50K -138K -141.1K
00:30 AUD Unemployment Rate Oct 5.20% 4.70% 4.60%
07:00 GBP GDP Q/Q Q3 P 1.50% 5.50%
07:00 GBP GDP M/M Sep 0.50% 0.40%
07:00 GBP Index of Services 3M/3M Sep 1.90% 3.70%
07:00 GBP Manufacturing Production M/M Sep 0.20% 0.50%
07:00 GBP Manufacturing Production Y/Y Sep 4.10% 4.10%
07:00 GBP Industrial Production M/M Sep 0.20% 0.80%
07:00 GBP Industrial Production Y/Y Sep 3.70%
07:00 GBP Goods Trade Balance (GBP) Sep -14.3B -14.9B
09:00 EUR ECB Monthly Bulletin
12:00 GBP NIESR GDP Estimate Oct 1.50%