Dollar Extending Broad Based Rally in Quiet Trading
Action Insight Daily Report 11-12-21

Dollar Extending Broad Based Rally in Quiet Trading

Dollar's broad based rally continues in Asian session today and looks set to have a strong close for the week. Talking about weekly performance, Yen is following the greenback as the next strongest. New Zealand Dollar and Australian Dollar are competing for the worst performing spot. European majors are mixed with Euro, Sterling and Swiss Franc trading in range against each other too.

Technically, we're still waiting for USD/JPY to break through 114.69 high to resume the medium term up trend for next projection target at 118.18. But given Yen's strength elsewhere, it might take some more time for the pair to accomplish this breakout. That might also need a strong upside breakout in benchmark US yield to give it a hand.

In Asia, at the time of writing, Nikkei is up 1.01%. Hong Kong HSI is up 0.22%. China Shanghai SSE is down -0.01%. Singapore Strait Times is down -0.01%. Japan 10-year JGB yield is up 0.0072 to 0.078.

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1432; (P) 1.1460; (R1) 1.1477; More...

EUR/USD's fall is still in progress and intraday bias stays on the downside. Current decline should now target 100% projection 1.1908 to 1.1523 from 1.1691 at 1.1453 at 1.1306, which is close to long term fibonacci level at 1.1289. On the upside, break of 1.1607 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

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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
21:30 NZD BusinessNZ Manufacturing Index Oct 54.3 51.4 51.6
7:30 CHF Producer and Import Prices M/M Oct 0.20%
7:30 CHF Producer and Import Prices Y/Y Oct 4.50%
10:00 EUR Eurozone Industrial Production M/M Sep -0.50% -1.60%
15:00 USD Michigan Consumer Sentiment Index Nov P 72.5 71.7