Dollar Retreats Mildly in Asian Session, Yen Lower after GDP
Action Insight Daily Report 11-15-21

Dollar Retreats Mildly in Asian Session, Yen Lower after GDP

Dollar retreats mildly in quiet Asian session today, but loss is limited. Some consolidations will likely be seen and further rally in the greenback is still likely to follow. Yen is also slightly softer after worse than expected GDP data. On the other hand, Swiss Franc and Euro are trading mildly higher while Aussie is also recovering. Overall, Asian stocks are treading water, WTI oil is defending 80 handle while Gold is in sideway consolidation.

Technically, one focus for the week is whether commodity-yen crosses would finish near term corrective fall and stage rebounds this week. AUD/JPY is defending 55 day EMA and break of 84.16 minor resistance will likely bring stronger rise back to retest 86.24 high. Similarly, break of 91.68 minor resistance in CAD/JPY will suggest completion of pullback from 93.00, and bring retest of this high.

In Asia, at the time of writing, Nikkei is up 0.43%. Hong Kong HSI is down -0.08%. China Shanghai SSE is down -0.29%. Singapore Strait Times is up 0.20%. Japan 10-year JGB yield is down -0.0062 at 0.070.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.7294; (P) 0.7314; (R1) 0.7352; More...

Intraday bias in AUD/USD remains neutral for the consolidation above 0.7275 temporary low. But further decline is in favor as long as 0.7431 minor resistance holds. Rebound from 0.7105 could be complete with three waves up to 0.7555, and fall from 0.8006 is still in progress. On the downside, below 0.7275 will target 0.7169 support first, and then 0.7105. However, break of 0.7431 resistance will turn bias back to the upside for retesting 0.7555.

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EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:50 JPY GDP Q/Q Q3 P -0.80% -0.20% 0.50%
23:50 JPY GDP Price Index Q3 P -1.10% -1.20% -1.10%
00:01 GBP Rightmove House Price Index M/M Nov -0.60% 1.80%
02:00 CNY Retail Sales Y/Y Oct 4.90% 3.80% 4.40%
02:00 CNY Industrial Production Y/Y Oct 3.50% 3.00% 3.10%
02:00 CNY Fixed Asset Investment YTD Y/Y Oct 6.10% 6.20% 7.30%
04:30 JPY Industrial Production M/M Sep F -5.40% -5.40% -5.40%
10:00 EUR Eurozone Trade Balance (EUR) Sep 12.5B 11.1B
13:30 CAD Manufacturing Sales M/M Sep -3.00% 0.50%
13:30 CAD Wholesale Sales M/M Sep 1.10% 0.30%
13:30 USD Empire State Manufacturing Index Nov 20.2 19.8