Markets in Consolidation as Focus Turns to RBA, BoC and US CPI
Action Insight Daily Report 12-6-21

Markets in Consolidation as Focus Turns to RBA, BoC and US CPI

The markets are relatively quiet in Asian session today. Major Asian indexes are mixed despite steep selloff last Friday. Currencies are bounded inside tight range, with Swiss Franc and Yen consolidation some of recent gains. Aussie and other commodity currencies also recover mildly. Gold and oil prices are also staying in tight range. Nonetheless, big selloff was seen in cryptocurrencies during the weekend.

Technically, we're still paying attention to EUR/USD. For now downside breakout through 1.1185 support is in favor. But considering bullish convergence condition in 4 hour MACD, break of 1.1382 resistance should confirm short term bottoming and bring stronger rebound. In that case, we might see USD/CHF breaking through 0.9156 minor support to confirm weakness in Dollar.

In Asia, Nikkei closed down -0.26%. Hong Kong HSI is down -1.23%. China Shanghai SSE is up 0.13%. Singapore Strait Times is up 0.88%. Japan10-year JGB yield is down -0.0122 at 0.045.

Full Report Here

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

CFTC Commitments of Traders - JPY's Net Short Trimmed Sharply on Safe Haven Demand
CFTC Commitments of Traders - Traders Remained Bearish over Commodity Prices amidst Omicron Uncertainty
Swiss Franc and Yen Surged after Fed Powell Stirred Up Omicron-Nervous Markets
Central Bank Views | China Watch | Oil N' Gold | Special Topics

AUD/USD Daily Report

Daily Pivots: (S1) 0.6962; (P) 0.7031; (R1) 0.7068; More...

Intraday bias in AUD/USD remains on the downside with focus on 0.6991 key structural support. Sustained break there will carry larger bearish implication. Next target is 100% projection of 0.7890 to 0.7105 from 0.7555 at 0.6770. On the upside, break of 0.7172 resistance will indicate short term bottoming and bring stronger rebound.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

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Forex and Cryptocurrency Forecast

CFTC Commitments of Traders – JPY's Net Short Trimmed Sharply on Safe Haven Demand

CFTC Commitments of Traders – Traders Remained Bearish over Commodity Prices amidst Omicron Uncertainty

Weekly Economic & Financial Commentary: Powell Hints at Earlier Taper, but Payroll Miss & Omicron Variant Loom Large

The Weekly Bottom Line: Supply Issues Easing, But Omicron Looms

Forward Guidance: Bank of Canada and Omicron Risks in the Spotlight Next Week

Week Ahead: When "Transitory" is No Longer "Transitory", RBA, BOC, and Omicron

Week Ahead – Volatility to Remain

Week Ahead – US Inflation to Fire Up Again, Watch Out Fed

Weekly Focus – Omicron and a Hawkish Fed Challenge Markets

Fundamental Analysis | Technical Analysis
In-depth Reports
Hawkish Powell Expects Fed to End QE Tapering a Few Months Earlier than Previously Anticipated
Omicron Introduces New Risks For Global Economy
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
00:00 AUD TD Securities Inflation M/M Nov 0.30% 0.20%
07:00 EUR Germany Factory Orders M/M Oct -0.20% 1.30%
09:00 EUR Italy Retail Sales M/M Oct 0.40% 0.80%
09:30 EUR Eurozone Sentix Investor Confidence Dec 15.9 18.3
09:30 GBP Construction PMI Nov 52 54.6