Dollar Failed Breakout for Now, Yen Weak, Euro Resilient

Action Insight Daily Report 2-16-23

Dollar Failed Breakout for Now, Yen Weak, Euro Resilient

Despite another rally attempt overnight, Dollar failed to break through near term range against others except versus Yen. The Japanese currency was licking wounds in Asian session but remains the worst performer for the week, following extended rebound in US and European benchmark yields. Canadian is the next weakest followed by Sterling. On the other hand, Euro is the currently strongest one, followed by Swiss Franc and then Aussie. The greenback is mixed for now.

Technically, Bitcoin broke through 24245 resistance to resume the whole rebound from 15452. Notably support was seen above 55 day EMA during prior pull back, which is a bullish signal. Immediate focus is now on 25198 resistance. Firm break there will be another bullish sign and should pave the way to 61.8% projection of 15452 to 24256 from 21357 at 26791. The move could be followed by break of 12269 resistance in NASDAQ to resume the rise from 10069. Such risk-on sentiment could continue to cap Dollar's rally.

In Asia, at the time of writing, Nikkei is up 0.77%. Hong Kong HSI is up 2.29%. China Shanghai SSE is up 0.84%. Singapore Strait Times is up 1.20%. Japan 10-year JGB yield is down -0.0001 at 0.506. Overnight, Dow rose 0.11%. S&P 500 rose 0.28%. NASDAQ rose 0.92%. 10-year yield rose 0.048 to 3.809.

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

AUD/USD Daily Report

Daily Pivots: (S1) 0.6849; (P) 0.6920; (R1) 0.6974; More...

AUD/USD recovered ahead of 0.6854 support despite yesterday's dip. Intraday bias remains neutral for the moment. On the downside, break of 0.6854 will resume the corrective fall from 0.7156 to 100% projection of 0.6854 to 0.7028 from 0.6854 at 0.6736, which is close to 0.6721 key structural support. Strong support is expected there to bring rebound. On the upside, break of 0.7028 will turn bias back to the upside for retesting 0.7156 high.

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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) Jan -1.82T -2.47T -1.72T -1.82T
23:50 JPY Machinery Orders M/M Dec 1.60% 2.70% -8.30%
00:00 AUD Consumer Inflation Expectations Feb 5.10% 5.60%
00:30 AUD Employment Change Jan -11.5K 20.0K -14.6K -20.0K
00:30 AUD Unemployment Rate Jan 3.70% 3.50% 3.50%
09:00 EUR ECB Economic Bulletin
13:30 USD Housing Starts Jan 1.36M 1.38M
13:30 USD Building Permits Jan 1.35M 1.34M
13:30 USD PPI M/M Jan 0.40% -0.50%
13:30 USD PPI Y/Y Jan 5.10% 6.20%
13:30 USD PPI Core M/M Jan 0.30% 0.10%
13:30 USD PPI Core Y/Y Jan 4.90% 5.50%
13:30 USD Initial Jobless Claims (Feb 10) 200K 196K
13:30 USD Philadelphia Fed Manufacturing Survey Feb -7.7 -8.9
15:30 USD Natural Gas Storage -97B -217B