Dollar Recovers after FOMC Minutes, But No Technical Levels Broken Yet
Action Insight Daily Report 5-20-21

Dollar Recovers after FOMC Minutes, But No Technical Levels Broken Yet

Dollar recovered overnight, with help from mild risk aversion and some slight hawkish twists in FOMC minutes. Yet, it couldn't manage to break through any near term technical level yet. Euro remains the strongest one for the week at this point, followed by Yen. Commodity currencies are the generally weaker ones while Aussie is getting no special support from weaker than expected job data. Canadian Dollar was also dragged down by the decline in oil prices.

Technically, the fall in Swiss Franc is worth a note, following the rally in German yield this week. EUR/CHF rebounded notably ahead of 1.0915 key resistance turned support. Break of 1.1073 resistance ahead would indicate completion of the correction from 1.1149 and bring resumption of up trend from 1.0503

In Asia, at the time of writing, Nikkei is up 0.01%. Hong Kong HSI is down -0.69%. China Shanghai SSE is down -0.29%. Singapore Strait Times is up 0.28%. Japan 10-year JGB yield is up 0.004 at 0.079. Overnight, DOW dropped -0.48%. S&P 500 dropped -0.29%. NASDAQ dropped -0.03%. 10-year yield rose 0.042 to 1.683.

Full Report Here

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

FOMC Minutes Revealed that Some Members Raised Discussion over QE Tapering
US Crude Oil Inventory Increased for First Time in 3 Weeks
RBA Minutes Reaffirmed Likelihood of QE Expansion in July
Central Bank Views | China Watch | Oil N' Gold | Special Topics

AUD/USD Daily Report

Daily Pivots: (S1) 0.7691; (P) 0.7746; (R1) 0.7782; More...

AUD/USD is staying in range above 0.7687 support and intraday bias remains neutral first. Another rise is mildly in favor. Break of 0.7890 will target a test on 0.8005 high. However, firm break of 0.7687 support should extend the correction from 0.8006 with another falling leg. Intraday bias will be turned back to the downside for 0.7530 support and possibly below.

Full Report Here

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) Apr 0.07T 0.07T 0.30T 0.37T
23:50 JPY Machinery Orders M/M Mar 3.70% 6.40% -8.50%
01:00 AUD Consumer Inflation Expectations May 3.50% 3.60% 3.20%
01:30 AUD Employment Change Apr -30.6K 15.0K 70.7K 77.0K
01:30 AUD Unemployment Rate Apr 5.50% 5.60% 5.60% 5.70%
06:00 EUR Germany PPI M/M Apr 1.00% 0.90%
06:00 EUR Germany PPI Y/Y Apr 4.50% 3.70%
08:00 EUR Eurozone Current Account (EUR) Mar 24.3B 25.9B
12:30 CAD ADP Employment Change Apr 634.8K
12:30 CAD New Housing Price Index M/M Apr 1.40% 1.10%
12:30 USD Initial Jobless Claims (May 14) 450K 473K
12:30 USD Philadelphia Fed Manufacturing May 40.8 50.2
14:30 USD Natural Gas Storage 60B 71B