Aussie Tumbles as Markets Open in Risk-Off Sentiment
Action Insight Daily Report 5-9-22

Aussie Tumbles as Markets Open in Risk-Off Sentiment

Markets open the week with risk-off sentiment, in particular in Japan. Australian and New Zealand Dollar are trading broadly lower as a result. On the other hand, Dollar is rising broadly. European majors are mixed together with Yen and Canadian.

Technically, however, bother EUR/USD and USD/JPY are still bounded in established range even though Dollar is attempting to rise across the board. Attention will stay on 1.0470 support in EUR/USD and 131.24 resistance in USD/JPY. Break of these level will help confirm the underlying momentum in Dollar.

In Asia, at the time of writing, Nikkei is down -2.40%. China Shanghai SSE is down -0.20%. Singapore Strait Times is down -0.17%. Japan 10-year JGB yield is up 0.0053 at 0.251. Hong Kong is on holiday.

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

AUD/USD Daily Report

Daily Pivots: (S1) 0.7043; (P) 0.7090; (R1) 0.7120; More...

AUD/USD's fall from 0.7660 resumed by breaking through 0.7029 temporary low. Intraday bias is back on the downside. As noted before, such decline is seen as the third third leg of the corrective pattern from 0.8006. Firm break of 0.6955 low will confirm this bearish case and target 0.6756 medium term fibonacci level next. For now, outlook will stay bearish as long as 0.7265 resistance holds, in case of recovery.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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02:00 CNY Trade Balance (USD) Apr 51.1B 51.2B 47.4B
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08:30 EUR Eurozone Sentix Investor Confidence May -20.8 -18
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14:00 USD Wholesale Inventories Mar F 2.30% 2.30%