Kiwi Surges on RBNZ Hike Talks, Aussie Firm after RBA
Action Insight Daily Report 7-6-21

Kiwi Surges on RBNZ Hike Talks, Aussie Firm after RBA

New Zealand Dollar is the star winner in Asian session today on RBNZ rate speculations. The Kiwi has taken Aussie higher today, but the latter lost some steam after unsurprising RBA policy decision. Though, Aussie is still maintaining most of gains, together with Sterling. On the other hand, Dollar, Yen and Euro are the weakest ones.

Technically, EUR/AUD's break of 1.5699 support is the first sign of near term bearish reversal. Deeper fall could be seen back to 1.5418 support next. The question is whether that would be accompanied by break of 0.7615 resistance in AUD/USD to indicate Aussie strength. Or break of 0.8529 support in EUR/GBP to indicate Euro weakness. We'll see.

In Asia, at the time of writing, Nikkei is up 0.33%. Hong Kong HSI is down -0.58%. China Shanghai SSE is down -0.53%. Singapore Strait Times is up 1.18%. Japan 10-year JGB yield is up 0.0092 at 0.045.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.7513; (P) 0.7525; (R1) 0.7541; More...

AUD/USD's rebound from 0.7443 continues today but stays below 0.7615 resistance. Intraday bias remains neutral first. On the upside, break of 0.7615 will argue that corrective pattern from 0.8006 has completed already. Further rise should then be seen back to 0.7890.8006 resistance zone. On the downside, break of 0.7443 will resume the whole corrective pattern from 0.8006. But we'd expect strong support from 100% projection of 0.8006 to 0.7530 from 0.7890 at 0.7414 to bring rebound.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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GMT Ccy Events Actual Forecast Previous Revised
23:30 JPY Labor Cash Earnings Y/Y May 1.90% 2.10% 1.40%
23:30 JPY Overall Household Spending Y/Y May 11.60% 10.90% 13.00%
4:30 AUD RBA Rate Decision 0.10% 0.10% 0.10%
6:00 EUR Germany Factory Orders M/M May 1.30% -0.20%
8:30 GBP Construction PMI Jun 63.5 64.2
9:00 EUR Germany ZEW Economic Sentiment Jul 75.4 79.8
9:00 EUR Germany ZEW Current Situation Jul 5 -9.1
9:00 EUR Eurozone ZEW Economic Sentiment Jul 84.4 81.3
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13:45 USD Services PMI Jun F 64.8 64.8
14:00 USD ISM Services PMI Jun 63.5 64