Aussie Stays Weak after RBA Minutes, Same as Other Commodity Currencies
Action Insight Daily Report 8-17-21

Aussie Stays Weak after RBA Minutes, Same as Other Commodity Currencies

Commodity currencies remained generally pressured in Asian session today. While DOW and S&P 500 managed to reverse initial losses to close at new record highs, there is no follow through risk-on sentiment in Asia. Canadian Dollar is additionally weighed down with WTI crude oil dipping below 68 handle. Aussie is getting not particular support from the balanced RBA minutes. Yen and Swiss Franc are still the stronger ones, but Dollar is trying to catch up, against others.

Technically, USD/CAD is now eyeing 1.2605 minor resistance as rebound from 1.2421 resumes. Firm break there will suggest that pull back from 1.2805 has already completed and bring retest of this high. At the same time, AUD/USD is dipping towards 0.7288 low. Break there will resume the larger decline from 0.8006. Both developments could signal further selling in commodity currencies elsewhere.

In Asia, at the time of writing, Nikkei is up 0.17%. Hong Kong HSI is down -0.40%. China Shanghai SSE is down -0.43%. Singapore Strait Times is down -0.48%. Japan 10-year JGB yield is up 0.0031 at 0.020. Overnight, DOW rose 0.31%. S&P 500 rose 0.26%. NASDAQ dropped -0.20%. 10-year yield dropped -0.040 to 1.257.

Full Report Here

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

RBNZ Preview - Raising Rate as Least Regrets Option
CFTC Commitments of Traders - Traders Bet Aussie to Go Lower as Resurgence of Pandemic Triggers Lockdown Extension
CFTC Commitments of Traders - Bets on Higher Crude Oil Price Shrank as Widespread Coronavirus could Again Hurt Chinese Demand
Central Bank Views | China Watch | Oil N' Gold | Special Topics

AUD/USD Daily Report

Daily Pivots: (S1) 0.7312; (P) 0.7343; (R1) 0.7365; More...

AUD/USD dips notably in Asian session but stays above 0.7288 low. Intraday bias remains neutral first. As long as 0.7443 resistance holds, outlook stays bearish for further decline. On the downside, break of 0.7288 will resume the fall from 0.8006 to 161.8% projection of 0.8006 to 0.7530 from 0.7890 at 0.7120 next. On the upside, break of 0.7443 will bring stronger rebound to 0.7530 support turned resistance instead.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

RBA Minutes Confirm Reasoning Behind August Policy Decision

Market Morning Briefing: Aussie Has Broken Below The Mentioned Support At 0.7325

What Will The UK Claimant Count And Inflation Readings Tell Us?

USD/CAD: Traders Long At 2-1 Ratio, Eyeing A Continuation Toward 1.2800

The Illusion Of Certainty

RBNZ to Lift Rates, What to Expect

US Retail Sales, Fed Minutes & Powell Could Spark Summer Fireworks for the Dollar

Currency Pair of the Week: NZD/USD

Fundamental Analysis | Technical Analysis
In-depth Reports
Will 'King Dollar' Reclaim its Throne as the Fed Tapers?
Volatile Gold Price will Remain be Driven by Speculations of Fed's Tapering
China's Mild Inflation Paves Way for Further PBOC Easing
BOE Signals Earlier Unwinding of Balance Sheet. Modest Tightening On the Way
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
01:30 AUD RBA Meeting Minutes
04:30 JPY Tertiary Industry Index M/M Jun 1.80% -2.70%
06:00 GBP Claimant Count Change Jul -114.8K
06:00 GBP ILO Unemployment Rate (3M) Jun 4.80% 4.80%
06:00 GBP Average Earnings Excluding Bonus 3M/Y Jun 7.40% 6.60%
06:00 GBP Average Earnings Including Bonus 3M/Y Jun 8.70% 7.30%
09:00 EUR Eurozone GDP Q/Q Q2 P 2.0% 2.0%
09:00 EUR Eurozone Employment Change Q/Q Q2 P -0.50% -0.30%
12:15 CAD Housing Starts Jul 275K 282K
12:30 CAD Foreign Securities Purchases (CAD) Jun 20.79B
12:30 USD Retail Sales M/M Jul -0.20% 0.60%
12:30 USD Retail Sales ex Autos M/M Jul 0.10% 1.30%
13:15 USD Industrial Production M/M Jul 0.40% 0.40%
13:15 USD Capacity Utilization Jul 75.70% 75.40%
14:00 USD Business Inventories Jun 0.80% 0.50%
14:00 USD NAHB Housing Market Index Aug 80 80