Aussie Rebounds as RBA Sticks to Tapering Plan, Yen Firm on Falling Yields
Action Insight Daily Report 8-3-21

Aussie Rebounds as RBA Sticks to Tapering Plan, Yen Firm on Falling Yields

Australia Dollar rebounds notably after RBA surprised markets by sticking to its tapering plan. Kiwi appears to be a touch stronger, but Aussie is not far away. Yen is also firm on falling treasury yields. On the other hand, Canadian Dollar is trading generally lower as oil price retreated. Dollar is following as next weakest and then Sterling.

Technically, while Aussie rebounds, there is no confirmation of underlying bullishness yet. At least, AUD/USD will have to break through 0.7443 resistance. EUR/AUD will also have to break through 1.5925 support. Otherwise, selling in Aussie could still come back any times.

In Asia, at the time of writing, Nikkei is down -0.73%. Hong Kong HSI is down -0.43%. China Shanghai SSE is down -0.28%. Singapore Strait Times is down -0.72%. Japan 10-year JGB yield is down -0.009 at 0.012. Overnight, DOW dropped -0.28%. S&P 500 dropped -0.18%. NASDAQ rose 0.06%. 10-year yield dropped -0.065 to 1.174.

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

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AUD/USD Daily Report

Daily Pivots: (S1) 0.7335; (P) 0.7358; (R1) 0.7387; More...

AUD/USD is still staying in consolidation from 0.7288 and intraday bias remains neutral first. Near term outlook stays bearish with 0.7443 support turned resistance intact, and further decline is in favor. On the downside, break of 0.7288 will resume the whole fall from 0.8006 and target 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.

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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
23:30 JPY Tokyo CPI Core Y/Y Jul 0.10% 0.00% 0.00%
23:50 JPY Monetary Base Y/Y Jul 15.40% 20.50% 19.10%
1:30 AUD Building Permits M/M Jun -6.70% -4.50% -7.10%
4:30 AUD RBA Interest Rate Decision 0.10% 0.10% 0.10%
7:00 CHF SECO Consumer Climate Q3 -5 -7
9:00 EUR Eurozone PPI M/M Jun 0.90% 1.30%
9:00 EUR Eurozone PPI Y/Y Jun 10.30% 9.60%
13:30 CAD Manufacturing PMI Jul 56.5
14:00 USD Factory Orders M/M Jun 1.10% 1.70%