Sterling and Aussie Bounce Back from Recent Lows, Euro Sees Downside Risk
| Action Insight Mid-Day Report 11-13-23 |
Sterling and Aussie Bounce Back from Recent Lows, Euro Sees Downside Risk |
There's a noticeable lack of a unifying theme in the forex markets today, largely attributed to an empty economic calendar across European and North American regions. Both Australian Dollar and British Pound are seeing a rebound from their recent downturns, particularly noticeable in currency crosses. However, the continuation of this momentum hinges significantly on impending economic data releases. Key reports to watch include Australian consumer and business confidence, along with UK employment data set to be unveiled tomorrow.... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0663; (P) 1.0678; (R1) 1.0700; More... Intraday bias in EUR/USD stays neutral at this point. On the downside, break of 1.0655 minor support, and sustained trading below 55 4H EMA (now at 1.0664), will argue that the rebound from 1.0447 has completed with three waves up to 1.0755. That came after rejection by 1.0764 cluster resistance (38.2% retracement of 1.1274 to 1.0447 at 1.0763). In this case, intraday bias will be turned back to the downside for 1.0447/0515 support zone. Nevertheless, strong bounce from current level, followed by decisive break of 1.0764, will bring stronger rally to 61.8% retracement at 1.0958 next. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 21:30 | NZD | Business NZ PSI Oct | 48.9 | 50.7 | | 23:50 | JPY | PPI Y/Y Oct | 0.80% | 0.90% | 2.00% | 2.20% | | 06:00 | JPY | Machine Tool Orders Y/Y Oct P | -20.60% | -11.20% |
|
|
|
