Dollar Mixed after Durable Goods Miss, Aussie Leads Commodity Currencies Higher
Action Insight Mid-Day Report 4-26-21

Dollar Mixed after Durable Goods Miss, Aussie Leads Commodity Currencies Higher

Overall market sentiments are steady today. Commodity currencies are currently the strongest ones for today so far, as led by Aussie. Dollar is recovering despite weaker than expected durable goods orders. Euro turns after after slightly weaker than expected Germany Ifo business climate. Yen and other European majors are also weak. Dollar is currently mixed, but recoveries against European majors and Yen don't warrant bottoming yet.

As commodity currencies strengthen, focus will firstly be on 0.7228 temporary top in NZD/USD. Break there will resume the whole rebound from 0.6942 for 0.7268 resistance. 0.7815 temporary top in AUD/USD would also be watched, and break should resume the rise from 0.7530 to 0.7848 resistance and then 0.8004 high. As for Dollar, more decline is still expected as long as 0.9194 minor resistance in USD/CHF and 108.53 minor resistance in USD/JPY hold.

In Europe, at the time of writing, FTSE is up 0.35%. DAX is up 0.03%. CAC is up 0.31%. Germany 10-year yield is up 0.0012 at -0.254. Earlier in Asia, Nikkei rose 0.36%. Hong Kong HSI dropped -0.43%. China Shanghai SSE dropped -0.95%. Singapore Strait Times rose 0.34%. Japan 10-year JGB yield rose 0.0058 to 0.075.

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USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 107.52; (P) 107.84; (R1) 108.19; More...

USD/JPY is losing some downside momentum as seen in 4 hour MACD. But further fall is expected as long as 108.53 minor resistance hold. Decline from 110.95 should target 61.8% retracement of 102.58 to 110.95 at 105.77. On the upside, though, break of 108.53 will indicate short term bottoming. Intraday bias will be back to the upside for 108.99/109.95 resistance zone.

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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
23:50 JPY Corporate Service Price Index Y/Y Mar 0.70% -0.10% 0.00%
08:00 EUR Germany IFO Business Climate Apr 96.8 97.7 96.6
08:00 EUR Germany IFO Current Assessment Apr 94.1 94.5 93 93.1
08:00 EUR Germany IFO Expectations Apr 99.5 101.4 100.4 100.3
12:30 USD Durable Goods Orders Mar 0.50% 2.50% -1.20%
12:30 USD Durable Goods Orders ex-Transport Mar 1.60% 1.60% -0.90%