Markets Lack Clear Direction, Dollar and Yen Recover in Range
Action Insight Mid-Day Report 7-12-21

Markets Lack Clear Direction, Dollar and Yen Recover in Range

Overall markets lack clear direction today. Major European indexes are mixed in tight range. DOW future is down over -100 pts at the time of writing, but NASDAQ futures are up. Dollar recover mildly together with Yen and commodity currencies are the softer ones. But overall, major pairs and crosses are bounded inside Friday's range. Breakout is still awaited.

New Zealand Dollar turns softer as markets await RBNZ rate decision. Speculation of a November rate hike intensified last week. Yet, RBNZ will need to say something to affirm such speculations, or the Kiwi could face some pressure. NZD/USD softens mildly after rejection by 4 hour 55 EMA. But it's staying in range above 0.6921. A breakout from range of 0.6921/7104 could hint on the next move this week.

In Europe, at the time of writing, FTSE is down -0.54%. DAX is flat. CAC is down -0.18%. Germany 10-year yield is down -0.0147 at -0.304. Earlier in Asia, Nikkei rose 2.25%. Hong Kong HSI rose 0.62%. China Shanghai SSE rose 0.67%. Singapore Strait Times rose 0.50%. Japan 10-year JGB yield dropped -0.0012 to 0.030.

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

RBNZ Preview - Strong GDP Growth and Inflation Expectations to Anchor RBNZ Optimism
CFTC Commitments of Traders - Net Long Trimmed in Crude Oil Futures after Weeks of Price Rally
CFTC Commitments of Traders - Traders Increased Bets in USD Futures amidst Price Rebound
Central Bank Views | China Watch | Oil N' Gold | Special Topics

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1841; (P) 1.1861; (R1) 1.1897; More...

Range trading continues in EUR/USD above 1.1780 temporary low, and intraday bias remains neutral first. Considering bullish convergence condition in 4 hour MACD, beak of 1.1894 minor resistance will indicate short term bottoming at 1.1780. Corrective pattern from 1.2348 might have completed too. Intraday bias will be turned back to the upside for 1.1974 resistance for confirmation. Sustained break there will pave the way back to 1.2265/2348 resistance zone. On the downside, break of 1.1780 will extend the correction to retest 1.1703 support 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
23:50 JPY PPI Y/Y Jun 5.00% 4.70% 4.90%
23:50 JPY Machinery Orders M/M May 7.80% 2.60% 0.60%
6:00 JPY Machine Tool Orders Y/Y Jun 96.60% 140.70% 141.90%