Action Insight Daily Report 8-15-22

Yen Extending Rally on Negative Sentiment

Negative sentiment started earlier in the day following weak economic data from China, and spread particular serious to some commodities like oil and copper. Aussie is currently leading New Zealand and Canadian Dollar down. Yen is trading generally higher, taking Dollar and Swiss Franc up. Meanwhile, Euro and Sterling continue to trade mixed.

Technically, the selloff in Yen crosses are making progress today, with EUR/JPY and GBP/JPY breaking 135.63 and 161.08 minor support levels. Deeper decline would be seen to 133.38 and 159.42 support next. CAD/JPY's decline also suggest that recovery from 101.39 has completed at 105.07. Deeper fall would be seen to 101.39 support. Firm break there will resume whole fall from 107.62, to 100% projection of 107.62 to 101.39 from 105.07 at 98.84.

In Europe, at the time of writing, FTSE is down -0.47%. DAX is down -0.39%. CAC is down -0.27%. Germany 10-year yield is down -0.0857 at 0.904. Earlier in Asia, Nikkei rose 1.14%. Hong Kong HSI dropped -0.67%. China Shanghai SSE dropped -0.02%. Singapore Strait Times dropped -0.38%. Japan 10-year JGB yield dropped -0.0023 to 0.187.

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.2744; (P) 1.2773; (R1) 1.2807; More...

Intraday bias in USD/CAD is back on the upside as rebound from 1.2726 accelerates higher. Firm break of 1.2984 resistance will argue that corrective fall from 1.3222 has completed with three waves down to 1.2726. Further rally would be seen back to retest 1.3222 high. On the downside, touching of 4 hour 55 EMA (now at 1.2833) will turn intraday bias neutral first.

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EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar

GMT	Ccy	Events	Actual	Forecast	Previous	Revised
23:01	GBP	Rightmove House Price Index M/M Aug	-1.30%	0.40%
23:50	JPY	GDP Q/Q Q2 P	0.50%	0.60%	-0.10%
23:50	JPY	GDP Deflator Y/Y Q2 P	-0.40%	-0.80%	-0.50%
02:00	CNY	Retail Sales Y/Y Jul	2.70%	5.00%	3.10%
02:00	CNY	Fixed Asset Investment YTD Y/Y Jul	5.70%	6.20%	6.10%
02:00	CNY	Industrial Production Y/Y Jul	3.80%	4.60%	3.90%
04:30	JPY	Industrial Production M/M Jun F	9.20%	-7.50%	-7.50%
06:30	CHF	Producer and Import Prices M/M Jul	-0.10%	0.40%	0.30%
06:30	CHF	Producer and Import Prices Y/Y Jul	6.30%	6.70%	6.90%
12:30	CAD	Manufacturing Sales M/M Jun	-0.80%	-0.70%	-2.00%	-1.10%
12:30	CAD	Wholesale Sales M/M Jun	0.10%	0.60%	1.60%	0.90%
12:30	USD	Empire State Manufacturing Index Aug	-31.3	5.1	11.1
14:00	USD	NAHB Housing Market Index Aug	55	55