Euro Rises in Dull Markets, Dollar Mixed
Action Insight Mid-Day Report 8-9-22

Euro Rises Slightly in Dull Markets, Dollar Mixed

Euro rises slightly as market sentiments are flip-flopping today. Sterling and Swiss Franc are also trading higher. On the other hand, commodity currencies turn soft with Aussie paring most of recent gains. Dollar and Yen are mixed for now. IN other markets, Silver is trading firmer but Gold is still range bound. WTI crude oil is recovering while cryto-currencies turn south. Stocks are mixed with US futures pointing to a flat open.

Technically, the condition is there for WTI crude oil to stage a sustainable rebound considering bullish convergence condition in 4 hour MACD. Yet, it will have to overcome 4 hour 55 EMA (now at 93.81) first. Then ideally, there should be some up side acceleration through 98.04 resistance. Otherwise, chances are for another dip through 88.20 low before WTI forms a solid bottom.

In Asia, at the time of writing, FTSE is up 0.09%. DAX is down -0.96%. CAC is down -0.34%. Germany 10-year yield is up 0.051 at 0.949. Earlier in Asia, Nikkei dropped -0.88%. Hong Kong HSI dropped -0.21%. China Shanghai SSE rose 0.32%. Singapore Strait Times dropped -0.36%. Japan 10-year JGB yield dropped -0.0111 at 0.167.

Full Report Here

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

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0161; (P) 1.0192; (R1) 1.0224; More...

EUR/USD recovers mildly today but stays in established range. Intraday bias remains neutral first. On the downside, break of 1.0095 minor support will argue that larger down trend is ready to resume. Intraday bias will be back to the downside for retesting 0.9951 low first. For now, outlook will stay bearish as long as 1.0348 support turned resistance holds, even in case of another rise.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

NZDJPY Wave Analysis

WTI Wave Analysis

Technical Tuesday: Silver, Nasdaq and EUR/USD

Pound Edges Higher, Markets Eye US Inflation

July US CPI: Has Inflation Peaked (Again)?

US Inflation: Is the Elusive Peak Finally Here?

Aussie Rally Takes Breather

Silver and Palladium Broke Up. Will Gold Follow?

Bitcoin's Third attempt to take 24,000

GBPUSD Capped by 50-day SMA as Rebound Falters

EURJPY Bullish Correction Still at Risk

Markets Mixed as Spotlight Shines on US CPI

Elliott Wave View: Silver (XAGUSD) Impulsive Rally Suggests Further Upside

Fundamental Analysis | Technical Analysis
In-depth Reports
Bank of England Update Review: Dovish 50bp Rate Hike
RBA Board Raises Cash Rate by 50 Basis Points – Expect Another 50 in September
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:50 JPY Money Supply M2+CD Y/Y Jul 3.40% 3.30% 3.30%
01:30 AUD NAB Business Confidence Jul 7 1
01:30 AUD NAB Business Conditions Jul 20 13
06:00 JPY Machine Tool Orders Y/Y Jul P 5.50% 17.10%
10:00 USD NFIB Business Optimism Index Jul 89.9 89.5 89.5
12:30 USD Nonfarm Productivity Q2 P -4.60% -4.50% -7.30%
12:30 USD Unit Labor Costs Q2 P 10.80% 9.50% 12.60%