Euro Leads Sterling and Swiss Franc Higher, Gold Reversing

Action Insight Mid-Day Report 9-12-22

Euro Leads Sterling and Swiss Franc Higher, Gold Reversing

Euro leads Sterling and Swiss Franc higher today, and stays firm so far. The common currency was apparently lifted by hawkish comments from ECB official over the weekend. Sterling shrugs off slightly worse than expected GDP and production data. Dollar and Yen are currently the weakest ones. Commodity currencies are mixed for now, with Canadian as the softer one.

Technically, Gold's break of 1727.56 support turned resistance suggests that fall from 1807.66 has completed at 1688.59. That came after defending 1680 long term support cluster. Rise from 1688.59 could either be the third leg of the pattern from 1680.83, or part of an up trend. In either case, further rise is now in favor to 1765.29 resistance first. Break will affirm near term bullishness and target 38.2% retracement of 2070.06 to 1680.83 at 1825.51.

In Europe, at the time of writing, FTSE is up 1.31%. DAX is up 1.65%. CAC is up 1.33%. Germany 10-year yield is down -0.0459 at 1.655. Earlier in Asia, Nikkei rose 1.16%. Japan 10-year JGB yield rose 0.0001 to 0.251. Singapore Strait Times rose 0.36%. Hong Kong and China were on holiday.

Full Report Here

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

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 0.9991; (P) 1.0052; (R1) 1.0108; More...

Intraday bias in EUR/USD remains on the upside as rebound from 0.9863 is extending. Sustained trading above 55 day EMA (now at 1.0169) raise the chance of larger trend reversal, and target 1.0368 resistance. On the downside, below 1.0031 minor support will turn bias back to the downside for retesting 0.9863 low.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

UK Inflation to Accelerate; What Does this Mean for the Pound?

AUD/USD: Aussie Strengthens on Fresh Risk Appetite But Key Barrier Still Resists

EUR/USD: Fresh Bulls May Face Increased Headwinds from the Base of Thick Daily Cloud

GBP/USD: Sterling Rises on Renewed Risk Appetite, Break of Key Barriers Needed to Signal Recovery

Risk Rebound Continues

China's Disinflation Could Put Pressure on the Yuan

The Crypto Market has Taken a Step Up But Has Not Yet Fly

EURUSD Battles with 50-day SMA as Rebound Strengthens

US August CPI ahead of Fed Meeting

US Dollar Index: The index May Have Started Forming a Bearish Trend

Fundamental Analysis | Technical Analysis
In-depth Reports
European Central Bank Delivers Record Rate Hike, Signals Further Tightening
Yen Breaks Down, But FX Intervention Won't Change Much
BoC Opts for Another Oversized Hike and Firm Tightening Bias
RBA Raises Cash Rate by 50 Basis Points – Next Move 25 Basis Points in October
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
06:00 JPY Machine Tool Orders Y/Y Aug 10.70% 5.50%
06:00 GBP GDP M/M Jul 0.20% 0.30% -0.60%
06:00 GBP Industrial Production M/M Jul -0.30% 0.40% -0.90%
06:00 GBP Industrial Production Y/Y Jul 1.10% 2.00% 2.40%
06:00 GBP Manufacturing Production M/M Jul 0.10% 0.60% -1.60%
06:00 GBP Manufacturing Production Y/Y Jul 1.10% 1.70% 1.30%
06:00 GBP Index of Services 3M/3M Jul -0.20% -0.80% -0.40%
06:00 GBP Goods Trade Balance (GBP) Jul -19.4B -23.2B -22.8B
08:00 EUR Italy Industrial Output M/M Jul 0.40% 0.00% -2.10% -2.00%
10:22 GBP NIESR GDP Estimate Aug -0.30% 0.00%