 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightMid-Day Report: Risk Appetite Returns as EU's Retaliatory Tariff Proposal Would Force Trump to Fold His Cards Kiwi and Aussie are leading the way higher in the currency markets as risk appetite returns. On the other hand, Yen and Dollar are trading as the weakest ones today. Markets are increasing getting convinced that US President Donald Trump will back off from his steel and aluminum tariffs. He's facing strong opposition from his own party and closest aides, as well as from global leaders. In partcular EU's counter-threat of retaliatory tariff would add pressure to Trump to fold his cards. At the time of writing FTSE is up 0.79%, DAX up 1.08%, CAC up 0.77%. Earlier, Nikkei closed up 1.79%. US futures point to another day of rebound. Technical OutlookAUD/USD Mid-Day Outlook Daily Pivots: (S1) 0.7737; (P) 0.7754; (R1) 0.7782; More... AUD/USD's rebound from 0.7712 extends to as high as 0.7834 so far today. But still it's limited below 0.7892 resistance. Such rebound could still be a corrective move only. Intraday bias stays neutral first. On the downside, break of 0.7712 will extend the fall from 0.8135 towards 0.7500 key support level. However, break of 0.7892 will suggest that the pull back from 0.8135 is already completed. In such case, intraday bias will be turned back to the upside for 0.7988 and then 0.8135 again. Suggested ReadingsCanadian Dollar Rebounds, Ivey PMI Next Dollar Climbs as North Korea Considers Denuclearization; European Stocks Rise Further Global Stocks Bounce Back… But for How Long? Trumps Tariff Pushback Dents Trade War Fears Stocks Bounce Despite Trade War Concerns Dollar Little Changed As Equities Rebound, Trade Considerations Still In Focus GBPUSD Bearish Correction Mode Holds, Indicators Endorse Further Losses U.S. Tariffs – A Political Show? QE Details: More Of The Same In Volume Terms – Yet, Increasingly Distorted WAM Economic Data
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