Action Insight Daily Report 4-26-18

Action Insight Daily Report 4-26-18 EUR/USD Eying 1.2154 Key Support as Markets Seek ECB Draghi's View on Q1 Slowdown Dollar retreats mildly in Asian session today but remains the strongest one for the week. US 10 year yield finally took out 3% level overnight with some conviction. TNX hit as high as 3.035 before closing at 3.024, up 0.041. The development helped lifted Dollar Index above key near term resistance at 91.01 to close at 91.17. The stage is set for Dollar to reverse its medium term down trend. Though, the greenback still have one more hurdle to overcome. That is, 1.2154 support in EUR/USD. That would very much depends on today's ECB rate decision and press conference, as well as US Q1 GDP data tomorrow. Full Report Here   South Korean Moon and North Korean Kim to plant the tree... Fitch affirms Japan's 'A' IDR rating with stable outlook. Trade protectionism... Moody's affirms US Aaa rating, stable outlook. Economic strength couter balance... Canada Freeland: "Good" and "constructive" progress made in NAFTA talks CHF and CAD showing some strength while USD dominates Quick Comments Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol SNB Unlikely to Act Despite Recent EURCHF Strength How is US Yield's Breach of 3% Related to Recent Crude... ECB Preview: Caution over Recent Slowdown Won't Affect QE Schedule Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Daily Outlook Daily Pivots: (S1) 1.2135; (P) 1.2186 (R1) 1.2213; More.... EUR/USD dropped to as low as 1.2159 so far and focus is now on 1.2154 key support. Decisive break there should confirm the bearish case of medium term reversal. In addition, the break of 100% projection of 1.2475 to 1.2214 from 1.2413 will indicate downside acceleration. In that case, EUR/USD should target 161.8% projection at 1.1991 next. In case of recovery, outlook will remain bearish as long as 1.2244 minor resistance holds. And further decline is still expected. However, break of 1.2244 will indicate strong support from 1.2154 and turn intraday bias back to the upside for 1.2413, to extend recent range trading. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/JPY Downsides Remain Supported Above 132.60 Currrency Markets Yield To Dollar Demand Strong Yields Boost Dollar Awaiting ECB ECB Meeting: Staying "Cautious" for Now? No Change to ECB Guidance Yet ECB Preview – Not On Draghi's Watch Fundamental Analysis | Technical Analysis In-depth Reports Bank Of Japan Preview: Steady as She Goes How is US Yield's Breach of 3% Related to Recent Crude Oil Rally? Trump Holding Fire as Negotiations with China Begin SNB Unlikely to Act Despite Recent EURCHF Strength As 10-Year US Yields Break above 3%, is the Dollar Turning a Corner? U.S. Economic Growth: 2 Be, Or Not 2 Be Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 1:30 AUD Import price index Q/Q Q1 2.10% 1.20% 2.00% 6:00 EUR German GfK Consumer Confidence May 10.8 10.9 8:30 GBP BBA Loans for House Purchase Mar 37.1K 38.1K 10:00 GBP CBI Reported Sales Apr -2 -8 11:45 EUR ECB Rate Decision 0.00% 0.00% 12:30 USD Initial Jobless Claims (APR 21) 230K 232K 12:30 USD Advance Goods Trade Balance Mar -74.8B -75.9B 12:30 USD Wholesale Inventories M/M Mar P 0.60% 1.00% 12:30 USD Durable Goods Orders Mar P 1.40% 3.00% 12:30 USD Durables Ex Transportation Mar P 0.40% 1.00% 14:30 USD Natural Gas Storage -36B

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