Action Insight Daily Report 8-3-21

Aussie Rebounds as RBA Sticks to Tapering Plan, Yen Firm on Falling Yields

Action Insight Daily Report 8-3-21 Aussie Rebounds as RBA Sticks to Tapering Plan, Yen Firm on Falling Yields Australia Dollar rebounds notably after RBA surprised markets by sticking to its tapering plan. Kiwi appears to be a touch stronger, but Aussie is not far away. Yen is also firm on falling treasury yields. On the other hand, Canadian Dollar is trading generally lower as oil price retreated. Dollar is following as next weakest and then Sterling. Technically, while Aussie rebounds, there is no confirmation of underlying bullishness yet. At least, AUD/USD will have to break through 0.7443 resistance. EUR/AUD will also have to break through 1.5925 support. Otherwise, selling in Aussie could still come back any times. In Asia, at the time of writing, Nikkei is down -0.73%. Hong Kong HSI is down -0.43%. China Shanghai SSE is down -0.28%. Singapore Strait Times is down -0.72%. Japan 10-year JGB yield is down -0.009 at 0.012. Overnight, DOW dropped -0.28%. S&P 500 dropped -0.18%. NASDAQ rose 0.06%. 10-year yield dropped -0.065 to 1.174. Full Report Here RBA maintains tapering plan, left rate unchanged US 10-year yield tumbled on delta concerns Fed Waller: Depending on job growth, could be ready to announce... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders - Net Short of GBP Futures will Likely Trim Next Week CFTC Commitments of Traders - Crude Oil's Net Long Increased Only Slightly Despite Price Rise More Downside for Dollar and Aussie, Swiss Franc Outperforms Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Report Daily Pivots: (S1) 0.7335; (P) 0.7358; (R1) 0.7387; More... AUD/USD is still staying in consolidation from 0.7288 and intraday bias remains neutral first. Near term outlook stays bearish with 0.7443 support turned resistance intact, and further decline is in favor. On the downside, break of 0.7288 will resume the whole fall from 0.8006 and target 161.8% projection of 0.8006 to 0.7530 from 0.7890 at 0.7120 next. On the upside, break of 0.7443 will bring stronger rebound to 0.7530 support turned resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Market Morning Briefing: Pound Has Bounced A Bit From 1.3873 GBP/USD Gains Traction, Chances Of More Upsides AUDUSD Consolidates Below 0.74 But Buyers Intensify Currency Pair of the Week: GBP/AUD Fundamental Analysis | Technical Analysis In-depth Reports Research UK - Economic Recovery is Set to Continue FOMC: "Progress" Made but Is It Enough to Taper? FOMC Review: Economy Moving Toward Inflation and Employment Goals. FOMC Minutes and Jackson Holes in Focus Aussie to Stay Weak in Near-term as Lockdown Measures to Weigh On Third Quarter Growth. RBA could Delay Tapering Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY Tokyo CPI Core Y/Y Jul 0.10% 0.00% 0.00% 23:50 JPY Monetary Base Y/Y Jul 15.40% 20.50% 19.10% 1:30 AUD Building Permits M/M Jun -6.70% -4.50% -7.10% 4:30 AUD RBA Interest Rate Decision 0.10% 0.10% 0.10% 7:00 CHF SECO Consumer Climate Q3 -5 -7 9:00 EUR Eurozone PPI M/M Jun 0.90% 1.30% 9:00 EUR Eurozone PPI Y/Y Jun 10.30% 9.60% 13:30 CAD Manufacturing PMI Jul 56.5 14:00 USD Factory Orders M/M Jun 1.10% 1.70%

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