Action Insight Mid-Day Report 1-20-22

Dollar Softens after Poor Jobless Claims, Aussie Staying Strong

Action Insight Mid-Day Report 1-20-22 Dollar Softens after Poor Jobless Claims, Aussie Staying Strong Dollar turns softer in early US session after much worse than expected jobless claims data. Euro is closely following as next weakest and then Swiss Franc. On the other hand, Australian Dollar is extending post-job data gains. Canadian Dollar is also firm on oil prices. Yen is mixed for the moment as European stock markets are mixed while US futures point to mild recovery at open. Technically, AUD/CAD appears to be bottoming at 0.8974, just ahead of 0.8969 low, on bullish convergence condition in 4 hour MACD. Further break of 0.9126 resistance should confirmation completion of fall from 0.9301 and bring stronger rise back to this resistance level. If that happens, that would be a signal of a turn in tide between Aussie and Loonie. Also, that could give additional lift to AUD/USD for rising through 0.7313 resistance. In Europe, at the time of writing, FTSE is down -0.21%. DAX is up 0.17%. CAC is down -0.24%. Germany 10-year yield is down -0.0267 at -0.036. Earlier in Asia, Nikkei rose 1.11%. Hong Kong HSI rose 3.42%. China Shanghai SSE dropped -0.09%. Singapore Strait Times rose 0.33%. Japan 10-year JGB yield rose 0.0078 to 0.145. Full Report Here US jobless claims rose sharply by 55k to 286k ECB accounts: Higher for longer inflation scenario cannot be ruled... Eurozone CPI finalized at 5% yoy in Dec, EU at 5.3%... ECB Lagarde: We have every reason not to act like Fed... Japan export rose 17.5% yoy in Dec, imports rose 41.1% yoy HK HSI jumps after PBoC rate cut, heading back to 26k AUD/NZD soars, setting up long term up trend? Australia unemployment rate dropped to 4.2%, lowest since 2008 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol USD/JPY Mid-Day Outlook Daily Pivots: (S1) 114.09; (P) 114.44; (R1) 114.67; More... Intraday bias in USD/JPY stays mildly on the downside for the moment, for 113.47 support. Break there will resume the fall from 112.52 structural support. Considering bearish divergence condition in in daily MACD, further break of 112.52 will confirm that it's already in correction to the up trend from 102.58. Deeper decline would be seen to 38.2% retracement of 102.58 to 116.34 at 111.08. On the upside, break of 115.05 will resume the rebound from 113.47. But a break of 116.34 high is not expected even in this case. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USDCHF Shows Negative Signs in the Short-Term CAD Edges Up as Inflation Soars Aussie Extends Gains on Jobs Data Nasdaq Enters Correction Territory GBPJPY Moves Sideways after its December Rally EURGBP Buyers Offset Fresh Dip, But Downside Risks Remain WTI Oil Futures Overbought But 90 Level Still in Focus AUDUSD Rises in Ascending Channel; Bullish Bias Fundamental Analysis | Technical Analysis In-depth Reports Canada: Rate Hikes Close, But Not Quite Yet RBA to Begin Tightening in August Despite Omicron Shaving Growth in 2022 from 6.4% to 5.5% January Flashlight for the FOMC Blackout Period The Fed's Balance Sheet: When Will It Shrink, and by How Much? Digital Revolution: Will Cryptocurrencies Take Over the World? Part II Digital Revolution: Will Cryptocurrencies Take Over the World? Part I Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Trade Balance (JPY) Dec -0.44T -0.73T -0.49T -0.47T 00:00 AUD Consumer Inflation Expectations Jan 4.40% 4.80% 00:01 GBP RICS Housing Price Balance Dec 69% 69% 71% 00:30 AUD Employment Change Dec 64.8K 30.0K 366.1K 00:30 AUD Unemployment Rate Dec 4.20% 4.50% 4.60% 07:00 EUR Germany PPI M/M Dec 5.00% 0.90% 0.80% 07:00 EUR Germany PPI Y/Y Dec 24.20% 19.40% 19.20% 10:00 EUR Eurozone CPI Y/Y Dec F 5.00% 5.00% 5.00% 10:00 EUR Eurozone CPI Core Y/Y Dec F 2.60% 2.60% 2.60% 12:30 EUR ECB Monetary Policy Meeting Accounts 13:30 USD Initial Jobless Claims (Jan 14) 286K 215K 230K 231K 13:30 USD Philadelphia Fed Manufacturing Jan 23.2 19.9 15.4 15:00 USD Existing Home Sales Dec 6.49M 6.46M 15:30 USD Natural Gas Storage -190B -179B 16:00 USD Crude Oil Inventories -2.1M -4.6M

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