Action Insight Daily Report 12-22-23

Quiet Forex Markets in Asia; Focus Shifts to Upcoming US, UK, and Canadian Data

The forex markets have entered a quieter phase in Asian session, likely influenced by the holiday season, leading to reduced market activity. This calm follows an overnight sell-off of Dollar, driven by renewed risk-on sentiment as seen in the stock markets. Despite this shift, the Dollar has not experienced further selling pressure in Asia. Market participants are now closely monitoring key upcoming economic data from US, including PCE inflation and durable goods orders. However, the likelihood of a significant or sustained move in the greenback appears limited for the time being.

Japanese Yen, which had been showing signs of recovery, is now seeing its momentum wane following release of Japan's inflation data, which came in line with market expectations. Minutes from BoJ's October meeting revealed a diversity of opinions among policymakers about the timing for exiting negative interest rates, with a notable emphasis on preparing market communications for such a transition. For the time being, Yen is expected to remain in a consolidation phase, with more range-bound trading likely in the near term....

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

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0960; (P) 1.0986; (R1) 1.1038; More...

EUR/USD breached 1.1008 but stays below 1.1016 resistance. Intraday bias remains neutral for the moment. On the upside, decisive break of 1.1016 will resume the whole rise from 1.0447 to retest 1.1274 high. However, break of 1.0888 support will turn bias to the downside, to extend the pattern from 1.1016 with another falling leg.

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Technical Outlook and Review

GBP: Retail Sales Likely to Calm GBP

USD/JPY Remains In Downtrend, US GDP Disappoints At 4.9%

Natural Gas Wave Analysis

EURCHF Wave Analysis