Action Insight Daily Report 7-24-23

PMI Data Highlight Today, But Main Focuses on Fed and ECB Later in the Week

As a typical Monday Asian session commences, activity in the financial markets is somewhat muted. Nikkei is displaying a notable rise, although this primarily reflects continuation of its recent flip-flopping pattern within an established range, indicative of ongoing consolidation. A similar pattern is observed across other major Asian markets as well.

On the currency front, major currency pairs and crosses are bounded within Friday's range for now, with the market awaiting the next move. Releases of PMI data from Eurozone and UK might trigger some volatility today. However, traders' primary focus will undeniably be the upcoming high-profile events - FOMC and ECB interest rate decisions - set to unfold later this week, along with several key economic data releases.

Technically, GBP/CHF will be an interesting one to watch as it's now trying to draw support from the bottom of the medium term range pattern. Strong support is still in favor at around 38.2% retracement of 1.0183 to 1.1574 at 1.1043 to bring rebound. However, sustained break of 1.1043, coupled with prior rejection by 55 W EMA (now at 1.1398) could be a rather bearish signal, which could trigger downside acceleration through 61.8% retracement at 1.0714.

In Asia, at the time of writing, Nikkei is up 1.26%. Hong Kong HSI is down -1.40%. China Shanghai SSE is up 0.08%. Singapore Strait Times is down -0.53%. Japan 10-year JGB yield is down -0.0039 at 0.462.

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

AUD/USD Daily Report

Daily Pivots: (S1) 0.6707; (P) 0.6747; (R1) 0.6772; More...

Intraday bias in AUD/USD remains mildly on the downside at this point. Deeper decline should be seen but downside should be contained above 0.6594 support to bring rebound. On the upside, above 0.6845 will bring retest of 0.6898 resistance. Decisive break there will resume rise from 0.6457.

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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