Action Insight Daily Report 9-23-24

Aussie Gains Ground, Overcoming PMI Weakness on China's Rate Cut Boost

Australian Dollar managed to climb modestly in a quiet Asian trading session today, despite underwhelming PMI data from Australia. With Japan on holiday, the session saw limited movement, but risk-on sentiment helped offset some of the negative impact from the weak data. In contrast, Yen and Swiss Franc extended their recent declines. Overall, the markets are still riding on the tailwind of last week's Fed rate cut.

China's central bank also played a role in boosting sentiment. In a surprising move, the People's Bank of China cut its 14-day repo rate by 10bps, catching many off guard after it had opted not to cut longer-term rates just last Friday. The real focus, however, is on tomorrow's scheduled press conference by China's top three financial regulators, raising hopes that more comprehensive and substantial stimulus measures may be on the horizon...

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

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6363; (P) 1.6396; (R1) 1.6435; More...

EUR/AUD dips notably after recovery was capped below 55 4H EMA, but stays above 1.6315 temporary low. Intraday bias stays neutral first. While consolidation from 1.6315 might extend, risk will continue to stay on the downside as long as 1.6629 resistance holds. Below 1.6315 will bring retest of 1.6256. Firm break there will resume whole decline from 1.7180 and target 61.8% projection of 1.7180 to 1.6256 from 1.6629 at 1.6058.

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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