Saturday, July 25, 2015

Action Insight Weekly Report 7-25-15

ActionForex.com
Action Insight Weekly Report Markets Snapshot

Commodity Currencies Stayed Pressured, Dollar and Sterling Retreated ahead of a Key Week

Selloff in commodity currencies continued last week as Aussie and Canadian dollar tumbled broadly. New Zealand dollar, on the other hand, recovered after RBNZ's 25bps rate cut, which was less dovish that expected. Aussie was pressured as copper extended recent slide to the lowest level since 2009 on weak demand from China. Gold also suffered steep fall and reached as low as 1072.3, losing 1100 handle. Meanwhile, crude oil extended recent fall through 50 to as low as 47.72 before losing at 47.97. Dollar and Sterling pared back some of recent gains against Euro, which ended as the strongest major currencies last week. In other markets, DJIA suffered the worst week since January on mixed earnings and dimmed outlook of China's economy.

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Featured Technical Report

AUD/USD Weekly Outlook

AUD/USD's down trend extended last week there is no sign of reversal yet and initial bias remains on the downside this week. Next target will be long term retracement level at 0.7182. On the upside, break of 0.7448 resistance is needed to signal short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

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Suggested Readings

 

The Week in Review and Outlook

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