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| Action Insight Weekly Report | Markets Snapshot |
Dollar Rebounded after Market TurmoilIt was another week of roller coaster ride in the financial markets with a surprising end. DJIA tumbled to as low as 15370.33, over 1000 pts down from prior week's close of 16459.75. But the index then staged a strong rebound and has indeed closed the week up at 16643.01. Crude oil dipped to as low as 37.75 be rebounded strongly to close the week at 45.22. The dollar index also dropped to as low as 92.62 but rebounded to close at 96.10. The greenback has indeed ended the week as the second strongest major currency, after the Japanese yen. Canadian dollar ended as the third strongest following the rebound in crude oil. Meanwhile, Aussie and Kiwi were the weakest ones. European majors were mixed with Sterling being the weakest. |
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| Featured Technical Report | |
GBP/USD Weekly OutlookGBP/USD rose to 1.5817 last week but dropped sharply since then. The development suggests that the corrective pattern from 1.5329 has completed with three waves up to 1.5817. Initial bias remains on the downside this week for 1.5329 first. Break will resume the fall from 1.5929 and target 100% projection of 1.5929 to 1.5329 from 1.5817 at 1.5217. Break will target 161.8% projection at 1.4846. On the upside, above 1.5508 minor resistance will turn bias neutral first. But risk will now stay on the downside as long as 1.5817 resistance holds. |
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The Week in Review and Outlook | ||
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