 |  |
| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
| Calendar | Elliott Wave Trades | Markets Volatility | Pivot Points | Heat Map | Daily Fundamentals |
| Action Insight Weekly Report | Markets Snapshot |
Commodity Currencies Broadly Higher on Strength in StocksCommodity currencies staged a strong comeback last week and stocks extended recent rebound. DJIA closed the week at 17084.49, up 612.12 pts. S&P 500 closed at 2014.89, up 142.98 pts. Commodities also performed well with Gold up slightly at 1155.9 but managed to stand above 1150 handle. Crude oil's rise was more impressive as it broke out of recent range and breached 50 handle to 50.92 before closing at 49.49. While Canadian was lifted by strength in oil prices, Aussie ended as the strongest one as RBA maintained a neutral stance, rather than turning dovish on recent developments in China. Meanwhile, Yen was the weakest major currency on risk appetite. Dollar followed closely as traders were getting less and less convinced of a December Fed rate hike. |
|
| Featured Technical Report | |
USD/CAD Weekly OutlookUSD/CAD's sharp decline and break of 1.3011 support last week was taken as a strong sign of trend reversal. That's supported by strong resistance from a long term retracement level at 1.3469 and there is bearish divergence condition in daily MACD. Initial bias remains on the downside this week and further fall should be seen to 1.2834 resistance turned support first. Decisive break there will target next key support level at 1.1919. On the upside, above 1.3073 minor resistance will bring recovery but upside should be limited well below 1.3456 resistance and bring fall resumption. |
| Suggested Readings |
| |
The Week in Review and Outlook | ||
  |
| ||||||||
No comments:
Post a Comment