Saturday, October 3, 2015

Action Insight Weekly Report 10-3-15

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Action Insight Weekly Report Markets Snapshot

Focus Turns to RBA, BoJ and BoE

It was another disappointing week for dollar bulls with the disappointment from non-farm payroll report. However, it wasn't exactly the best kind of week for dollar bear neither. Weakness in the greenback was relatively limited after job report announcement, except versus Canadian dollar. Major dollars were indeed stuck in familiar range and the greenback closed the week just mildly down. Also, sterling was the weakest one over the week, registering losses against all other major currencies. The near term outlook in forex markets remain generally neutral in the early part of this week and we'll wait to see how traders make up their mind. Meanwhile, in other markets, stocks staged an impressive rebound on Friday which means that recent consolidations are going to continue. Gold rebounded too but stayed in recently established range. Crude oil also struggled to find the needed momentum for breakout.

Full Report Here...


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Featured Technical Report

USD/CAD Weekly Outlook

USD/CAD edged higher to 1.3456 last week but faced strong resistance from long term retracement level at 1.3469 and retreated sharply. The development argues that the near term trend might be reversing but more evidence is needed. Initial bias stays neutral this week first. On the upside, firm break of 1.3456 resistance is needed to confirm up trend resumption. Otherwise risk will stay on the downside for another fall. Meanwhile, decisive break of 1.3011 support should at least bring deeper fall back to 1.2834 resistance turned support.

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Suggested Readings

 

The Week in Review and Outlook

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