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| Action Insight Weekly Report | Markets Snapshot |
Dollar Failed to Rally Despite Solid Data, Yen Maintained Broad Based WeaknessIn spite of a string of strong economic data from US, the dollar failed to stage a solid rally against other major currencies last week. The dollar index extended recent choppy decline to close at 80.315. down from prior week's 80.645. Stocks also rebounded after initial dip. DOW rebounded strongly after dropping to as low as 15791.29 and closed above 16000 handle at 16020.20. S&P 500 also closed back above 1800 level at 1805.09. Long term treasury yield closed higher with 30 year yield at new high of 3.917%. 10 year yield also closed higher at 2.883% but is staying below 2013 high of 2.979%. |
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| Featured Technical Report | |
GBP/USD Weekly OutlookGBP/USD edged higher to 1.6442 last week before forming a temporary top there and turned into consolidations. The break of 1.6380 resistance has larger bullish implication. Also, price actions from 1.6442 are corrective looking and support the case of another rise. Initial bias is neutral this week first. In case of deeper pull back, we'd expect strong support from 55 days EMA (now at 1.6077 to bring rally resumption. Break of 1.6442 will target 61.8% projection of 1.4813 to 1.6259 from 1.5853 at 1.6747, which is close to 1.6476 next medium term resistance. |
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