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| Action Insight Weekly Report | Markets Snapshot |
Euro and Swiss Shone in a Rather Directionless WeakIt was a rather directionless week as some financial markets are possibly turning into consolidation phase. DOW edged higher to 16225.72 but closed the week at 16103.30, down -51 pts. S&P 500 also edged higher to 1847.50 and then closed lower at 1836.25, down -2.4 pts. German DAX closed nearly flat at 9656.95. UK FTSE was notably strong and had the biggest weekly gain since July to close at 6838.06. Nikkei also closed higher at 14865.67 but felt some strong resistance below 15000 handle. In treasury markets, both 10 year and 30 year US were stuck in tight range. Gold engaged in sideway trading between 1310 and 1330. Crude oil fail below 104 and retreated back to 102.3 to close the week. Dollar index recovered after brief breach of 80 handle and closed slightly higher at 80.26. |
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| Featured Technical Report | |
EUR/GBP Weekly OutlookEUR/GBP rebounded strongly last week and the development suggests that a short term bottom is already formed at 0.8157 after the cross drew strong support from 0.8164 key level. Initial bias remains on the upside this week for further rally towards 0.8349 resistance. Break of 0.8349 should indicate that the larger corrective pattern from 0.8768 has possibly completed and will turn outlook bullish for 0.8466 resistance next. On the downside, below 0.8214 will turn bias neutral again. Also, decisive break of 0.8164 will have larger bearish implication and would pave the way to 0.8 psychological level. |
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