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| Action Insight Weekly Report | Markets Snapshot |
US Data Boosted Risk Appetite, Dollar Rebounded to Close the WeekIn a holiday shortened first week of July, the financial markets were blessed with strong risk appetite. DOW surged through 17000 handle to close at new record high of 17068.26. S&P 500 also jumped to close at historical high of 1985.44. Sentiments towards the US economic outlook was lifted by a string of solid economic data released over the week, in particular the non-farm payroll report. Dollar staged an impressive reversal with dollar index at 80.27 after initial dip to 79.74. Nonetheless, dollar's strength was over-shadowed by Sterling and Canadian dollar, which were the strongest and second strongest major currencies last week. Australian dollar and yen were the weakest. |
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| Featured Technical Report | |
GBP/USD Weekly OutlookGBP/USD surged to as high as 1.7179 last week but lost some momentum. Initial bias is neutral this week first. As long as 1.7062 support holds, further rise is expected. Above 1.7179 will target next key long term fibonacci level at 1.7332. We'd expect loss of momentum as it approaches this level and reverse from there. Meanwhile, considering bearish divergence condition in 4 hours MACD, break of 1.7062 resistance turned support will be an early sign of reversal and will turn bias to the downside for 1.6952 support first. |
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