Saturday, November 8, 2014

Action Insight Weekly Report 11-8-14

ActionForex.com
Action Insight Weekly Report Markets Snapshot

Dollar Broadly Higher after An Eventful Week, But Losing Momentum

US equities were propelled to new record high last week as Republicans took control of Senate after the mid-term election and gained majority in the Congress. It's noted before analysts that stocks performed best historically when a Democratic president was opposed by Republican controlled Congress. DJIA closed at 17573.93 while S&P 500 closed at 2031.92, both at record high. The positive sentiments were not much bothered by the slightly disappointing non-farm payroll report from US. In the currency markets, dollar ended as the strongest currency. The Japanese yen extended BoJ triggered sharp fall and ended as the weakest one. While it's widely reported that ECB president Mario Draghi delivered a dovish post meeting press conference, Euro was indeed the third strongest currencies, after dollar and Swiss Franc, and ended mildly higher against others.

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Featured Technical Report

USD/CAD Weekly Outlook

USD/CAD surged to as high as 1.1466 but formed a temporary top there and retreated. Initial bias is neutral this week for some consolidation. But downside of pull back should be contained above 1.1121 support and bring rise resumption. Above 1.1466 will extend the larger up trend to next long term fibonacci level at 1.1666.

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Suggested Readings

 

The Week in Review and Outlook

 

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