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| Action Insight Weekly Report | Markets Snapshot |
Dollar Jumped on Safe Haven Flow, Global and Eurozone Worries PersistedThe optimism from EU summit faded quickly and sentiments had a 180 degrees turned last week. Spanish yield jumped back above 7%, indicating that markets were still in deep worry on Eurozone's situation despite all the announcements from European leaders. Triple shot actions from world central banks provided no support to market confidence as risk markets were sold off sharply. Steep decline was seen after release of worse than expected employment data in US. Commodity currencies followed stocks and weakened broadly against dollar and yen. Nonetheless, European majors were even weaker as EUR/AUD dived to new record low while EUR/USD dropped to lowest level in more than a year. Dollar index jumped sharply to close at 83.37 and is now looking at breaking near term resistance of 83.54 soon. |
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| Featured Technical Report | |
EUR/AUD Weekly OutlookEUR/AUD's down trend resumed last week by taking out 1.2132 support and reached new record low of 1.2008, just inch above mentioned 1.2 target. Initial bias remains on the downside this week. Sustained break of 1.2 psychological level (61.8% projection of 1.3808 to 1.2132 from 1.3028 at 1.1992) will target next projection level at 1.1352. On the upside, above 1.2085 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 1.2395 resistance and bring fall resumption. |
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The Week in Review and Outlook | ||
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