Currency market weekly outlook:
Source: FxWire Pro - Technicals / 19 Aug 2019 01:00:02 America/New_York
US dollar was trading strong against all majors especially against Euro on better than expected US retail sales and Philly Fed Manufacturing index.
DXY has jumped more than 100 pips from the previous week close 97.03 and closed at 98.20.
The precious metal was consolidating in a previous week especially Gold within a narrow range between $1479 and $1534 on declining US 10- year bond yield.
US 10 year bond yield continues to trade lower and lost more than 15% from the previous week close of 1.75%. It has closed at 1.55%. The spread between US 10 year and 2 year has narrowed to 5 bps from 10 bps and between US 3month and 10 year is still inverted.
Major trend reversal level- 1.12860
Near term support- 1.10250/1.09600
Near term resistance – 1.1160, 1.12300
Major trend reversal level- 107.20
Near term support- 104.60/103
Near term resistance – 107.20/108
Major trend reversal level- 0.9660
Near term support- 0.9750/0.9690
Near term resistance – 0.9820/0.9900
Major trend reversal level- 1.335
Near term support- 1.3260/1.3180
Near term resistance – 1.3350/1.3435
Major trend reversal level- $1480
Near term support- $1480/$1450
Near term resistance – $1535/$1570
Major trend reversal level- $50.50
Near term support- $53.50/$52
Near term resistance – $55.65/$56.60.
Major Economic events for the week
US FOMC Meeting Minutes – Wednesday (6:00 PM GMT)
Canadian CPI m/m - Wednesday (12:30 PM GMT)
German Flash Manufacturing and services PMI - Thursday (7:15 AM GMT)
Canadian retail sales m/m- Friday (12:30 PM GMT)
Fed Chair Powell Speaks Friday (2:00 PM GMT)© FxWire Pro 2019. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.