• Currency market weekly outlook:

    Source: FxWire Pro - Technicals / 19 Aug 2019 01:00:02   America/New_York

    Previous Week

    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.


    Weekly Technical:



    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


    WTI Crude


    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)




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