• 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:

    EURUSD:

     

    Major trend reversal level- 1.12860

     

    Near term support- 1.10250/1.09600

     

    Near term resistance – 1.1160, 1.12300

     

    USDJPY:

     

    Major trend reversal level- 107.20

     

    Near term support- 104.60/103

     

    Near term resistance – 107.20/108

     

    USDCHF

    Major trend reversal level- 0.9660

     

    Near term support- 0.9750/0.9690

     

    Near term resistance – 0.9820/0.9900

     

    USDCAD

     

    Major trend reversal level- 1.335

     

    Near term support- 1.3260/1.3180

     

    Near term resistance – 1.3350/1.3435

     

    Gold

     

    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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