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| Action Insight Weekly Report | Markets Snapshot |
Euro Pressured on Debt and Banking Worries, Aussie Shone on Rate ExpectationsLast week saw some mixed price actions where commodity currencies were boosted by mild extension in risk appetite trades and solid economic data. On the other hand, European majors were pressured as concern of European debt resurfaced. The contrasting sentiments sent EUR/AUD to record low of 1.3675 and closed the week down -2.82% while EUR/NZD was down -2.84%, EUR/CAD down -1.92%. EUR/CHF was sold off to record low of 1.2765 even though it did recover strongly towards the end of the week as traders lightened positions ahead of SNB rate decision. Yen attempted to retreat on resilient stocks and as Japan stepped up rhetoric on intervention but momentum was mild. Dollar was noticeably weaker against commodity currencies too but was range bound against other majors. |    |
| Featured Technical Report | |
AUD/USD Weekly OutlookAUD/USD's rise form 0.8770 extended further to as high as 0.9275 last week. Break of 0.9220 resistance confirmed that whole rise from 0.8066 has resumed. Initial bias remains on the upside this week for further rally to 61.8% projection of 0.8315 to 0.9220 from 0.8770 at 0.9329 next. Though, we'll anticipate strong resistance between 0.9329 and 0.9404 to bring reversal. On the downside, break of 0.9091 support will indicate that a short term top is formed and turn bias back to the downside for 0.8770 support instead. |
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The Week in Review and Preview |
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