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| Action Insight Weekly Report | Markets Snapshot |
Markets Turned Mixed With Three Themes in ForceEuropean debt crisis and China took the spotlight from Fed's quantitative program last week. The greenback was boosted higher on risk aversion in the early part of the week but reversed as sentiments stabilized. Fundamentally, markets were seeing some lights in the Irish bailout. Technically, risk markets, including stocks and commodities, drew support from key levels and recovered. The rally in treasury yield also lost steam after Fed bought $24b of securities auction. Outlook in markets are rather mixed for the moment as there was no confirmation of bearish reversal in risk trends, while recovery in risk was not too impressive to warrant trend extension. Markets will continue to struggle around these three forces, QE2, European debt and China for a while and the winner of these forces will determine the relative strength of dollar, European majors and commodity currencies going forward. |    |
| Featured Technical Report | |
EUR/USD Weekly OutlookEUR/USD dipped to as low as 1.3447 last week but drew support form 50% retracement of 1.2643 to 1.4281 at 1.3462 and recovered. Nevertheless, with 1.3775 minor resistance intact, fall from 1.4281 is still in favor to continue. Initial bias remains neutral this week for some consolidations above 1.3447 first. Break of 1.3447 will target 1.3330 support and then near term rising trend line at 1.3194. Though, break above 1.3775 minor resistance will indicate that pull back from 1.4281 is finished and will flip bias back to the upside for retesting 1.4281 high. |
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The Week in Review and Preview |
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