• FxWirePro: currency weekly outlook

    Source: FxWire Pro - Technicals / 09 Dec 2019 02:00:50   America/New_York

    US Dollar index recovered sharply 50 pips after the release of US non-farm payroll. US economy has added 266000 jobs in Nov compared to a forecast of 181K, fastest pace in 10 months. But ISM manufacturing and services PMI came below expectations. Markets eye Fed monetary policy meeting on Wednesday this week for further direction. The index hits a high of 97.84 and is currently trading around 97.69.


    Canadian jobs data came with negative surprise with loss of 71200 in Nov vs estimate of 10000 and USDCAD gained more than 100 pips from low of 1.31584. Major economic data to be released today US CPI, PPI, German ZEW sentiment and SNB monetary policy assessment.  


    The yellow metals continue to trade lower after forming a temporary top around $1484. Any break beneath $1450 confirms slight bearishness.


    US 10-year yield is trading higher for the past 1- week and jumped more than 10% from low of 1.693%. The spread between US 10-year and 2-year has narrowed to 22.4 bps.


    Weekly Technical:




    Major trend reversal level- 1.10980


    Near term support- 1.0980/1.0935


    Near term resistance – 1.110/1.1180




    Major trend reversal level- 110


    Near term support- 107.80/106.40


    Near term resistance – 110/112




    Major trend reversal level- 1.0030


    Near term support- 0.9835/0.97700


    Near term resistance – 1.0030/10060




    Major trend reversal level- 1.3385


    Near term support- 1.3180/1.310


    Near term resistance – 1.3300/1.3385



    Major trend reversal level- $1445


    Near term support- $1445/$1415


    Near term resistance – $1480/$1500


    WTI Crude


    Major trend reversal level- $60.50


    Near term support- $56.20/$55


    Near term resistance – $60.50/$63.














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