• FxWirePro: currency weekly outlook

    Source: FxWire Pro - Technicals / 11 Nov 2019 02:23:52   America/New_York

    US Dollar index was trading higher in the previous week and jumped more than 100 pips. The US-China trade optimism has pushed US stocks, treasury yield, and the dollar higher. The two countries have agreed to roll back tariffs in phases. The index hits a high of 97.40 and is currently trading around 97.32.


    On the data front, US ISM services data came at 54.7 much better than expected compared to forecast of 53.5 and far ahead of 52.5 in Sep. Markets eye US CPI, core retail sales and Fed Powell testimony.

    The Canadian economy unexpectedly lost 1800 jobs in Oct compared to a forecast of 14300, decline since Jul 2019.

    The yellow metals were one of the worst performers and lost more than $50 on easing US-China trade tension. Any break below $1456 confirms bearish continuation.


    US 10-year yield is trading Higher and jumped more than 15% to 1.97%. The spread between US 10-year and 2-year has widened to 26 bps.


    Weekly Technical:




    Major trend reversal level- 1.1178


    Near term support- 1.100/1.0935


    Near term resistance – 1.1060/1.1100




    Major trend reversal level- 109.50


    Near term support- 108.60/107.80


    Near term resistance – 109.50/110.60




    Major trend reversal level- 1.0030


    Near term support- 0.9900/0.97700


    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- $1456


    Near term support- $1456/$1430


    Near term resistance – $1500/$1525


    WTI Crude


    Major trend reversal level- $58

    Near term support- $55/$52.70


    Near term resistance – $58/$60.50


    Major Economic events for the week


    US CPI- Wednesday (1:30 GMT)


    Fed Powell testifies  - Thursday  (3:00 GMT)


    US Core retail sales  - Friday (13:30 GMT)








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