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| Action Insight Weekly Report | Markets Snapshot |
Dollar Index Pressing Head and Shoulder Bottom Neckline as Risk Sold-off on Eurozone Debt Crisis AgainDollar strengthened across the board last week as risk aversion dominated the markets on a serious of bad news from Europe, including poor bond auctions, surging yields and downgrades. DOW, FTSE and DAX all suffered sharp selloff and the developments turned near term outlook bearish and raised the prospect of new 2011 low before the year closes. A few weeks ago, we talked about the remote possibility of head and shoulder bottom formation in the dollar index and the index is now pressing the neckline resistance. Among the major currencies, Aussie was the weakest on deteriorating economy outlook in China. But Euro was taking up the weakest spot towards the end of the week. |    |
| Featured Technical Report | |
EUR/USD Weekly OutlookEUR/USD dropped further to as low as 1.3212 last week and the development suggests that decline from 1.4246 is possibly resuming recent fall from 1.4939. Initial bias remains on the downside for 1.3145 support first. Break will confirm this bearish case and target 100% projection of 1.4548 to 1.3145 from 1.4246 at 1.2843 next. On the upside, above 1.3229 minor resistance will turn bias neutral first. But recovery should be limited by 1.3421/3614 resistance zone and bring another fall. |
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The Week in Review and Preview |
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