Action Insight Weekly Report 9-6-09

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Action Insight Weekly Report Dollar Still in Range, Aussie Boosted by Gold Rally and Stocks Rebound The anticipated breakout in forex markets didn't really happened last week in spite of all the market moving events. Instead, headlines were dominated by the sharp rally in Gold towards the end of the week, even though commodities were generally soft. Dollar remained generally in range against major currencies, except versus Aussie. Yen crosses extended recent decline initially but recovered following rebound in global stocks. VIX index spiked higher to 29.57 with the sharp intraday week selloff in stocks, triggered some speculation of return of risk aversion, but then fell back to 25.26 to close the week. After all, Aussie and Kiwi will likely remain firm this week, and provide some support to Sterling and Canadian. Dollar will continue to be range bound against Euro and Swissy, and possibly yen too as yen crosses consolidates. Full Report Here... Featured Technical Report Market Highlights USD/CAD Weekly Outlook USD/CAD failed to take out 55 days EMA as well as the falling trend line resistance and dropped sharply towards the end of the week. The break of 1.0870 minor support suggests that choppy rise from 1.0718 has completed already. Initial bias remains mildly on the downside this week for 1.0718 support first. Break will will add much favor to the case that price actions from 1.0631 are merely consolidations in the larger decline only and should have completed. Deeper decline should then be seen to 1.0631 low first and then 1.0297 key support. On the upside, above 1.0976 will turn intraday outlook neutral again. But break of 1.1101 resistance is needed to revive the case that USD/CAD has bottomed out. Otherwise, risk remains on the downside. Read more... All Technical Outlook Reports EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook Weekly Top Movers Top 5 Current Last Change (Pips) Change (%) EURAUD 1.6797 1.7001 -204 -1.21% AUDUSD 0.8507 0.8409 +98 +1.15% GBPCHF 1.7387 1.7236 +151 +0.87% AUDCAD 0.9254 0.9178 +76 +0.82% EURGBP 0.8722 0.8790 -68 -0.78% Currency Heat Map Weekly View USD EUR JPY GBP CHF CAD AUD USD EUR JPY GBP Suggested Readings The Week in Review and Preview This Week's Market Outlook Weekly Economic and Financial Commentary Weekly Focus: Eying the Exit The Weekly Bottom Line US Jobless Rate Climbs to 9.7%, Yields and Swap Rates Fall Next Week's Data Critical for RBA's Timing FX Briefing: Caution and Prudence Central Banks 'Bumpy Road' Means ECB in No Rush to Raise Rates ECB Meeting: From "Too Downbeat" to "Downbeat" ECB Walks a Fine Line ECB Meeting - September: Remained Cautious On Economic Recovery The ECB Press Conference Bullet Points FOMC: Standing Pat FOMC Minutes – August: In-depth Talks About Exit But No Decisions On Strategies And Timing Yet FOMC Members See "Smaller Downside Risks" for Economy RBA Leaves Cash Rate At 3% With A Neutral Bias On Monetary Policy

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