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| Action Insight Weekly Report | Markets Snapshot |
European Majors Lost Steam After Central Banks Triggered Risk Rally, EU Summit CrucialMarkets were thrilled by the joint announcement by six of the world's major central banks to boost liquidity, as well as China's loosening of monetary policy last week. DOW jumped from an intraweek low of 11232 to as high as 12146 before closing at 12019, back above 12000 market gain. However, the risk rally then failed to extend gain even in case of a solid non-farm payroll report from US. Investor's focus are shifting to key event of EU "crunch summit" for measures to finally "complete" the sovereign debt crisis response. Dollar index was rejected from the head and shoulder bottom neckline mentioned last and dipped sharply but downside is key well below key near term support level at around 77.5 and thus left no confirmation of reversal. Meanwhile, European majors, while also rebounded against dollar, were comparatively weak. Main near term resistance in EUR/USD and GBP/USD were kept intact and gave no confirmation of near term reversal. The selloff in these two pairs highlighted the vulnerability of sentiments towards Europe's situation. |    |
| Featured Technical Report | |
GBP/USD Weekly OutlookGBP/USD rebounded strong to as high as 1.5779 last week but lacked follow through momentum. Also, note that the pair is limited well below the failing 55 days EMA and 1.5887 resistance and thus, there is no indication of near term reversal yet. Initial bias is neutral this week with focus on 1.5525 minor support. Break there will indicate that rebound from 1.5422 is completed and should flip bias back to the downside to extend the fall from 1.6165 through 1.5422 to retest 1.5271. Above 1.5779, however, will turn focus to 1.5887 resistance. |
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