 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightStocks Survived Trump's Tariffs, Boosted by Perfect NFP, Commodity Currencies Came Back The stock markets in the US ended the week up solidly as boosted by the "perfect" job report as seen by investors. Worries over trade wars also receded as US President Donald Trump has backed down on his steel and aluminum tariff even on the day of its arrival. DOW took out an important near term 25000 handle firmly to closed the week at 25335.74. NASDAQ even closed at record high at 7560.81 as tech giants were back in form. While strength in other global markets were not as apparent, FTSE, DAX and Nikkei did close the week up. Technical OutlookUSD/CHF Weekly Outlook USD/CHF's rebound from 0.9186 resumed last week by taking out 0.9490 resistance. The head and shoulder bottom formation (ls: 0.9254, h: 0.9186, rs: 0.9337) suggests near term reversal. Initial bias remain son the upside this week for 100% projection of 0.9186 to 0.9490 from 0.9337 at 0.9641 first. On the downside, break of 0.9337 minor support is needed to indicate completion of the rebound. Otherwise, near term outlook will be cautiously bullish even in case of retreat. USD/CAD Weekly Outlook USD/CAD rose to 1.3000 last week but formed a short term top there and retreated. Initial bias is now on the downside this week for pull back to near term channel support (now at 1.2711). At this point, we'd expect strong support from 38.2% retracement of 1.2246 to 1.3000 at 1.2712 to contain downside and bring rise resumption. On the upside, break of 1.3000 will resume the medium term rally to 1.3065 medium term fibonacci level Suggested ReadingsThe "Winners" and the Losers of a Potential Trade War Despite Speedbumps, Eurozone Expansion Continues Weekly Economic and Financial Commentary: February Hiring Heats Up, While Wages Cool Down The Weekly Bottom Line: All Signs Point to Higher Inflation Dollar Mixed Ahead of Retail Sales, Inflation and North Korea Meeting NFP Recap: Mixed Data Highlights Stellar Job Creation, Weak Wage Growth, Strong Economy Week Ahead – US Inflation and Retail Sales in Focus; New Zealand GDP also Eyed Australia & New Zealand Weekly: Prospects for the Australian Economy; Markets; and Global Risks Trade With Our Partners
|
 | |
