 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightGlobal Stock Market Crashed, Dollar Tumbled after Episode 1 of US-China Trade War Global stock markets suffered steep selloff last week as US President Donald Trump has finally declare the start of trade war with China. Dollar was under broad based pressure with the development, but it was only the second weakest one. Australian Dollar suffered most for it's close trade link to both countries. New Zealand Dollar ended as the third weakest, also for its trade link with China. Technical OutlookUSD/JPY Weekly Outlook USD/JPY dropped to as low as 104.63 last week and the break of 105.24 support confirms resumption of decline from 114.73. Such decline is viewed as the third leg of the medium term pattern from 118.65. Initial bias remains on the downside this week for 104.20 projection level first. Sustained break there will pave the way to 98.97 (2016 low). On the upside, break of 106.63 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery. EUR/AUD Weekly Outlook After some consolidations, EUR/AUD's rally extended to as high as 1.6054 last week and closed strongly. Initial bias is back on the upside this week. Current rise would target 61.8% projection of 1.5130 to 1.5976 from 1.5621 at 1.6130 first. Break there will target 100% projection at 1.6444 next. On the downside, break of 1.5857 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat. Suggested ReadingsU.S. and China Fire Shots Across The Tariff Wall BoE: Rate Hike in May by the MPC Still in Play Weekly Economic and Financial Commentary: Fed Rate Hikes Remain on Path The Weekly Bottom Line: Markets Hurt by Tough Trade Talk US Dollar Falls as Trade War Anxiety Triggers Flight to Safety Week Ahead: Continued Focus on Trade and Politics Amid Light Data Schedule Week Ahead – Trading to Wound Down ahead of Easter; Dollar to Seek Support from Fed Speakers Trade With Our Partners
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