Weekly Technical Forecast: Are Reversals for Equities and the Dollar-based Majors the Start of Lasting Trends?
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GBP/USD turned three cents higher at the back end of the week and is now looking for support if it is to make a move back to multi-month highs above 1.3320.
An attempt by the DXY Index to break near-term resistance to move onto 16 month highs never had the blessing of EURUSD and fell apart soon after execution. Ahead, uncertainty on direction and volatility hits news highs.
Global equity markets put in some recovery this week. But the Friday pullback showed that markets aren't yet out of the woods, and a big week of drivers will keep equity markets on the move.
A sharp rebound in higher yielding currencies and risk-correlated assets came at the Yen’s expense this week, clouding the technical outlook in the process.
Last week, the Euro bounced off big support but is already in a battle with resistance and negative trend conditions.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.