Previous Week
US dollar was trading strong against all majors especially against Euro on better than expected US retail sales and Philly Fed Manufacturing index.
DXY has jumped more than 100 pips from the previous week close 97.03 and closed at 98.20.
The precious metal was consolidating in a previous week especially Gold within a narrow range between $1479 and $1534 on declining US 10- year bond yield.
US 10 year bond yield continues to trade lower and lost more than 15% from the previous week close of 1.75%. It has closed at 1.55%. The spread between US 10 year and 2 year has narrowed to 5 bps from 10 bps and between US 3month and 10 year is still inverted.
Weekly Technical:
EURUSD:
Major trend reversal level- 1.12860
Near term support- 1.10250/1.09600
Near term resistance – 1.1160, 1.12300
USDJPY:
Major trend reversal level- 107.20
Near term support- 104.60/103
Near term resistance – 107.20/108
USDCHF
Major trend reversal level- 0.9660
Near term support- 0.9750/0.9690
Near term resistance – 0.9820/0.9900
USDCAD
Major trend reversal level- 1.335
Near term support- 1.3260/1.3180
Near term resistance – 1.3350/1.3435
Gold
Major trend reversal level- $1480
Near term support- $1480/$1450
Near term resistance – $1535/$1570
WTI Crude
Major trend reversal level- $50.50
Near term support- $53.50/$52
Near term resistance – $55.65/$56.60.
Major Economic events for the week
US FOMC Meeting Minutes – Wednesday (6:00 PM GMT)
Canadian CPI m/m - Wednesday (12:30 PM GMT)
German Flash Manufacturing and services PMI - Thursday (7:15 AM GMT)
Canadian retail sales m/m- Friday (12:30 PM GMT)
Fed Chair Powell Speaks Friday (2:00 PM GMT)


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