September 10, 2018

IC Markets, Weekly technical market outlook and review

‘It pays to know where you are in the bigger picture.’

This article is originally referred from IC Markets News.

The greenback, according to the US dollar index, concluded the week registering an increase of 0.25%.

US-China trade tensions, upbeat manufacturing PMIs along with a better-than-expected US non-farm payrolls report for August collectively supported the buck this week.

The British pound, down 0.29% on the week against the USD, recovered strongly on Wednesday as Germany and the UK were said to have dropped key demands on Brexit in order to facilitate an agreement.

Price reached highs of 1.2982 on the news, though failed to sustain gains as German officials lent back on the story, saying Berlin has not changed on Brexit and Germany has full trust in Chief European Union Negotiator Michel Barnier.

Further losses were observed on Friday on the back of upbeat US jobs data.

The Australian dollar sustained additional losses last week, undermined by ongoing global trade tensions, a dovish RBA policy guidance and optimistic US jobs numbers.

Down 1.21% on the week against its US counterpart, higher-timeframe technicals show further selling could be in store this week until the unit reaches 0.7016: a weekly Quasimodo support level.

With last week’s movement firmly in the rear view mirror, let’s turn over to the technical side of things and see what levels are in the offing this week…

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Original Source: IC Markets News

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