October 8, 2018

IC Markets, Weekly technical outlook and review of Forex markets

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What are the current market trends of the week? Check out the latest market outlook of the week.

This article is originally referred from IC Markets News.

Supported largely on the back of soaring US Treasury yields to multi-year highs, overall solid macroeconomic data and hawkish comments from Fed chair Powell who stated rates are still some distance from neutral, the US dollar concluded the first week in October in positive territory, up 0.49% (according to the US dollar index).

Although Friday’s non-farm payrolls came in lower than forecasted, unemployment hit a new multi-decade low and average hourly earnings fell in-line with consensus.

Meanwhile in other markets:

The euro tumbled lower against its US counterpart, wrapping up the week 0.72% in the red. The ongoing Italian crisis was a near constant source of volatility, weighing on the single currency.

Although further downside is a possibility this week, the technical picture shows a strong weekly demand nearby at 1.1312-1.1445.​

Thanks to strong buying in the later stages of last week, the British pound finished the session in positive terrain, up 0.64%.

The biggest supporting factor came from the EU amidst reports a Brexit deal could be close.

Concluding the session down a whopping 2.41%, a combination of ongoing US-China trade talks, a neutral RBA and mixed Aussie data – most notable being
Wednesday’s dismal building approvals – remained a persistent weight on the Aussie dollar last week.

In terms of the technical landscape, strong weekly support is seen nearby at 0.7016 which could offer some respite this week.

As always, for a more in-depth look at the technicals, feel free to read our full report covering multiple markets.

Original Source: IC Markets News

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