FxWirePro: Cable’s Buzzing Bulls On Uptrend Line Support & Triangle Resistance Breakout – Trading & Hedging Setup
FxWirePro: Currency Weekly Outlook
US Dollar index recovered sharply 50 pips after the release of US non-farm payroll. US economy has added 266000 jobs in Nov compared to a forecast of 181K, fastest pace in 10 months. But ISM manufacturing and services PMI came below expectations. Markets eye Fed monetary policy meeting on Wednesday this week for further direction. The index hits a high of 97.84 and is currently trading around 97.69.
Canadian jobs data came with negative surprise with loss of 71200 in Nov vs estimate of 10000 and USDCAD gained more than 100 pips from low of 1.31584. Major economic data to be released today US CPI, PPI, German ZEW sentiment and SNB monetary policy assessment.
The yellow metals continue to trade lower after forming a temporary top around $1484. Any break beneath $1450 confirms slight bearishness.
US 10-year yield is trading higher for the past 1- week and jumped more than 10% from low of 1.693%. The spread between US 10-year and 2-year has narrowed to 22.4 bps.
Major trend reversal level- 1.10980
Near term support- 1.0980/1.0935
Near term resistance – 1.110/1.1180
Major trend reversal level- 110
Near term support- 107.80/106.40
Near term resistance – 110/112
Major trend reversal level- 1.0030
Near term support- 0.9835/0.97700
Near term resistance – 1.0030/10060
Major trend reversal level- 1.3385
Near term support- 1.3180/1.310
Near term resistance – 1.3300/1.3385
Major trend reversal level- $1445
Near term support- $1445/$1415
Near term resistance – $1480/$1500
Major trend reversal level- $60.50
Near term support- $56.20/$55
Near term resistance – $60.50/$63.
Tesla Cybertruck update: Is Elon Musk's futuristic pickup truck joining the 'Cyberpunk 2077' vehicle lineup?