Weekly Market recap 9: First signs of action
General overview - Asia leads
FX market and the Western Indices were incredibly boring last week, with DXY, DAX and S&P500 staying in the consolidation. Asian markets continued to advance. In SG30SGD (Singaporean index), you can find some of the smoothest and strongest uptrends. The Singaporean market seems to be relatively strong, along with India, Australia and Japan, with a recent pullback present only in Nikkei (Japan).
FX: More volatility overall and the strength in NZD
With the recent data releases in the US, DXY got spurred to more volatility. So, we might see a directional move this week. It would be more interesting if the market closes at or below 92.00.
NZD remains a relatively strong risk asset, especially after positive Retail Sales data yesterday.
Western Indices
While the Western stock indices keep consolidating, some of them formed nice patterns, like DAX, for example. A breakout from such pattern can present potential opportunities to ride a meaningful proceeding trend (the breakout might be happening already!). The US Indices continue to be relatively weaker, compared to the European ones. I'd be particularly cautious going long in S&P and NASDAQ. Brent broke out from the triangle and pushing higher, confirming the risk-seeking sentiment, so there should be a hidden strength in Indices overall.
FX market and the Western Indices were incredibly boring last week, with DXY, DAX and S&P500 staying in the consolidation. Asian markets continued to advance. In SG30SGD (Singaporean index), you can find some of the smoothest and strongest uptrends. The Singaporean market seems to be relatively strong, along with India, Australia and Japan, with a recent pullback present only in Nikkei (Japan).
FX: More volatility overall and the strength in NZD
With the recent data releases in the US, DXY got spurred to more volatility. So, we might see a directional move this week. It would be more interesting if the market closes at or below 92.00.
NZD remains a relatively strong risk asset, especially after positive Retail Sales data yesterday.
Western Indices
While the Western stock indices keep consolidating, some of them formed nice patterns, like DAX, for example. A breakout from such pattern can present potential opportunities to ride a meaningful proceeding trend (the breakout might be happening already!). The US Indices continue to be relatively weaker, compared to the European ones. I'd be particularly cautious going long in S&P and NASDAQ. Brent broke out from the triangle and pushing higher, confirming the risk-seeking sentiment, so there should be a hidden strength in Indices overall.
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