Weekly Wrap: Leaders And Laggards
Matt Simpson | Dec 02, 2013 01:19AM ET
By reviewing and comparing market % performance we can gain a quick and convenient insight into where money is flowing to (and from) to help us refine our trading watchlist for the days or weeks ahead...
FOREX:
AUD: Whilst news was relatively light for the AUD last week, most of the numbers came out positive. Wednesday saw construction work done at 2.7% versus 0.6% expected, followed by Private Capital Expenditure QoQ on Thursday come in better than expected which resulted in a short-term rally across the AUD pairs. The futures charts are still clearly bearish
CAD: Remains technically bearish, closing the week -0.91% down. Current accounts came in less than expected at -15.5bn versus -14.3bn expected, however Friday's GDO MoM came in better than expected at +0.3% versus +0.1% expected.
CHF: Futures continues to grind higher but only just closed the week higher at +0.05%. GDP QoQ remains fixed at 0.5%, whilst the KOF Economic Barometer came in positive at +1.85
EUR: It was a busy news week for the Euro with lots of mixed results. German unemployment is up, yet the Eurozone unemployment rate also came in positive. Perhaps the most interesting observation is how EURUSD closed the day down despite positive news, which also coincides with the 61.% retracement. Technically the bullish run from the 1.329 lows appears to be corrective so keep an eye on this potential swing high.
JPY: Futures remain bearish with increased bearish momentum. JPY pairs still very much the better trending currencies to be monitoring going forward. The bullish trend on USDJPY remains to be strong and there is talk of the next target being around 103.60
GBP: Futures remain technically bullish and buying could clearly been seen across the GBP pairs last week. This remains the view for this week, with GBPUSD, GBPAUD and GBPJPY offering some of the better opportunities for bullish traders.
NZD: With the Trade Balance and ANZ business confidence coming in better than expected the Kiwi would have expected a better weak. Regardless the Futures finished down. AUDNZD is trading near 5yr lows with increasing bearish momentum.
USD: The USD Index continued to trade above 80.60 and technically appears to be forming a basing pattern to suggest pending strength. Indeed this is also reflected on EURUSD and USDCHF charts so are charts to monitor this week for swing trades. Unemployment claims and building permits came in positive, whilst pending home sales, CB Consumer confidence and Core Durable Goods orders MoM came in less than expected.
COMMODITIES:
METALS: Silver managed to stay above the 19.58 support level and is technically not trending. A break above 20.11 swing high suggests continued buying whilst a break below 19.58 suggests continuation of bearish trend. Gold did not manage to trade lower than previous week low of 1227 and like silver, appears to be correcting, however trends remain down on both.
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OIL: Brent and WTI continue to diverge and increase their spread. WTI broke out of the sideways consolidation to hit the 91.70 target, closing the week down. Brent traded sideways for the week compared to the previous week but closed the week bullish and holding above key support levels.
INDICIES:
US Equities continue to trade at record high and grind higher. Volatility has reduced on JI and SP500 however NASDAQ had the larger gains of the three finishing the week at the highs. AUS200 continues to retrace from the 5460 highs with today's trading testing the 50%. FTSE100 also appears to be amidst a bearish correction however DAX is leading the way and continues to trade at record highs.
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