Weekly Wrap: Leaders and Laggards

A snapshot view of last week's money flow and technical notes for the week ahead.

KEY EVENTS THIS WEEK:

ALL: Jackson Hole Symposium

AUD: Monetary Policy Meeting Minutes; RBA Stevens speaks; CB Leading Index

CAD: Wholesale sales m/m; Core CPI; Core Retail Sales;

CHF: Trade Balance

CNY: HSBC Flash Manufacturing PMI

EUR: HSBC Flash Manufacturing and Serives PMI (FRA, GER, EUR) ; Draghi Speaks;

GBP: CPI y/y; MPC votes; Retails Sales;

JPY: Trade Balance

NZD: PPI Input; Inflation Expectations q/q; Visitor Arrivals

USD: Building Permits; Core CPI; FOMC Minutes; Employment; Home Sales; Philly Fed Manufacturing; Fed Yellen Speaks

DXY Gravestone Doji and Inside week; D1 remains neutral whilst W1 suggests potential for a retracement but trend remains bullish

AUDUSD Bullish Inside week but lower volume to suggest this is corrective to bearish decline; D1 also suggests weakness

EURUSD Inverse to DXY also suggests an interim reversal; Near-term bullish targets 1.50 but W1 remains below 200 MA

GBPUSD 1.67 target achieved however COTS positioning suggests bearish sentiment extreme; W1 trend remains bearish below 1.684

USDCAD W1 Dark Cloud Cover but trend remains bullish; D1 support at 1.089, 1.080-81 and favour buying the dips; D1 saw Rikshaw Man Doji respect bullish trendline

USDCHF D1 remains within bullish channel with support around 0.900-916; Early days but D1 may be trading within a Bearish Wedge as opposed to a bullish channel

USDJPY Failed to break above 103 but above 102 favours an upside break; Below 102 favours intraday bearish setups down to 101.40

NZDUSD Remains above 0.84 swing low and tested 0.8515 resistance; Bias remains neutral between these 2 key levels but above 0.8515 targets 0.856

INDICES European and US Equities continue to diverge with CAC, DAX and FTSE favouring bearish swing traders and NASDAQ, S&P500 and DJI favouring bullish setups as they break to new highs.

GOLD Bullish wedge target $1345 remains in play but Friday's sharp decline puts this on the side-lines; Bias remains neutral around $1300

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