 Welcome to TickMail Weekly Market Outlook for week commencing the 2nd of December, with me, Patrick Munley. We have another busy week of top-tier data in the US next week. We start the week with the key manufacturing gauge, ISM manufacturing indexes, followed by its non-manufacturing counterpart on Tuesday. The preliminary readings of the market PMIs had turned out better than expected last week. The figures are looking towards the official ISM prints to confirm a rebound in US activity. Consumption spending, trade report and factory orders occupy the calendar in the middle of the week. We finish the week off with the all-important release on Friday of the non-farm payrolls, and we also get the University of Michigan sentiment index. From a technical perspective, the dollar continued to recover last week. However, as we took out the prior swing highs at the 9840 level on Friday, we did actually see a sharp reversal of the late in the day, closing back down towards the lows. If we see follow-through selling on Monday, then we may have completed a correction versus the decline we witnessed in October. If that's the case, we'll be looking for a test at the 9770 area. If buyers don't step in here, then I'll be anticipating we retest the prior swing lows down to 9730. Whilst we're talking about the dollar, let's check in with gold. Gold, Julie recovered on Friday as we saw that decline in the dollar index. If we can see some follow-through buying into the beginning of next week, then I'd be bullish gold for the week, looking for a test of the descending trend line resistance back up towards the 1500 level. However, if we fail to capitalise on Friday's advance and take out the low on Friday at the 1450 area, then we could be looking for a test down to the support zone at the 1440-1435 level. In Canada, all focus will be on Wednesday's Bank of Canada policy decision, with the market expecting the rates to remain on hold at 1.75%. The market is also expecting the committee to cite global headwinds, but with inflation close to target and unemployment remaining low, the bank won't be in any rush to act at this stage. On Thursday, we also get November IV PMI readings, and we're expecting some softness there due to the drag in global trades. From a technical perspective, the Canadian dollar continues to find resistance at the 13320 to 13330 area. If we see a follow-through in the reversal that we saw on Friday, then we'll be anticipating a move back down to test support at the 132 area. If buyers step in here, then we have the potential to set a base to target a break of the highs at 13325 on route to a test of the major descending trend line resistance at 134. However, similar to the dollar index, if we don't see buyers stepping in back down towards this 131 at 80 area, then we could see a protracted move to the downside seeking a retest of the support down to 13050. In the Eurozone, top tier data are the final market PMIs released on Monday. Also on Monday, we will see ECB President Magard address the European Parliament. Retail sales and the final estimate of third-quarter GDP growth wraps up the data slate on Thursday, with markets expecting the print to be in line at 0.2%, tracking and annualized 1.2% growth. From a technical perspective, the Euro dollar has potentially put in a meaningful double bottom similar to the dollar index pattern, obviously in reverse. But what we're looking for now is if we can see buyers maintain the positive momentum we saw into the close on Friday, and if we see some follow-through in the beginning of the week, then we may have set a base here in the Euro dollar at this 110 area, and I'll be looking for a retest of 111 initially, ultimately to retest the resistance back up at the 111 80 area. However, again, if we fail to capitalize on the reversal on Friday, and we take out Friday's low, this will be a bearish development, suggesting to me that we're likely to retest year-to-date those back down below the 109 handle. Once we're talking about the Euro, let's check in with the DAX. DAX continues to grind higher, and we were in consolidation mode last week, whilst we hold the support area at 13,000. I'm ultimately looking for a move higher to test the ABCD pattern equidistant resistance up at the 13,650 level. Only a close below the 13,000 level would concern this immediate bullish bias, suggesting that we are likely to rotate lower back down to test the support at the 12,650 level. In the UK, data flow is lighter next week, limited to market PMIs on Monday and Tuesday. Both services and manufacturing are expected to be soft, reversing the small bounce that we saw in last month's data. Traders will also keep a keen eye on political developments as we enter the penultimate week of campaigning in the government elections. Stirling Pound continued to consolidate above the support at the 128,30 level. As it does so, we can look for a break of resistance at 130, ultimately setting up a test of the 132 upside objective. However, if we can't break out of this 130 resistance, then we are likely to continue to range trade and into the election in two weeks' time, so we'll be looking for support down at 128 and resistance at 130. In Japan, releases next week are the final PMI readings, labour cash earnings, as well as household spending. From a technical perspective, the Japanese yen broke through the resistance at the 10950 level. However, Friday's close wasn't convincing, and if we note the developing divergence we can see on our sentiment momentum indicators down here, then we could be looking at a pullback in the dollar yen, so this would ultimately prove to be a false break to the upside, and we could be back into the well-defined range testing support down at the 10850 and 108 level. However, if we do see follow-through buying at the beginning of the week, then that will ultimately set up a test of the long-awaited target up at the 11050 level. Down under in Australia, Tuesday's Reserve Bank of Australia meeting is expected to show that the Reserve Bank are keeping their cash rate unchanged at 0.75%. This comes just prior to the release of third-party GDP growth for Australia. Australian data docket also includes AIGPMI readings, trade report, and retail sales, which are expected to remain lackluster. From a technical perspective, the Australian dollar has continued to grind lower and now looks poised to test support at the 6750 area. This is going to be a key area of interest if we can see some bullish reversal patterns here, developing on the daily timeframe, then the correction versus the advance that we saw in October may be complete, and we could look then to retest the resistance area at 6850. A close back through 6850 would be a bullish development suggesting that we can then move higher to test the 6930 to 6950 resistance area. However, if buyers don't step in at this 6750, 6730 area, then we can look for the grind lower to continue to retest the year-to-date lows down at 6670. That concludes the weekly market outlook for week commencing December the 2nd