 Welcome to Tick-A-Mail Weekly Market Outlook for week commencing November 4th with me, Patrick Munley. Following a busy week last week, the economic calendar is relatively lighter this week. Important US readings include headline factory orders, where the investment outlook likely remains somewhat uncertain. Tuesday we'll see flash services, PMIs, ISM non-finituring index, and trade data, all of which are anticipated to point towards a broadening deceleration in the US economy. Friday we get wholesale inventories, which are likely to become a drag on growth over the next 12 months. We wrap the week up with the University of Michigan's sentiment index, which has probably stabilised an above-average level. Following on from last week's analysis of the dollar, we duly held resistance at the 98th level, and we're trying down to make a new low in the current cycle. I'm looking for this low to extend now to test trendline support at the 9680 area, where I'd be anticipating we see some profit taking at the test of the major ascending trendline and a three-way corrective pattern, which will set up another opportunity to sell the dollar at higher levels, probably towards 9850 to 9880 area, and then we're targeting a second leg of downside, looking then for a move down to test this 96 support area. Whilst we're talking about the dollar, let's check in with gold. Let's continue to hold the support area, consolidating as we've anticipated, and we're now looking for a break higher above this 1520 area, which will then see gold trade up to test prior cycle highs at 1555, and ultimately to the 1580 target area. As with last week, only a break below the 1470 area would concern this bullish bias. Over in Canada, Friday's labour force survey for October is forecast to post a modest rise of 15,000 jobs. One key will be the likely effect of the headline election-related hiring. Most of that effect is likely to be captured in public administration employment, but still over as intermediate, and professional categories are feasible. The Canadian dollar tested our resistance zone at 132 when sellers have stepped in. I'm now looking for the Canadian dollar to continue to drift lower, ultimately looking for a move down to test support at the 130 area. As this area of support is eroded, I'm looking for a test of the descending projected trendline support down to 12850. Only a breach back above 132.30 would likely delay this downside, suggesting a move up to retest offers at 133. In the Eurozone, the final reading of market PMIs for both manufacturing and service sector are most likely to continue to point to a contraction led by Germany, specifically on the manufacturing side of the equation. Centex investor confidence will mirror the downbeat investor outlook, and then retail sales on Wednesday will likely remain propped up by the robust labour market. From a technical perspective, the Eurodollar has held our support at the 11070 area and is looking to retest highs at the 1180. As we hold this area as resistance, we look for a pullback to retest support at the 11070 before making new cycle highs, testing up towards 112.50. At this stage, only a breach below 110.40 would concern the bullish bias, suggesting a move back down to test support at 109.50. Whilst we're talking about the Euro area, let's check in with the DAX. DAX has continued to trade hires, suggesting I'm now looking for a test of the major ascending trend line projected resistance at the 13.050 level. As this area holds as resistance, I'll be looking for a pullback, look for daily reversal candles to set up a test of the 12.500 area as support. Over in the UK, data is limited to market services PMI, with ongoing Brexit uncertainty likely to weigh. However, the main focus is going to be on the Bank of England's MPC meeting, where the central bank is expected to keep bank rates unchanged, whilst the committee will likely highlight downside risks in the statement. Sterling has continued to consolidate at elevated levels trading above 128. As the 130 area continues to act as resistance, I'm looking for a second leg of downside to test 127.20 as support, as this area contains the correction, I will then be looking for new cycle highs through 130 up to test the 132 target area. In Asia, key readings for Japan are Wednesday's services PMI, with market watchers eyeing impacts of the consumption tax hike, household spending and labour cash earnings are also released next week. From a technical perspective, the dollar yen held our resistance just above the 109, seeing some strong offers, and we are now trading down to the pivotal monthly support at 107.90, at failure below here, we will open a retest of the base back down to 106.50, only a move back through 108.50 would open a retest of the offers up to 109.30. Down under the Royal Reserve Bank of Australia is expected to announce its cash rate decision and is likely to stay on hold this round, while key Australian data released our retail sales which are likely to continue to disappoint, services PMI's are still demonstrating softer conditions, trade numbers and home loans however are likely to show a slight lift or improvement. From a technical perspective, the Australian dollar duly broke the descending trend line resistance that we were targeting at the 69 level, I'm now looking for any shallow pullbacks specifically into this 68.30, 68.50 area to offer opportunities with bullish reversal candles to set long positions, targeting the 70 cents level, only a break back down through 67.50 would concern this bullish bias and suggest a false upside break. And that concludes the weekly market outlook for week commencing November 4th.