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  • GBP/USD Bears Test Uptrend Line Support Post Manchester Terror Attack

    GBP/USD has been trading above the downside uptrend line support since mid-March. Cable rallied around 3.5% since Theresa May announced a snap general election on April 18 as markets have largely priced in a Tory victory. GBP/USD hit a high of 1.3047 on May 18, last seen on September 29, breaking a significant resistance level […]

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  • USD/JPY Hovers Above Significant Support Post Trump’s Scandal

    Last week USD had its biggest weekly fall since the US presidential election, caused by Trump’s Russia leak scandal. This week markets’ risk-off sentiment has been slightly eased. On May 18th USD/JPY hit a low of 110.22, last seen on April 25th. Notably, the downtrend has held above the significant support line at 110.00. Bulls […]

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  • EUR/USD Bulls Approach Major Resistance at 1.1200

    EUR/USD has remained bullish and rallied notably around 2.7% since May 15, helped by the recent slump in the USD. EUR/USD saw a correction on May 18, as a result of the rebound of USD. Friday morning, during early European session, EUR/USD rallies again and approaches the significant psychological resistance level at 1.1200. Currently, the […]

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  • NZD/USD Tests Downtrend Line Resistance

    NZD/USD saw a substantial 6.22% retracement since February 7. The downtrend was held above the significant support line at 0.6800 since the end of April, suggesting the bearish momentum has been waning. The price further broke the next psychological level at 0.6900 on Wednesday, as a result of the weakening of USD caused by Trump’s […]

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  • WTI Below $50 Ahead of EIA Inventory Data

    There are two upcoming events that are expected to impact the price of Oil; firstly, the Iran presidential election will be held this Friday, May 19th and secondly the OPEC meeting will be held on May 25. The result of the Iran presidential election and the associated geo-political risks will likely affect its oil supply. […]

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  • EUR/USD Tests Support Ahead of US Retail Sales and CPI

    EUR/USD has retraced around 1.15% post the second-round vote of the French presidential election. The retracement was held above the support line at 1.0850 since yesterday. On the 4-hourly chart, the 10 SMA is crossing over the 20 SMA, indicating the bearish momentum is waning. The daily Stochastic Oscillator reading is below 20, suggesting a […]

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  • GBP/USD Bulls Retreat Ahead of BoE Statement

    Thursday May 11th is a crucial day for GBP traders with the release of a series of UK economic data at 09:30 BST. Followed by the Bank of England’s (BoE) interest rate decision and monetary policy minutes at 12:00 BST and the NIESR GDP estimate (Feb to April) at 13:00 BST. Recent UK economic data […]

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  • WTI Tests Major Support Zone Ahead of OPEC Meeting

    The US shale Oil industry has seen a marked recovery since February last year because of higher oil prices. The US Baker Hughes data, that records the number of new Oil Rigs, is showing additional Rigs added every week. The increase in shale oil supply has offset OPEC’s recent output cut effort to an extent. […]

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  • French Election: Which Way for EUR/USD ?

    EUR/USD has been consolidating, following the first-round of the French election, flirting with a significant psychological level at 1.0900. The second-round of the French presidential election will be held this Sunday May 7, and EUR has strengthened as markets expect Macron to win the final vote. During the early European session today, EUR/USD reached a […]

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  • GBP/USD Consolidates Ahead of FOMC and NFP

    GBP has been the strongest currency over past three weeks. GBP/USD has seen a 4.6% rise since April 10, largely because of UK Prime Minister Theresa May’s sudden announcement of a snap general election on April 18. On the daily chart the price is still holding above the downside 10-day SMA support. Nevertheless, the bullish […]

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  • AUD/USD Bulls Retreat After Testing Downtrend Resistance

    This morning, the Reserve Bank of Australia (RBA) announced interest rates on hold at 1.5%, which was in line with market expectations. The RBA sees an upswing in the global economy, and foresees the Australian economic growth to increase gradually around 3% over the next couple of years, helped by the rising mining investment and […]

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  • EUR/USD Trades Below 1.0900 Post the ECB Conference

    The outcome of the first-round voting of the French presidential election pushed EUR/USD up, touching the highest level of 1.0950 on April 26 since November 10. EUR/USD has been consolidating since April 24, flirting with the significant psychological level at 1.0900. Today, the European Central Bank (ECB) announce its benchmark rate, marginal lending rate and […]

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  • S & P 500 Bulls Test Major Resistance Ahead of Trump’s Tax Reform

    Last week the US President Trump stated on twitter that he will “unveil his major tax reform plan on Wednesday April 26”. The recent reported US Q1 corporate earnings have been outperformed, pushing US stocks up. Tuesday evening, the DOW Jones index hit a 6-week high of 21022, and the S & P 500 index […]

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  • EUR/USD Consolidates Post French Election Surge

    EUR/USD has rebounded since April 11, as a result of the weakening of the dollar. The outcome of the first-round voting of the French presidential election was revealed on Sunday night April 23. As consensus, the top two candidates: the independent centrist Macron and the far-right wing Le Pen, won 23.7% and 21.7% of votes […]

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  • EUR/GBP Tests Major Support Ahead of the French Election

    EUR/GBP has retraced since March 13. Tuesday April 18, EUR/GBP hit the lowest level of 0.8312 since December 5, due to the UK early general election shock. However, the downtrend was held above the significant mid-term major support level at 0.8300 since then. The first-round voting of the French presidential election will be held this […]

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  • USD/JPY Hovers Above Support Ahead of French Election

    Monday April 17, USD/JPY hit the lowest level of 108.12 since November 15, as a result of the strengthening of the Yen on markets’ safe haven demand. However, the bearish attempt was held above the 108.00 support line since Monday. On the 4-hourly chart, the 10-SMA crossed over the 20-SMA from below on Wednesday, the […]

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  • EUR/JPY Bulls Broke Major Downtrend Line Resistance

    EURJPY had been trading along the upside short-term downtrend line resistance since March 22, saw a record losing streak. It was caused by the strengthening of the Yen pushed up by markets’ risk aversion sentiment. This morning we saw the release of the Eurozone CPI and core CPI for March (YoY), were 1.5% and 0.7% […]

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  • WTI Trades at Mid-Term Major Resistance Zone

    The US EIA Crude Oil inventories figure (the week ending April 7) released on Wednesday, saw the biggest drop in 2.166 million barrels this year. However, the figure failed to push oil prices higher. WTI and Brent crude oil spot retraced around 1%, and 1.13% respectively on Wednesday. The reasons for the fall comprise both […]

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  • USD/CAD Tests Major Support at 1.3300 Ahead of BoC

    The dollar index plunged around 0.31% on Tuesday, falling from the psychological resistance level at 101.00 and hitting a 2-day low of 100.49. The downtrend was held above the support line at 100.50. This morning during the European session, the dollar index saw a rebound. USD/CAD has fallen 0.8% in past one week. The bulls […]

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  • EUR/USD Bulls Broke Psychological Level at 1.0600

    EUR/USD has turned bearish since March 28, as a result of the strengthening of the dollar. It has plunged almost 2% from March 28 to April 10. However, EUR/USD has rebounded since Monday April 10, after hitting a 1-month low of 1.0568. This morning, we saw the release of a series of German and Eurozone […]

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  • AUD/USD Trades at Short-Term Major Support Zone

    AUD/USD has turned bearish since March 30, seeing 6 bearish sessions out of the 7 trading sessions, marking the worst weekly performance this year. The slump was caused by the strengthening of USD and the fall in iron ore prices. The current trend remains bearish, on the 4-hourly chart, the price still trades below the […]

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  • EUR/GBP Edges Up Post Soft UK Data and Carney’s Speech

    EUR/GBP downtrend was held above the significant support line at 0.8500, after hitting a 5-week low of 0.8485 on March 31. EUR/GBP bulls failed to gain the near-term major resistance level at 0.8600 on April 5, as the pressure at the level is heavy. The bulls have regained momentum since this morning, as a result […]

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  • Oil Nears Resistance Ahead of Inventories Report

    Oil prices have rebounded since March 27, trading above the short term 10 and 20 SMAs on the 4-hourly chart. The rally was helped by OPEC’s consideration of a 6-month output cut extension, and a noticeable drop in EIA Crude oil inventories figure (the week ending March 24). Although OPEC member states have executed the […]

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  • EUR/GBP Bulls Retreat Under Resistance at 0.8600

    The European Central Bank president Draghi will make a speech at 15:30 BST today, it will likely affect the Euro and Euro crosses. EUR/GBP has rebounded since yesterday, after hitting a 5-week low of 0.8485. The bulls attempted to test the near-term major resistance level at 0.8600 in early morning, where the 10-day SMA converges […]

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  • EUR/USD Tests 200 SMA Support Ahead of US ISM Data

    EUR/USD has seen a substantial retracement since March 27, after testing the significant resistance level at 1.0900. The price has been trading below the 10 SMA since then, indicating the upside selling pressure is still heavy. On the 4-hourly chart, the price has been holding above the 200 SMA since March 31, where there is […]

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  • USD/JPY Holds Above Support Ahead of US Data

    The dollar index has rebounded noticeably from a 4-and-a-half-month low of 98.85, helped by outperforming US consumer confidence for March, and recent Fed comments. This morning, the dollar index rallies and touches a 1-week high of 100.02. Monday March 27, USD/JPY hit the lowest level of 110.10 since November 18, caused by the slump of […]

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  • GBP/USD Holds Above Significant Support Post Scottish Referendum Shock

    Tuesday evening, March 28, the Scottish parliament has voted by 69 to 59, in favour of holding a second independence referendum. GBP/USD has slumped more than 220 points since Tuesday, from a psychological level at 1.2600, to a 1-week low of 1.2376, breaking the support level at 1.2500. This morning, the bulls have recovered the […]

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  • DAX Bulls Test Near Term Major Resistance

    The DAX index has been oscillated in the range between 11900 and 12100 since early March. Monday, we saw the release of German IFO expectations, current assessment and business climate figures for March, all better than expectations and the previous figures. The outperforming IFO figures provide DAX some support. At present, the trend remains bullish. […]

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  • GBP/USD Tests 1.2600 Ahead of Brexit Triggering

    This morning GBP/USD reached 1.2597, the highest the pair has attained since February 2, helped by the slump of USD caused by Trump’s healthcare bill failure. GBP/USD has been trading above the downside uptrend line support since mid-March. The significant psychological resistance level at 1.2500 was broken today during early Asian session. The bulls are […]

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