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Gold Price Outlook: New Support At Old Resistance
Gold has ratcheted up to a new near-term high, and could offer top-side potential for trend resumption plays. The longer-term bearish channel currently projects to $1,240, and this could offer a top-end profit for shorter-term long positions.
USD/JPY And Major Reversals In Years That End In 5
“June’s trade produced a monthly key reversal in USD/JPY.” This key reversal didn’t form just anywhere…it formed at the line that connects the 1995 and 2005 lows. That line was support in 2007 and resistance before the 2008 collapse.
EURUSD Opens At Range Support
The EURUSD has moved to support this morning ahead of the US market open. Range Support is found at 1.1348. Bearish Breakouts begin under 1.1312.
Gold Price: Weak-USD Fuels Five Straight Days Of Gains
Gold has continued moving higher as a weak US Dollar has moved prices beyond numerous resistance levels.
Euro Outlook Turning More Bullish As Crowd Fades Advance
The ratio of long to short positions in the EURUSD stands at -1.75 as 36% of traders are long. Yesterday the ratio was -1.98; 34% of open positions were long. Long positions are 6.1% higher than yesterday and 9.6% below levels seen last week.
WTI Crude Oil Price Forecast: Oil Set To Gush On Break Of 200 DMA
The recent drop in WTI Crude Oil price away from 2 ½ month highs has some price bulls worried, but the price action is setting up for what could be an aggressive move higher.
Japanese Yen Flat Following Current Account Data
USDJPY remained relatively flat after Japan’s Ministry of Finance released the country’s current account balance for September. The data topped estimates coming in at a surplus of 1653.1 billion Japanese Yen.
GBP/USD Retail Positioning Hits Extremes Ahead Of NFP, BoE Meeting
GBP/USD remains at risk for a further loss over the near to medium-term as the Relative Strength Index (RSI) retains the downward trend from back in May.
EUR/USD Struggles Ahead Of ECB Rhetoric- USD/JPY Range Under Pressure
Despite the dovish tone held by the ECB, may see risk trends continue to drive EUR/USD in October as market participants treat the Euro as a ‘funding-currency;’.
Glencore Stock Drop Conjures Up Images Of Lehman Brothers Collapse
Shares of commodities giant Glencore Plc plunged 28.9 percent in US trade on Monday. The move marked a dual milestone for the company, delivering the lowest daily closing price as well as the largest single-session drop since its IPO in 2011.
US Dollar Looks To Fed Commentary To Inform 2015 Rate Hike Chances
The US Dollar corrected lower in overnight trade after spiking to the highest level in over five months last week. The Japanese Yen advanced as the benchmark Nikkei 225 stock index declined, driving demand for the safety-linked currency.
US Dollar Aiming Higher As Fed Officials Talk Up Rate Hike Prospects
The US Dollar turned higher overnight following supportive comments from Federal Reserve Chair Janet Yellen. The US central bank chief said a rate hike in 2015 is “likely appropriate”, adding that most on the FOMC share this view.
EUR/USD To Mount Larger Rebound On Dismal U.S. Durable Goods Report
A 2.3% decline in demand for U.S. Durable Goods accompanied by a weakening outlook for business investments may produce near-term headwinds for the greenback as it fuels speculation for a further delay in the Fed liftoff.
Crude Oil Price Forecast: September Support In Focus On TL Failure
Short-term traders can look for a bounce off support of the September low at $43 for a tactical play higher.
Gold Post-Fed Rally Continues To Unravel: $1100 Support In Focus
Gold searches for support as post-Fed rally continues to unravel. AUD/USD risks further losses on weakening outlook for china. USDollar topside targets in focus as bullish pattern takes shape.
US Dollar Breakdown Could Coincide With Major S&P 500 Volatility
The US Dollar/Japanese Yen exchange rate remains strongly correlated to the S&P 500. A breakdown in the USD/JPY seems likely to coincide with important S&P volatility.
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