Cable could drop to 1.20 on break of key supports at 1.2174/64
Cable is holding in red on Friday and continues to pressure key supports at 1.2174/64 (Fibo 38.2% of 1.1409/1.2647 / five-week range low) which were dented on previous day.
Sterling is under strong pressure by extended lockdown that caused…
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Bulls approach critical barriers, on track for third strong weekly rally
WTI oil price rose above $28 on Friday, approaching key barriers at $29.05/10 (daily cloud base / Fibo 38.2% of $65.63/$6.52).
Improved sentiment on gradual easing of lockdown measures, re-start of China’s economy and signs of further…
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Bears look for final break of pivotal supports at 1.0795/66
The Euro bounced above 1.08 level after hitting new one-week low at 1.0774, just ticks ahead of pivotal 7 May low at 1.0766.
Slightly softer dollar stands behind the latest jump, but outlook for the single currency remains negative.
US…
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Near-term action on course for the second Doji on conflicting fundamentals
The pair eased in early US trading on Thursday as smaller than expected, although near the highest levels US jobless claims, offset dollar’s positive tone on President Trump’s earlier support to strong US currency.
Near-term action…
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Extended bears pressure major supports
Cable probed below 1.22 handle in European trading on Thursday, extending weakness below daily cloud and pressuring key barriers at 1.2174/64 (Fibo 38.2% of 1.1409/1.2647 / 7 Apr low).
Stronger dollar after Fed’s Powell dismissed negative…
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Aussie drops to one-week low on terrible jobs data, risks further weakness on negative fundamentals
The Australian dollar fell to one-week low (0.6420) in Asia on Thursday after labor data showed monthly job losses rose to a record high (nearly 600K) and unemployment rate rose to 6.2% (the highest since Aug 2015).
Adding to negative tone…
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Much lower than expected build in crude stocks supports oil prices but bulls lack momentum to resume
WTI oil price rose above $26 level and cracked falling 55DMA ($26.45) after US weekly data showed that US crude inventories rose by only 0.7 million barrels against expectations for 4.1 million barrels build and last week’s increase of 4.5…
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