Improved sentiment keeps oil at the front foot, but directionless mode likely to extend
WTI oil price is a tad lower on Friday, holding within narrow range under one-week high at $53.24, posted after 3.1% rally on Thursday.
Oil was boosted by optimistic forecasts from International Energy Agency for supply deficit expected in…
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Aussie falls below key supports on risk-off sentiment after weak data from China
The Australian dollar was sharply lower on Friday, pressured by weaker than expected China’s IP and retail sales data that pressured riskier assets.
Fresh bears reversed recovery rally of past four days (0.7177/0.7246) and broke below…
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Bulls are pausing at 113.61 Fibo barrier; broken 30 SMA needs to hold dips and keep bulls in play
Bulls are consolidating under new recovery high at 113.70 on Friday, as previous day’s rally generated bullish signal on close above pivots at 113.33/35 (30SMA / Fibo 61.8% of 114.03/112.23 bear-leg).
Bulls cracked next barrier at 113.61…
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Bears break below 1.1314/05 pivots on weaker than expected German / EU PMI data
The Euro accelerated lower on weaker than expected PMI data on Friday (German Manufacturing Dec 51.5 vs 51.8 f/c; Services Dec 52.5 vs 53.4 f/c / EU Manufacturing Dec 51.4 vs 51.9 f/c; Services Dec 51.4 vs 53.5 f/c) suggesting weaker growth…
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Formation of reversal pattern on daily chart signals that recovery phase would be over
Cable holds in red in early European trading on Friday and eases below 1.26 handle, after recovery rally from 1.2476 (12 Dec low) was repeatedly capped by falling 10SMA (Thursday / today).
Long upper shadows on candles of last three days…
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Output cut decision and fall in oil stocks were so far insufficient to boost oil prices
WTI oil price stands at the back foot on Thursday and pressures near-term base at $50.60 zone, following Wednesday’s close in red after repeated failure to close above 10SMA ($51.80).
Bearish daily studies continue to weigh, with stronger…
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Risk mode fuels recovery but key barrier at 0.7260 is still intact
The Australian dollar maintains bullish near-term bias and extends recovery, holding in green for the fourth straight day.
Signals of easing US/China trading tensions keep risk on mode and underpin recovery.
Renewed probe above cracked…
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Fresh advance after a double-Doji signals bullish continuation
The pair maintains positive tone and pushes again above pivotal Fibo barrier at 113.35 (61.8% of 114.03/112.23) after repeated failure to eventually close above it and signal continuation of recovery from 112.23 double-bottom.
The action…
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Extended recovery would face strong headwinds from daily cloud base; risk of dovish tilt from ECB
The Euro extends recovery in early European trading on Thursday, boosted by stronger pound after PM May’s confidence vote win, positive signal from bullish engulfing pattern on Wednesday and weaker dollar.
Recovery is also supported by…
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Improved sentiment favors further recovery on break above 10SMA
GBPUSD
Sterling maintains firm tone in early Thursday’s trading and pressures previous day’s high at 1.2670, posted after 1.1% daily rally on Wednesday.
UK PM Theresa May survived the confidence vote of her own party and will continue…
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