Technical Outlook

Aussie hit new 4-month high vs greenback after final break of 200DMA, but news from China slow bulls

The Australian dollar maintains bullish tone and extended rally to new 4-month high at 0.6774 on Monday, inflated by President Trump’s mild response on Friday over Hong Kong case, but eased  from new high on news that China paused some purchases of some agricultural goods from the US that soured a bit strong risk mode. Daily studies remain in full…
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Rally takes a breather under key Fibo resistance at 1.2425

Cable maintain bullish tone on Monday and hit three-week at 1.2425 in European trading but pulled back to 1.2380 zone after rally was capped by Fibo barrier at 1.2425 (61.8% of 1.2642/1.2074). Weak dollar and UK’s manufacturing PMI in line with expectations (40.7) and well above previous month’s 32.6 figure, adds to positive tone. Bullish setup…
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Extension above 1.11 eyes key Fibo barrier at 1.1166

The Euro broke above 1.11 barrier, in extension of strong four-day rally and hit new two-month high at 1.1138 on Friday. Weak dollar and fresh optimism that post-pandemic recovery will pick up, continue to boost risk mode and push single currency higher. Mixed data from Eurozone members (French consumer spending fell well below expectations but…
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