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USDCAD - Resistance at 1.29 Standing Firm

 

 
Around a month ago the USDCAD surged higher for several days moving its way back to the previous resistance level of 1.29, before it ran into a wall. Significantly, this level has stood firm now for at several weeks repelling prices and proving to be a significant obstacle, which will need to be cleared before other bulls commit and potentially more prices higher. A couple of weeks ago it did surge higher through the 1.29 level only to be sold off strongly over the following two days forcing it back below.
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USDJPY - Eases Below 110 on BOJ Inflation Change after Four Month High

 

 
In the last couple of months the USDJPY has rallied well from 15 month lows below 105 to return back to the key level of 107.50 and beyond. In the last week the USDJPY reached a four month high above 111 before falling sharply in the last few days and after forming a few solid reversal candlesticks around the recent peak. The 107.50 level supported the USDJPY late last year before providing stiff resistance on several occasions over the last couple of months, and it will be interesting to see if this level provides some support should the USDJPY continue to ease lower.
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GBPUSD - Settles Around 2018 Low of 1.34 after BOE Comments

 

 

The last month or so has seen the GBPUSD drop dramatically from the resistance level around 1.43 down to a 2018 low below 1.34 in the last 48 hours. The 1.36 level has provided some resistance to the sterling in the last nine months or so and providing a little bit of support recently, except the GBPUSD continued lower through this level. In the last few weeks the sterling consolidated in a narrow range between some support at 1.35 and the previous resistance level at 1.36 and remained there until a few days ago when it drifted lower.

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Market Blast Video - 22.05.2018

Welcome to this week’s Valutrades Market Blast!

Bitcoin had attempted to break out of this falling wedge but has dropped back to the 50% Fib level.

We’ll watch for a retracement or a break below.

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AUDUSD - Moves Back Above 0.75 Despite Rates Expectations Easing

 

 
The last month or so has not been good for the AUDUSD as it has fallen quite strongly from the recent resistance level at 0.78 down towards a previous support level at 0.75, and then through to a one year low around 0.74 a couple of weeks ago. Previously the 0.75 level has been solid as support and has propelled the currency back to levels above 0.80, and many AUDUSD bulls will be hoping for a repeat of this price action again. It has done reasonably well in the last couple of weeks to slowly climb back above 0.75 up to around 0.7580 and it will be interesting to see if it can now remain above this level.
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UK Oil - Eases Below $80 after Three Year High

 

 
The last few months has seen oil continue to move higher strongly and move through to a new three year high above $80 at the end of last week, before easing a little. A few weeks ago oil met stiff resistance around $75 where it was repelled on several occasions, however it was able to move higher eventually to its recent high. This level may provide some support should oil continue to drift lower. It did have some issues with the previous resistance level at $71 which rejected higher prices on several occasions.
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XAUUSD - Settles at 2018 Low Around $1290

 

 
In the last month or so gold has been sold off from the resistance level at $1360 after making another run at this key level, and dropped down to a new 2018 low below $1290. For a couple of weeks it did stop and enjoy support from the well established support level around $1310 before dropping sharply earlier this week. The $1310 has been significant for gold of late and even a couple of week ago, gold enjoyed strong support around the level and on the few occasions it dipped below $1310, the buyers jumped right in and forced price back higher. Not so in the last week.
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USDCHF - Consolidating around Parity at 1

 

 
The last few months have seen the USDCHF move very strongly from multi-year lows below 0.92 back up to around parity in the last couple of weeks. The surge has been more pronounced over the last month or so which has seen the pair move 400 pips. Only back in October and November last year the USDCHF run into resistance right around the 1 level where it attempted to move higher for a couple of weeks. The resistance eventually stood tall and the pair moved lower down to a 2 ½ year low below 0.92.
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EURUSD - Falls to 2018 Low Near 1.18

 

 
The last month or so has seen the EURUSD sold off strongly forcing it down through the well established support level at 1.22 down to new low for 2018 around 1.1820. This movement is reasonably significant as the EURUSD has been content to move back and forth between the 1.22 and 1.25 level a lot since the beginning of the year. Looking lower, the next obvious support level is at 1.17 which has propped up the pair several times since the middle of last year.
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Market Blast Video - 15.05.2018

Welcome to this week’s Valutrades Market Blast!

The USD rally appears to have come to an end, or at least is taking a rest as most major pairs are in previous consolidation zones.

We will need to see breakouts above or below these zones before we get to the next key levels.

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