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GBPUSD - Drops Through Key 1.32 Level as Brexit Faces Crucial Votes

 

 
The last week or so has seen the GBPUSD fall sharply from an eight month high back down below the key level of 1.32. The few weeks prior were significant as the sterling moved so strongly breaking through the key level for the first time in many months on its way to the eight month high. The fact that the 1.32 level didn’t provide much support may be telling as this level may now well provide some resistance should the sterling attempt to rally higher. 
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USDCAD - Surges to Two Month High above 1.34 after BOC Holds Rates

 

 
In the last week the USDCAD has surged higher to its highest levels in two months above the key 1.34 level. Up until recently the USDCAD was being ably supported by another key level in 1.32 however it has given way a little in the last month or so. This level however has remained the baseline for its price action in the last two months. If the USDCAD can remain above the 1.34 level, it may find support there as this level has provided its fair share of resistance to the currency pair in the last few months.
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EURUSD - Remains Above Support at 1.13 ahead of ECB Meeting

 

 
In the last week the EURUSD has slowly but steadily declined from a three week high above 1.14 and returned back to the current key level of 1.13. In the previous few weeks the EURUSD was able to rally back above the key level of 1.13 after having dropped to a three month low below 1.1250. Several weeks ago the EURUSD was sold off after running into resistance at the other key level of 1.15, as it maintains it trading range between 1.13 and 1.15. 
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Market Blast Video - 05.03.2019

Gold shorts are doing well since the peak 2 weeks ago.We are currently at a key level and a break below could see us hit $1278 and lower.

Looking at the US majors we are seeing dollar strength on most pairs and we are at or near key levels on most so we will have lots to watch this week.

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XAUUSD - Falls Sharply to Six Week Low as Trade Talks Enter Final Stages

 

 
What a difference a week can make. Only a couple of weeks ago gold was cruising along pushing to new nine month highs on the back of solid support from the key $1300 level. In the last week gold has crashed lower pushing through any possible support at the $1300 level and moving to its lowest levels in six weeks, which will be significant as this level may now offer some resistance should it attempt to rally higher. 
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Market Recap: 25 February - 1 March

 

 
On Tuesday last week we covered the GBPUSD which continued earlier in the week to climb above the key level of 1.32 before finishing the week easing back to this level and finding support there. The last three weeks has seen a resurgent sterling as it climbed back towards that key 1.32 level, after spending the previous three weeks falling away strongly from the same key resistance level at 1.32.
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Market Wrap – February 2019

Several significant issues have continued into the New Year including Brexit which is quickly approaching the key date in March, as well as the lingering trade talks between the United States and China which are having a flow on effect into many markets around the world.  To add to the concerns, the International Monetary Fund (IMF) has recently warned governments to prepare for a possible economic storm as growth undershoots expectations.

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US30 - Eases from Three Month High Above 26200 after Powell Testimony to Congress

 

 
Even though the US30 index has declined ever so slightly in the last few days, it has been able to reach a three month high around 26200 in the last week. Several weeks ago the index seemed content to have consolidated in a narrow range right above the significant level of 25,000 before it began its slow climb higher. It was able to resume what has become a very steady climb higher which started back in December. 
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AUDUSD - Looking for Support at 0.7050 Again as RBA Now Open to Cuts

 

 
In the last few weeks the AUDUSD has been attempting to steadily climb higher to back above the key 0.7150 level but remains less than convincing. Several weeks ago the AUDUSD fell back down to support at 0.7050 after meeting stiff resistance at the key 0.73 level, and it is currently relying on support from 0.7050 which has supported the currency pair several times and very well since October 2018.
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UK Oil - Drops from Three Month High Near $68 after Trump Comments

 

 
In the last couple of days oil has dropped sharply after reaching a three month high just shy of $68. It has however had a very solid start to the year rallying from 16 month lows below $50 at the end of last year, back up to the key $58 level and beyond, after its doom and gloom to close out 2018.
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