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Recent Posts by Stuart McPhee

Canada Employment Change

Today at 1:30pm UK Time. Canada Employment Change shows a change in the number of officially employed Canadians in the reported month. The indicator is used when measuring Canada's labor market and growth can have a positive effect on CAD quotes. F: 40.2K, P: 81.1K.

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GBPUSD - Surges to 1.2450 after Positive Brexit Meeting

 

 
In the last 24 hours the GBPUSD has surged higher to a two week high around 1.2450 after looking like drifting lower below 1.22. The 1.25 level continues to loom like a dark cloud likely to resist prices should it continue to move higher. Prior to the surge, it had settled right around the 1.23 level after falling away from the key 1.25 level, where it met stiff resistance for nearly two weeks. Just prior to the resistance at 1.25, the GBPUSD enjoyed a strong surge higher to a one month high above 1.25, but was sold down strongly at anything above that level, whilst the resistance above at 1.27 loomed like a dark cloud.
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United Kingdom Gross Domestic Product (GDP) m/m

Today at 9:30am UK Time. UK GDP q/q shows changes in the market value of goods and services produced in the country in the given month compared to the previous month, and is the key indicator of the national economy growth. F: 0.0%, P: 0.3%. #GBPUSD may drop below 1.23.

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XAUUSD - Settles Around $1500 as Fed Releases Minutes

In the last four weeks gold has settled around the current key $1500 level, moving back and forth around this level. Earlier last month gold fell sharply from its multi year highs above $1550 down back below the $1500 level however it has been well supported and it has kept its head about this key level. It was support from $1500 that allowed it to make a run and push higher to achieve a six year high above $1550 before the recent drop down to $1500. 

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EIA United States Crude Oil Stocks Change

Today at 3:30pm UK time. The EIA Crude Oil Stocks Change Indicator measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices. F: -0.193 M, P: 3.104 M. #UK Oil may test 60.

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US30 - Drops Towards 26000 Again as OECD Slashes Forecast

 

 
In the last 24 hours the US30 index has reversed and headed back towards the current key level of 26000 where it recently enjoyed support from after reaching a four week low. It had been content to spend some time consolidating around the key 27000 level, after moving well to a one month high above this level which saw it break out of its recent trading range down at 26000. The 27000 level is likely to continue to offer resistance should the index rally. Throughout August the US30 Index traded back and forth around the key 26000 level and this range is now playing a role again supporting the index.
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Germany Industrial Production m/m

Today at 7:00am UK time. Industrial Production m/m reflects changes in the total production of German plants, factories, mines and utility companies in the reported month compared to the previous one. F: 0.2%, P: -0.6%. #EURUSD may test 1.10.

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AUDUSD - Rallies from Ten Year Low Below 0.67 after RBA’s Latest Rate Cut

 

 
In the last two days to finish last week the AUDUSD reversed and rallied higher back above the current key level of 0.6750, before easing back below again to start this week. In the last two weeks the AUDUSD had fallen sharply back down to the key 0.6750 level where it has met some support for around one week before dropping through to a ten year low near 0.6670. It had been consolidating well right above 0.6850 after it surged to its highest levels in one month back above this key level which had previously supported the currency pair through May and June.
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Japan Current Account n.s.a.

Today at 12:50am UK time. Current Account n.s.a. reflects the difference between the value of exported and imported goods, services and interest payments during the given month. Indicator growth can have a positive effect on the yen quotes. F: ¥2027.1 B, P: ¥1999.9 B.

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Market Recap: 30 September - 4 October

 

 
On Tuesday last week we covered UK Oil which spent the rest of the week drifting lower before reversing and moving back above the key $58 level. In the last three weeks UK Oil has fallen sharply back to its popular trading range between the key levels of $58 and $60. This fall started from a three month high above another key level in $68 which has provided some resistance in the last three months, which it reached after an incredible surge higher. Just prior to the surge it has eased back towards the key $60 level, as throughout most of August UK Oil traded within a narrow range mainly between $58 and $60 with the former level providing some support, which it is doing again now.
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