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GBPUSD - Remains Above Key 1.32 Level after Brexit Drama

 

 
The last week has seen a very volatile GBPUSD surge higher back above the key 1.32 level where it currently sitting on top of. In the week prior, the GBPUSD fell sharply from an eight month high back down below the key level of 1.32 before rallying again and reaching a nine month higher in the last few days.
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UK Oil - Moves Towards Three Month High Near $68 on Supply Cuts

 

 
In the last couple of weeks oil has steadily inched higher and in the last 24 hours has surged higher to be within reach of a three month high near $68. A few weeks ago oil dropped sharply after reaching a three month high just shy of $68, however it has enjoyed 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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US30 - Rallies Above Key 25000 Level as Powell Says Fed Policy Is Appropriate

 

 
The US30 index has rallied well in the last few days after spending the previous two weeks easing from a three month high around 26200 a few weeks ago. 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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Market Blast Video - 12.03.2019

This is our 50th week and we hope you are enjoying this feature from Valutrades.

This week we have seen most major stock indices returning to former levels with the DAX approaching resistance. So?  Why isn’t the UK’s FTSE 100 doing the same?

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AUDUSD - Clasps to Key 0.7050 Level as RBA Warns on Housing

 

 
In the last few days the AUDUSD has rallied well and moved back up above the current key level of 0.7050. In the last couple of weeks however the AUDUSD has fallen from near 0.72 down to its lowest levels in two months at 0.70 before the recent rally. For the most part in the last two months, the AUDUSD has traded within a narrow range between 0.7050 and around 0.72. 
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Market Recap: 4 - 8 March

 

 
On Tuesday last week we covered gold which spent the remainder of the week consolidating and stopping the rot that saw it fall so sharply in the couple of weeks prior. Only a few weeks ago gold was cruising along pushing to new nine month highs above $1345, on the back of solid support from the key $1300 level. Then gold 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 is now offering some resistance in its attempt to rally higher.
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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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