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Market Recap: 12 - 16 August

 

 
On Tuesday last week we covered the AUDUSD which spent the rest of the week resting on a new support level at 0.6750, after dropping through to a 2019 low below 0.67 two weeks ago. In the two weeks prior, the AUDUSD fell sharply from above 0.7050 down to the support level at 0.6850 before continuing to decline down to 0.6750.
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EURUSD - Looking for Support at 1.11 as ECB Poised to Act

 

 
In the last few days the EURUSD has fallen back down to the key 1.11 level where it is currently looking for some support after trying to push beyond the key 1.12 level for the entire week prior. The numerous doji and pin bar candlesticks showed how enthusiastic the selling was during that period repelling buying above 1.12. For the last four months the EURUSD has enjoyed a lot of support from the 1.11 level so it is likely to rebound a little off this level.
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United States Retail Sales m/m

Today at 1:30pm UK Time. Retail Sales m/m reflect a change in the US retail sails in the reported month compared to the previous one. The indicator is used for estimating inflation. F:0.1%, P:0.4%.

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United Kingdom Retail Sales m/m

Today at 9:30am UK Time. Retail Sales m/m reflect a change in the UK retail sails in the reported month compared to the previous one. It is used in forecasting, budgeting for UK financial and economic policy. F:-1.4%, P:1%. #GBPUSD may steady around 1.20.

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XAUUSD - Steady Above $1500 as US Equities Fall Sharply on Recession Concerns

 

 
In the last week or so, gold has been content to trade in a narrow range resting on some support at $1500 as it trades at six year highs. Two weeks ago, gold surged higher off support at $1400 towards the recent six year high above $1450, which was reached two weeks ago, before its recent surge higher yet again. It was well supported by the $1400 level for the last month or so, and any time it has moved lower, it has been quickly bought up and supported, pushing it back above this level. If gold was to decline from its current highs, you could reasonably expect it to receive support from $1400 again.
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Australia Employment Change

Today at 2:30am UK time. Australia Employment Change measures a change in the number of officially employed Australians in the reported month, and is a sign of a stronger labor market and can be seen as positive AUD. F:26.8K, P:0.5K. #AUDUSD may test 0.6850.

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European Union Gross Domestic Product (GDP) q/q

Today at 10am UK time. GDP q/q reflects the changes in the total value of all goods and services produced in the euro area in the current quarter compared to the previous one, with data seasonally adjusted. GDP measures economic growth. F:0.2%, P:0.2%. #EURUSD may test 1.11. 

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US30 - Rallies Back Above Key 26000 Level Again as Markets Expect More Cuts

 

 
In the last week the US30 Index has rallied a little back above the key 26000 level after it suffered its largest falls this year dropping sharply from near its all time highs down to its lowest levels in two months near 25000 a week earlier. It does look likely to struggle to return to its previous highs, although it has become quite volatile in the last week or so trading around 26000. Prior to the fall and for the last few weeks, the US30 index remained close to its all time high set several weeks ago, after it has surged higher throughout June.
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Valutrades Market Blast Technicals 13 August 2019

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ZEW Germany Economic Sentiment Indicator

Today at 10am UK time. Calculated monthly by the Center of European Economic Research as a survey of around 300 experts on expectations concerning the economy, inflation, interest rates, stock markets, and oil prices for the next six months. F:-22.9, P:-24.5.

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