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Market Recap: 6 - 10 May

 

 
On Tuesday last week we covered the AUDUSD which has continued to do very little trading under the current key level of 0.7050. In the last couple of weeks the AUDUSD has continued to decline further moving to a four month low under 0.70, which all started several weeks ago when it dropped very sharply to near 0.70 within 24 hours and this saw it fall below the key 0.7050 level to a six week low.
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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 and measures Canada's labor market. The indicator growth can have a positive effect on CAD quotes. F:44.1K, P:-7.2K. #USDCAD may test 1.34.

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United Kingdom Gross Domestic Product (GDP) q/q

Today at 9:30am UK Time. UK GDP q/q is the key indicator of the national economy growth. The index shows changes in the market value of goods and services produced in the country in the given quarter compared to the previous quarter. F:0.1%, P:0.2%. #GBPUSD may test 1.32.

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UK Oil - Settles Under Key $71 Level as Trade Fears Weigh

 

 
In the last few weeks oil has eased lower from six months highs above $75.50 down below the current key $71 level. Prior to the fall, oil had surged higher to reach its highest level in six months as it has comfortably moved past the key level at $71 after meeting some resistance at that level. Surprisingly this level didn’t provide much support in the last few weeks as it has now been broken back through. 
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USDJPY - Looks for Support at 110 as BOJ Considers Further Easing

 

 
In the last couple of weeks the USDJPY has fallen lower and returned to one of the current key levels of 110. For a week or so, the USDJPY met resistance at the 112 level and failed to make any ground above this level despite several attempts. It pushed up to its highest level this year at 112.40 before being sold off and returning to 110.
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US30 - Drops to Key 26000 Level as Trade War Fears Crush Stocks

 

 
In the last week or so the US30 index has eased lower and fallen sharply in the last 24 hours back to the current key level of 26000. Prior to this decline, the index had done well in the last few weeks to steadily move higher and finally push through the resistance at the key 26000 level and move to a six month high above 26600. Despite its fall in the last week, it has now consolidated in the last few weeks and is receiving support from 26000 allowing it to remain above this key level, for the time being.
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Ivey Canada Purchasing Managers Index (PMI)

Today at 3:00pm UK time. Canada Ivey PMI shows economic activity in the past month calculated by the Ivey School of Business. The indicator is calculated based on a survey of purchasing managers in the private and public sector companies. F:56.7, P:54.3. #USDCAD may test 1.34.

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Market Blast 7 May 2019

Welcome to this week’s Market Blast.

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AUDUSD - Near Four Month Low Around 0.70 as RBA Rate Cut a 50/50 Bet

 

 
In the last week or so the AUDUSD has continued to decline further moving to a four month low under 0.70. Only a couple of weeks ago the AUDUSD dropped very sharply to near 0.70 within 24 hours and this saw it fall below the key 0.7050 level to a six week low. Significantly it has been unable to move back above this level as it is now offering resistance and preventing it from returning to its range above 0.7050. 
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Reserve Bank of Australia (RBA) Interest Rate Decision

Today at 5:30am UK time. RBA Interest Rate Decision is one of the key instruments of the national monetary and credit policy, and the release contains announcements of interest rate and explanations to the bank's decision. F:1.5%, P:1.5% #AUDUSD may ease lower below 0.70.

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