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Valutrades Market Blast Fundamentals 7 October 2019

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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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United States Nonfarm Payrolls

Today at 1:30pm UK Time. Nonfarm Payrolls present the number of new jobs created during the given month, in all non-agricultural sectors of the U.S. The indicator growth can have a positive effect on dollar quotes. F: 174 K, P: 130 K.

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USDJPY - Dips Below 107 as BOJ Concerned about Trade Wars

 

 
In the last three days the USDJPY has eased back towards 107 which did support the currency pair two weeks ago, however it has crept lower this time reaching a three week low. It had been pushing up towards another key level in 109 however this level has repelled prices strongly in the last four months. In the first half of September 108 and after spending most of August trading in a narrow range right around the 106 level, the USDJPY rallied and move up to its highest level in one month above the 108 level, before easing in the last two weeks.
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Australia Retail Sales m/m

Today at 2:30am UK Time. Australia Retail Sales m/m show a change in the turnover of goods and services sold in retail outlets in the given month compared to the previous month. F: 0.2%, P: -0.1%. #AUDUSD may drop below 0.6750.

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GBPUSD - Settles around 1.23 after Latest Brexit Deal

 

 
In the last four days the GBPUSD has 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. The sterling did meet some resistance around 1.23 towards the end of August and this level is now providing some support for the time being. The 1.25 level is highly likely to offer more resistance should the sterling rally from its present levels.
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US30 - Drops Below 27000 as Fed Turns Dovish

 

 
In the last 24 hours the US30 index has dropped sharply to its lowest level in three weeks after spending some time consolidating around the key 27000 level. In the two weeks prior, the US30 index moved well moving through to a one month high above 27000 which saw it break out of its recent trading range down at 26000. The 27000 level may offer resistance should the index rally from this level. Throughout August the US30 Index traded back and forth around the key 26000 level and this range may play a role again by supporting the index, should it continue to decline.
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Canada Gross Domestic Product (GDP) m/m

Today at 1:30pm UK time. Canada GDP m/m reflects the value of all goods and services produced in all sectors of economy in Canada, and is the macroeconomic indicator of the national economy state. F: 0.1%, P: 0.2%. #USDCAD may remain above 1.32.

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Valutrades Market Blast Technicals 1 October 2019

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UK Oil - Drops Sharply Below Key $60 Level on Saudi Output Recovery

 

 
The last two weeks has seen UK Oil fall 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.
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