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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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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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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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Market Recap: 23 - 27 September

 

 
On Tuesday last week we covered the AUDUSD which spent the rest of the week resting on support at 0.6750. In the last week or so the AUDUSD fell sharply back down to the key 0.6750 level, after having previously consolidated well right above 0.6850 after it surged to its highest levels in one month back above this key level. The 0.6850 level had previously supported the currency pair through May and June. This recent surge was quite unexpected as the AUDUSD had been lingering down near 2019 lows looking poised to continue lower below 0.67, which it may still do.
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US30 - Drops Below 27000 after Fed Cuts Rates

 

 
In the last three days the US30 index has drifted back below the 27000 level after consolidating above this level for the last week or so. 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. Throughout August the US30 Index traded back and forth around the key 26000 level and this range may play a role again should the index continue to decline. During the previous range trading, it found support at 25200 and this level was established 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 several weeks ago.
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Monday 23rd September

 

 
On Tuesday last week we covered UK Oil which spent the rest of the week on a wild ride moving from its three month high down to the key $63 level. To start last week, UK Oil surged to its highest level in more than three months moving back above the $68 level which provided some resistance two months ago. It remained around this level for more than 24 hours before falling sharply back to $63 where it enjoyed some solid support.
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US30 - Remains Above 27000 ahead of Fed Rates Decision

 

 
For the last two weeks the US30 index has moved well moving through to a one month high above 27000 which has seen it break out of its recent trading range, although it has just eased a little in the last two days. Throughout August the US30 Index traded back and forth around the key 26000 level as its volatility has doubled in that period. During that time it found support at 25200 and this level was established 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 month ago.
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Market Recap: 9 - 13 September

 

 
On Tuesday last week we covered the AUDUSD which spent the rest of the week consolidating its recent push higher. In the last week or so, the AUDUSD surged to its highest levels in one month back above the key 0.6850 level which had previously supported the currency pair through May and June. This recent surge was quite unexpected as the AUDUSD had been lingering down near 2019 lows looking poised to continue lower below 0.67.
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US30 - Moves to One Month High above 26900 as Fed Needs to Act Fast

 

 
For the last week the US30 index has moved well moving through to a one month high above 26900 which has seen it break out of its recent trading range. For the last month the US30 Index has traded back and forth around the key 26000 level as its volatility has doubled in that period. During that time it found support at 25200 and this level was established 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 month ago.
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Valutrades Market Blast Technicals 10 September 2019

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