GBP/USD Rally Unwinds But Not Likely Over

Key Highlights The British Pound surged above 1.3250 before sellers appeared near 1.3350 against the US Dollar. A major declining channel is in place with resistance near 1.3240 on the 4-hours chart of GBP/USD. The UK Construction PMI declined from 50.6 to 49.5 in Feb 2019. The UK Services PMI for Feb 2019 will be released today, which could decline from 50.1 to 4...
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EUR/USD Could Rally If It Breaks 1.1420

Key Highlights The Euro recovered recently and traded above the 1.1325 resistance against the US Dollar. A crucial bearish trend line is formed with resistance near 1.1408 on the 4-hours chart of EUR/USD. The US ISM Manufacturing Index declined from 56.6 to 54.2 in Feb 2019. The Euro Zone PPI for Feb 2019 will be released today, which could increase 0.4% (MoM). ...
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USD/JPY In Significant Uptrend Above 111.00

Key Highlights The US Dollar climbed higher and broke the 111.00 resistance against the Japanese Yen. There is a crucial bullish trend line in place with support at 110.60 on the 4-hours chart of USD/JPY. The US GDP in Q4 2019 grew 2.6% (Prelim), better than the forecast 2.3% forecast. The US ISM Manufacturing Index for Feb 2019 will be released today, which could...
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USD/CAD In Strong Downtrend Below 1.3200

Key Highlights The US Dollar declined heavily and settled below 1.3200 against the Canadian Dollar. There is a crucial declining channel in place with resistance at 1.3200 on the 4-hours chart of USD/CAD. Canada’s CPI increased 0.1% (MoM) in Jan 2019, less than the 0.2% forecast. The US Gross Domestic Product for Q4 2018 (Preliminary) will be released today, whi...
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USD/CHF Could Extend Losses Below 0.9980

Key Highlights The US Dollar declined recently and broke the 1.0050 support against the Swiss Franc. There is a key bullish trend line in place with support at 0.9990 on the 4-hours chart of USD/CHF. The US Building Permits in Dec 2018 increased 0.3%, while Housing Starts declined 11.2%. The US Durable Goods Orders figure for Jan 2019 will be released today, which...
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GBP/USD Could Continue To Rise In Near Term

Key Highlights The British Pound started a solid upward move above the 1.2920 resistance against the US Dollar. There was a break above a significant bearish trend line with resistance at 1.2930 on the 4-hours chart of GBP/USD. The Chicago Fed National Activity Index (CFNAI) declined from 0.05 to -0.43 in Jan 2019. The US Housing Starts for Dec 2018 will be releas...
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Can EUR/USD Gain Momentum Above 1.1380?

Key Highlights The Euro recovered recently and broke the 1.1350 resistance against the US Dollar. There was a break above a crucial bearish trend line with resistance at 1.1295 on the 4-hours chart of EUR/USD. The German IFO Business Climate Index declined from 99.3 to 98.5 in Feb 2019. The US Wholesale Inventories for Dec 2018 will be released today, which could ...
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USD/JPY Remains In Uptrend Above 110.20

Key Highlights The US Dollar traded higher recently and broke the 110.80 resistance against the Japanese Yen. There is a strong support and bullish trend line formed near 110.20 on the 4-hours chart of USD/JPY. The US Initial Jobless Claims for the week ending Feb 17, 2019 declined from 239K to 216K. The Euro Zone CPI for Jan 2019 will be released today, which cou...
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EUR/GBP Could Resume Downtrend Below 0.8700

Key Highlights The Euro struggled near 0.8840 and later declined against the British Pound. There was a break below a major bullish trend line with support at 0.8770 on the 4-hours chart of EUR/GBP. Germany’s PPI for Jan 2019 increased 0.4% (MoM), compared with the -0.2% forecast. The Euro Zone Manufacturing PMI for Feb 2019 (Preliminary) will be released today,...
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Gold Price Climbs To New 10-Month High

Key Highlights Gold price rallied recently and traded to a new 10-month high above $1,340 against the US Dollar. There was a break above a bullish flag with resistance at $1,311 on the 4-hours chart of XAU/USD. The UK Claimant Change Changed 14.2K in Jan 2019, more than the 12.3K forecast. The FOMC Meeting Minutes will be released, which could impact gold movement...
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