USD/CAD Eyes Larger Recovery Above 1.3160, BoC Next

Key Highlights The US Dollar declined to 1.3037 and recently corrected higher against the Canadian Dollar. USD/CAD traded above a bearish trend line with resistance near 1.3080 on the 4-hours chart.The NFIB Business Optimism Index declined from 105.0 to 103.3 in June 2019.The Bank of Canada is likely to keep interest rates at 1.75% in today’s rate decision. USDCAD Tech...
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Can Gold Price Continue Higher Heading Into FOMC Minutes?

Key Highlights Gold price started a solid rebound after trading as low as $1,280.80 against the US Dollar.There was a break above a crucial declining channel with resistance at $1,292 on the 4-hours chart of XAU/USD.The US NFIB Business Optimism Index increased from 101.7 to 101.8 in March 2018.The US Consumer Price Index in March 2019 could increase 0.3% (MoM), less than t...
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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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Gold Price Could Extend Correction, FOMC Next

Key Highlights Gold price formed a short term top near $1,298 and later declined against the US Dollar. There was a break below a major bullish trend line with support at $1,288 on the 4-hours chart of XAU/USD. The Euro Area Business Climate Index in Dec 2018 declined from the last revised reading of 1.04 to 0.82. Today’s high risk event is the Federal Open Mark...
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NZD/USD Remains Supported Ahead of FOMC

Key Highlights The New Zealand Dollar traded towards 0.6880 and later corrected lower against the US Dollar. Earlier, there was a break below a key bullish trend line with support at 0.6810 on the 4-hours chart of NZD/USD. The US GDP in Q3 2018 (Prelim) grew 3.5%, similar to the market forecast. Today in the US, the FOMC Meeting Minutes will be released, which cou...
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Can Crude Oil Price Break This Crucial Resistance Post FOMC?

Key Highlights Crude oil price found support around $58.00 after the last decline and recovered against the US dollar. There is a crucial resistance zone forming near $63.00 on the 4-hours chart of XTI/USD. The price needs to break the $63.00 resistance to gain upside momentum towards $65.00-66.00. The US Manufacturing PMI in Feb 2018 (Preliminary) increased to 55...
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EUR/JPY – Euro Eyeing Upside Break Vs Japanese Yen?

Key Highlights The Euro continues to trade above a major support area at 131.75 against the Japanese Yen. There are two important bearish trend lines forming with resistance at 132.60-80 on the 4-hours chart of EUR/JPY. Japan’s New Machinery Orders rose 3.4% in August 2017 (MoM), compared with the forecast +1.1%. Today in the US, the FOMC meeting minutes will be...
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USD/CAD – Can US Dollar Recover Above 1.3000 Vs Canadian Dollar?

Key Highlights The US Dollar faced a lot of selling pressure lately and moved below 1.3100 against the Canadian Dollar. There is a key bearish trend line with resistance at 1.3080 forming on the 4-hours chart of USD/CAD. Recently in the US, the FOMC meeting minutes were released, which failed to help USD/CAD in recovering above 1.3000-1.3050. Today in the US, the ...
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AUD/USD – Aussie Dollar Breaks Key Support Area Vs US Dollar

Key Highlights The Aussie Dollar fell sharply after yesterday’s RBA monetary policy decision and broke a key support at 0.7625. The AUD/USD pair declined below a crucial bullish trend line at 0.7620 on the 4-hours chart. Today in Australia, the AiG Performance of Services Index for May 2017 released by the Australian Industry Group posted a rise from 51.5 to 54.8. ...
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USDJPY – Can US Dollar Continue Uptrend Vs Japanese Yen?

USDJPY – Can US Dollar Continue Uptrend Vs Japanese Yen? Key Highlights The US Dollar traded above the 103.00 handle against the Japanese yen, and broke a major resistance. There was a crucial bearish trend line formed on the daily chart of the USDJPY pair, which was cleared by the Dollar bulls. Today in Japan, the Machinery New orders, released by the Cabinet Off...
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