GBP/USD Nosedives Below Key Support, More Losses Likely

Key Highlights The British Pound formed a top near 1.2815 and later declined sharply against the US Dollar. There was a break below a major ascending channel with support at 1.2650 on the 4-hours chart of GBP/USD. The US Manufacturing PMI in Dec 2018 declined from the last revised reading of 55.3 to 53.8. Today in the US, the ADP Employment Change figure for Dec 2...
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USD/JPY Facing Uphill Task Ahead of US NFP

Key Highlights The US Dollar declined recently and broke the 113.20 support against the Japanese Yen. There is a key bearish trend line formed with resistance near 113.30 on the 4-hours chart of USD/JPY. The US ADP Employment Change in Nov 2018 declined from 225K (revised) to 179K. Today, the US nonfarm payrolls figure for Nov 2018 will be released, which is forec...
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Crude Oil Price Rebounds After Forming Support Near $50

Key Highlights Crude oil price formed a decent support near $49.50 and $50.00 against the US dollar. There was a break above a major bearish trend line with resistance at $51.50 on the 4-hours chart of XTI/USD. The Euro Zone Services PMI in Nov 2018 increased from 53.1 to 53.4. Today, the US Services PMI for Nov 2018 will be released, which is forecasted to remain...
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Gold Price Approaching Key Resistance Near $1,210

Key Highlights Gold price recovered sharply and moved back above the $1,200 support against the US Dollar. There was a break above a bearish trend line with resistance at $1,197 on the 4-hours chart of XAU/USD. The UK Construction PMI in Sep 2018 declined from 52.9 to 52.1. The US ADP Employment figure for Sep 2018 will be released today, which is likely to increa...
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USD/JPY Breaks Down Below 110.80 Ahead of US NFP

Key Highlights The US Dollar struggled on two occasions to break the 111.80 resistance against the Japanese Yen. There was a double top pattern formed with resistance at 111.80-82 on the 4-hour chart of USD/JPY. The US ADP Employment Change in August 2018 was 163K, less than the 190K forecast. Today, the US NFP figure for August 2018 will be released, which is for...
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EUR/GBP Could Trade Further Higher Toward 0.9080

Key Highlights The Euro found fresh bids near the 0.8940 level and recovered against the British Pound. There was a break above a major bearish trend line with resistance at 0.9010 on the 4-hour chart of EUR/GBP. The Euro Zone Services PMI in August 2018 remained stable at 54.4. Today, the US ADP Employment Change for August 2018 will be released, which is forecas...
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Crude Oil Price Could Revisit $66.50, Upsides Remain Capped

Key Highlights Crude oil price completed an upward recovery above the $70.50 level against the US dollar. There was a break below a crucial ascending channel support at $69.05 on the 4-hours chart of XTI/USD. The US ADP Employment change came in at 219K, more than the 185K forecast. The Federal Reserve kept the interest rates at 2%, in line with the market expecta...
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AUD/USD Facing Uphill Task Ahead of Fed Decision

Key Highlights The Aussie Dollar declined heavily in June 2018 and traded towards 0.7300 against the US Dollar. There is a crucial bearish trend line in place with resistance at 0.7500 on the daily chart of AUD/USD. The US Personal Income in June 2018 increased 0.4% (MoM), in line with the market forecast. Today, the Fed Interest rate decision is scheduled, and th...
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USD/JPY Downsides Remain Supported Ahead of US NFP

Key Highlights The US Dollar traded above the 111.00 level recently before correcting lower against the Japanese Yen. There is a key connecting bullish trend line in place with support at 109.90 on the 4-hours chart of USD/JPY. The US ADP Employment Change in June 2018 posted 177K, less than the forecast of 190K. Today in the US, the Nonfarm Payrolls figure for Ju...
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EUR/GBP Holding Crucial Support Near 0.8800

Key Highlights The Euro corrected lower after trading as high as 0.8890 against the British Pound. There is a major bullish trend line in place with support at 0.8800 on the 4-hours chart of EUR/GBP. The Euro Zone Services PMI in June 2018 increased from the last reading of 55.0 to 55.2. Today in the US, the Services PMI for June 2018 will be released, which is fo...
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