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Market Insight Commentary – Forex
Today's News Headlines
- Comments surfacing that trade negotiations between the US and China are progressing well will come as a relief to the global economy.
Market Insight Commentary – Indices
Market Recap
It was a bank holiday throughout most of Europe, as well in Canada and as a result the market was very light in momentum. There were still a number of fundamental factors that effected the market but for the morning session, markets were happy to meander and wait for the US to dictate the market.
The EURUSD was one of the pairs that reached a new multi month low before finding some key support at 1.1710. The pair managed to reach the 100 hour MA at 1.1794 where the sellers started getting back into the market, this will be a key level to watch this morning as it could dictate the momentum for today – until buyers are able to close above this level, the sellers will still hold the advantage.
The GBPUSD was one of the pairs that was not as enthusiastic in its move against the dollar as some of the other pairs. Price got as low as 1.3390 before it found a little of support and the bounce was modest getting to 1.3430 late last night. The support level yesterday morning at 1.3460 has changed polarity and become resistance in the new morning.
The USDJPY was our preferred pair yesterday morning and it seemed as though we had to wait the entire day for the opportunity. The swing high traded at 111.50 and we made a strong case to test that level, it spent most of the morning trading around a trend line at 111.00. This will be the key make or break level to watch the morning for the bulls and bears.
Important Economic Data Due Today
11:00 GBP Inflation Hearings
Consensus: None
Effect: Higher than expected is good for the GBP
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