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June 1, 2017

GBPUSD – Can British Pound Bounce Back Vs US Dollar?

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The British Pound recently traded higher after forming a support at 1.2770-80 against the US Dollar. The GBPUSD pair broke a major bearish trend line at 1.2855 on the hourly chart to move higher. Today in the UK, the Nationwide Housing Prices were released for May 2017. The outcome was below the forecast, as there was a decline of 0.2% (MoM), more than the forecast of -0.1%. GBPUSD Technical Analysis

The British Pound after trading towards 1.2750-70 against the US Dollar, started trading in a range and consolidated. Later, the GBPUSD pair gained momentum, and moved above the 1.2800 resistance for a move towards 1.2900.

During the upside, the pair [...]

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May 18, 2017

USDCAD – US Dollar Looking To Trade Higher Vs Canadian Dollar

Key Points

The US Dollar after trading lower found support at 1.3570 against the Canadian Dollar. The USDCAD pair is attempting a recovery, but facing two important bearish trend lines with resistance near 1.3630 on the hourly chart. Recently in Canada, the Manufacturing Shipments figure for March 2017 was released by the Statistics Canada. The result was in line with the forecast, as there was an increase of 1% in the Manufacturing Shipments. USDCAD Technical Analysis

The US Dollar was under pressure this week and traded below 1.3650 against the Canadian Dollar, and later managed to find support near 1.3570. The USDCAD pair started a recovery, and just moved above the 23.6% [...]

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May 4, 2017

GBPUSD – British Pound Remains In Downtrend Vs Dollar

Key Points

The British Pound after struggling to clear the 1.2960-80 resistance area against the US Dollar moved down. The GBPUSD pair broke a major support trend line at 1.2890 formed on the hourly chart. In China today, the Caixin China Services PMI™ for April 2017 was released by Markit Economics. The result was below the forecast, as the China Services PMI posted a decline from the last reading of 52.2 to 51.5 in April 2017. GBPUSD Technical Analysis

The British Pound traded with a positive bias this past week and moved above the 1.2920 resistance area against the US Dollar. However, the pair failed to test the 1.3000 level, and traded as high as 1.2965. Later, it moved [...]

8
 
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April 27, 2017

USDCAD – US Dollar Approaching Crucial Support Vs Canadian Dollar

Key Points

The US Dollar moved towards 1.3650 against the Canadian Dollar before finding resistance. The USDCAD pair moved down, and broke a bullish trend line at 1.3557 on the hourly chart. Recently in Canada, the Retail Sales for Feb 2017 (MoM) was released by the Statistics Canada. The outcome was below the forecast, as there was a decline of 0.6% in sales in Feb 2017. USDCAD Technical Analysis

The US Dollar moved nicely and traded towards 1.3650 against the Canadian Dollar. The USDCAD pair traded as high as 1.3647 where it faced offers, and started a downside move.

The pair traded lower, and broke the 23.6% Fib retracement level of the last wave from the 1.3411 [...]

48
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