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FOREX INSIGHTS 29-DEC-2018

Forex Insights29DECEQUIDIOUS RESEARCH

EUR/USD:

  •  EUR/USD is poised to close nearly 5% lower year-to-date with the pair trading just 1.5% off the 2018 lows.
  • For months now, we’ve been tracking a key support pivot in Euro and the focus remains on a breakout of the consolidation range which has governed price since October. 
  •  Price holding critical support confluence at 1.13

GBP/USD:

Headlines:Sterling moves higher after UK retail sales rise above expectations

  • Sterling is facing resistance and  rallied a bit during the week, reaching towards the 1.27 level.
  • The British pound has broken through a significant support a couple of candlesticks ago, and it now looks as if it is offering resistance yet again. 
  • GBP will continue to struggle, and the breakdown from a couple of candlesticks ago suggests that we are trying to make the next leg lower.

USD/JPY:

  • Traders have remained net-long since Dec 18 when USDJPY traded near 112.517; price has moved 1.9% lower since then.
  • The percentage of traders net-long is now its highest since Mar 11 when USDJPY traded near 106.9. 
  • The number of traders net-long is 8.7% higher than yesterday and 2.7% higher from last week, while the number of traders net-short is 14.5% lower than yesterday and 17.2% lower from last week.

CRUDE OIL:

  • U.S. oil futures finished higher Friday after government inventory data showed a smaller-than-expected fall in crude inventories, but contrasted with unofficial figures that had showed a massive supply build, sparking a relief rally. 
  • West Texas Intermediate(WTI) crude for February delivery rose 72 cents, or 1.6%, to end at $45.33 a barrel.
  • Oil booked a weekly decline of 0.6% based on last Friday's settlement. 

GOLD:

  • Gold prices pressed higher on Thursday as a record surge in stocks showed signs of fading and political uncertainties supported demand for the safe haven metal.
  •  Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose $5.70, or 0.45%, to $1,275.45 a troy ounce.
  • Gold surged 4% so far in December as investors rotated out of stocks and into the safe haven asset.
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