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Risk Aversion in the Forex Market
Risk Aversion in the Forex Market talks today continue;
Whilst looked at the U.S. Dollar via DXY; The US Dollar appears to be trying to mark a bottom, as near-term price action shows higher-highs and higher-lows. But main factors key here is the fact that while the US Dollar has shown some element of strength; giving this more of an appearance of continued risk aversion than a legitimate USD-bull scenario.
For a continuation of risk aversion; GBP/JPY is a very attractive as the currency pair has broken below a key support level under-side trend-line from the pattern of a wedge that’s shown in the pair. GBP/JPY prices have moved that under-side breech, opening the door for short-side exposure.
EUR/JPY as an option for a reversal of risk aversion; with GBP/JPY is showing a bearish move, EUR/JPY has held support around the 128.50 level, which is the 38.0% Fibonacci re-tracement of the pair, as well as being support for the latter portion of July.
EUR/USD, price action is finding support in a confluent zone that runs from 1.1688-1.1739. U.S. CPI report tomorrow will be crucial for this move; with another test of support in this zone.
Oil Prices Capped by Opening Range, U.S. Outputs
USOIL climbed to a fresh weekly high ($50.11) as the Petroleum Exporting Countries (OPEC) raised its outlook for global demand and plans to strengthen its commitment to curb production.
oil inventories moved another 6453K barrels in the week ending August th 2017; figures out of the U.S. Energy Information Administration showed crude oil production elevated, with field outputs holding near the 2017-high (9,500).
Ethereum at Risk Near-term Rally of Price to Fresh High
- Ethereum breakout approaching major resistance target previously hit.
- Technical Outlook on Ethereum; Price broke above basic trend-line resistance with the rally now near resistance at the confluence of the 100% ext and the 61.7% re-tracement at 302/17. Interim support rests at 262/77 with broader bullish invalidation set along the trend-line.
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