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Forex Market Updates: Thursday 08 July
Further weakness in the US Dollar overnight on "risk appetite" coming back a bit. But the move may be near its end. The US Dollar Index (83.96) has been falling continuously for 5 days, but now has Support at 83.42, from where it could bounce back.
The Euro (1.2665) has seen a high near 1.2688 today and has Resistance at 1.2720 now, where it can run into profit-taking. Dollar-Yen (88.37) has seen a strong bounce since yesterday's low of 87.02. Further gains towards 89.35 possible. The Euro-Yen Cross (111.92) has also moved up well today, but could stabilise now, if the Euro sees profit-taking and Dollar-Yen rises.
Dollar-Swiss (1.05) broke strongly below the 200-day MA (1.0620) yesterday. Some Support might come in between now and 1.0435. The Pound (1.5198) has been in an upmove for a long time but is running into Resistance near 1.52 now.
The Aussie (0.8730) has seen a sharp rise over the last three days, on rising commodity prices and hopes of an interest rate increase in the future and on good Employment data today. It can rise further to test crucial Resistance at 0.8860.
There was a correction in the stock markets yesterday and the final tally is as follows:
Dow: +274.66 or up 2.82%
NASDAQ: +65.59 or up 3.13%
S&P 500: +32.21 or up 3.13%
We must be careful not to label this as a major correction but be cautious of profit taking in the coming days.
Your friendly forex trader,
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