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EURUSD rebounded on broad EUR cross short covering


EURUSD Pair
EURUSD rebounded on broad EUR cross short covering ahead of Sunday’s Italian election and Germany SPD vote. As well as Powell Part II soft tone speech with playing down aggressive hike effect and lower UST yield. Stock turning down after market worries on global trade tensions after Trump to impose tariff on Steel and Aluminum that raises up the protectionism risk. Overall USD index retraced and today US ISM NY, Michigan confidence index and stock/bond market move will have some intraday impact. With large size option expiry at 1.225 will also act some support for the pair, still to prefer buy on dips with tight stop strategy.

USDJPY Pair
USDJPY grids down on soft tone for Powell, lower US and Japan stock, increasing risk for global trade tension that driven more risk off selling on YEN cross as well as the effect on Kuroda saying next year still consider rate normalisation. Price action see more bearish sign in short term and today US data and stock/bond market move will dominate the intraday impact. With support at 105.00 and 105.50 with resistance at 106 and 106.30, still prefer sell on rallies with tight stop strategy.

GBPUSD Pair
GBPUSD continues in choppy range trading pattern with Brexit news/speech will still dominate the short term move. USD weakening overnight after Part II Powell soft tone trying to play down more aggressive hike which driven UST yield to lower and stock going down with worry for trade tension after Trump imposes tariff on Steel and Aluminum issue. Today Theresa May and BOE’s Carney speech will have some intraday impact. With support at 1.3700-10 and resistance at 1.3835-40, to still prefer in choppy range trading continuation.

USDCHF Pair
USDCHF lowers down on broad USD weakness, risk off sentiment after market worries for global trade tension and rising protectionism risk that driven some selling on EURCHF as well. Also lower US stock and UST yield add some pressure for the pair. The US data and stock/bond market move will have some intraday impact. With support at 0.9330 and resistance at 0.9420, to still prefer sell on rallies with tight stop strategy.

EURJPY Pair
EURJPY continues to grid down on lower USDJPY and global trade tension which driven more risk off sentiment effect. Lower UST yield and falling US and Japan stock market still adding some pressure for the pair. The US data and stock/bond market move will have some intraday impact. With support at 129 and resistance at 130.20, to prefer still the sell on rallies with tight stop strategy.

EURGBP Pair
EURGBP continues to go higher with the lack of progress on Brexit negotiation as well as some short covering on EUR cross ahead of Italian election and Germany SPD vote on Sunday. The UK PM Theresa May and BOE Governor Carney speech will have some impact for the cross. With support at 0.8880 and resistance at 0.8950 and 0.8990, still prefer to buy on dips with tight stop strategy.

Gold Bars
GOLD rebounded after hitting low of 1303.10 overnight with global trade tension and risk of rising protectionism. As well as lower USD after Powell Part II soft tone with intention to play down aggressive rate hike that driven lower UST Yield and stock down all in favour the GOLD side. The US data, risk sentiment and stock/bond market move will have some intraday impact. With support at 1310 and resistance at 1325, still to prefer buy on dips with tight stop strategy.

Silver Bars
Silver grids up from overnight low of 16.21 on the same direction with GOLD. And weak USD and lower UST yield also support the silver rebound. The US data and stock/bond market move will have some intraday impact. With support at 16.4 and resistance at 16.9, preferring still the buy on dips with tight stop strategy.


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