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Gold Price Analysis: XAU/USD’s potential short-term reprieve if USD pulls back

Gold is on the verge of a correction to give rise to further bearish prospects. Bears will be seeking resistance to hold in a weekly bearish close. Gold prices have deteriorated in the US dollar’s relentless comeback as investors move away from stocks.  The price of the dollar is correlated to gold, so it stands
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New Zealand Exports down to $4.411B in August from previous $4.912B

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New Zealand Trade Balance NZD (MoM) fell from previous $282M to $-353M in August

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New Zealand Trade Balance (YoY) up to $1.34B in August from previous $-0.12B

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New Zealand Imports increased to $4.76B in August from previous $4.63B

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AUD/USD stalls at key support juncture, eyes on 38.2 % correction

AUD/USD is held up on the downside at a critical support structure. The focus is now on whether the US dollar gives back some ground before completing a 5-wave technical move to the upside. AUD/USD has been in the hands of the bears all the way to a critical support area and the focus now
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Education

Technical analysis

USD/CAD Intraday: intraday support around 1.3290.

Pivot: 1.3290 Our preference: long positions above 1.3290 with targets at 1.3340 & 1.3370 in extension. Alternative scenario: below 1.3290 look for further downside with 1.3270 & 1.3245 as targets. Comment: a support base at 1.3290 has formed and has allowed for a temporary stabilisation. Supports and resistances:1.3400 1.3370 1.3340 1.3339 Last1.3290 1.3270 1.3245

USD/JPY Intraday: intraday support around 104.85.

Pivot: 104.85 Our preference: long positions above 104.85 with targets at 105.40 & 105.60 in extension. Alternative scenario: below 104.85 look for further downside with 104.60 & 104.40 as targets. Comment: a support base at 104.85 has formed and has allowed for a temporary stabilisation. Supports and resistances:105.80 105.60 105.40 105.00 Last104.85 104.60 104.40

EUR/USD Intraday: capped by a negative trend line.

Pivot: 1.1700 Our preference: short positions below 1.1700 with targets at 1.1660 & 1.1620 in extension. Alternative scenario: above 1.1700 look for further upside with 1.1720 & 1.1750 as targets. Comment: as long as 1.1700 is resistance, look for choppy price action with a bearish bias. Supports and resistances:1.1750 1.1720 1.1700 1.1684 Last1.1660 1.1620 1.1600

AUD/USD Intraday: key resistance at 0.7150.

Pivot: 0.7150 Our preference: short positions below 0.7150 with targets at 0.7110 & 0.7080 in extension. Alternative scenario: above 0.7150 look for further upside with 0.7175 & 0.7200 as targets. Comment: as long as 0.7150 is resistance, look for choppy price action with a bearish bias. Supports and resistances:0.7200 0.7175 0.7150 0.7124 Last0.7110 0.7080 0.7060

USD/CHF Intraday: bullish bias above 0.9180.

Pivot: 0.9180 Our preference: long positions above 0.9180 with targets at 0.9230 & 0.9250 in extension. Alternative scenario: below 0.9180 look for further downside with 0.9155 & 0.9135 as targets. Comment: the RSI is bullish and calls for further upside. Supports and resistances:0.9265 0.9250 0.9230 0.9211 Last0.9180 0.9155 0.9135

GBP/USD Intraday: the downside prevails.

Pivot: 1.2745 Our preference: short positions below 1.2745 with targets at 1.2645 & 1.2620 in extension. Alternative scenario: above 1.2745 look for further upside with 1.2790 & 1.2825 as targets. Comment: the RSI is bearish and calls for further downside. Supports and resistances:1.2825 1.2790 1.2745 1.2686 Last1.2645 1.2620 1.2600

Daily Market Comment

CIX 3003 en DMB 2020-09-23

Here are today’s directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!   Daily Market Brief September 23, 2020       Here are today’s directional

CIX 2995 en DMB 2020-09-22

Here are today’s directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!   Daily Market Brief September 22, 2020       Here are today’s directional

CIX 2987 en DMB 2020-09-21

Here are today’s directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!   Daily Market Brief September 21, 2020       Here are today’s directional

CIX 2987 en DMB 2020-09-21

Here are today’s directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!   Daily Market Brief September 21, 2020       Here are today’s directional

CIX 2979 en DMB 2020-09-18

Here are today’s directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!   Daily Market Brief September 18, 2020       Here are today’s directional
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