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Evening update for currencies & commodities 11/8/2017

News Date: 11/8/2017 06:50:58
 

The Euro shows retreat against the US dollar now to resume its correctional bearish track after retesting 1.1783 level this morning, on its way to test 1.1704 as a first target, noting that the next target is located at 1.1640, while the expected decline will remain valid unless surpassing 1.1783 level and settling above it.

Sterling returns to decline to approach from the first waited target at 1.2930, to keep the bearish trend dominant during the day unless the price rallied to surpass 1.3000 level and settle above it, reminding you that breaking the expected target will push the price towards 1.2850 direct.

The USDJPY pair settles below 109.00 barrier, to keep the negative pressure valid and dominant in the coming period, as we are waiting to head towards our next target at 107.83, reminding you that settling below 109.90 represents important condition to continue the expected decline.

Gold prices witness some slight recovery and move gradually towards 1295.46 level, waiting to rally to the upside to surpass this level and confirm extending the bullish wave towards 1320.00, while settling above 1274.00 represents the first condition to continue rising for today.

Crude oil settles below 48.44 level, to fall under negative pressure that we expect to push trades towards 47.40 then 47.22 mainly, noting that these levels might be under threat affected by the completion of bearish pattern that might push the price to suffer more losses on the longer term basis, which requires caution when touching the mentioned levels, noting that surpassing 48.44 will release the price from the current negative pressure and lead to attempt to regain the main bullish trend.

The US dollar index shows weak trades since morning and settles around 93.30 level, to keep the bearish trend expected until now, which depends on settling below 94.44 level mainly, reminding you that the next target is located at 91.91.

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