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GBPUSD tumbles from new year high.

GBPUSD price moved to a new year high and to the highest point after Brexit 2016. The price failed to break the topside after those highs were made.

Overall, the trend was already turning and it got a push lower on the Carney surprise comments.

Carney’s comments were: I don’t want to get too focused on the precise timing of the next hike, it’s more about the general path.

Cable Chart

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GBPNZD is near strong support falling after weak UK data.

As explained yesterday in the GBPJPY signal thread we are looking to buy GBP against weak currencies.

After weak CPI, RPI, PPI and a few more data came in pound sterling lost a lot of ground against all the other currencies. Yesterday’s signal of GBPJPY executed today and we are looking for a similar entry in GBPNZD now.

Pound New Zealand Dollar Chart

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GBPJPY testing near term support ahead of UK data.

Price is consolidating near immediate support at 153.45. Price exhausted after making a high of 153.75 yesterday and retraced to the current level. This pullback offers us more favourable long-entries with our broader focus higher.

UK data set to give more direction to pound on a May rate hike.

The UK data coming ahead will give more clarity and further acceleration in wage growth should be enough to cement expectations for a May rate hike from the Bank of England.

Less than a month now for the Bank of England’s next meeting and a rate hike looks increasingly favourable. Signs of rising wage growth combined with recent Brexit progress now means markets have a rate rise in May virtually priced in. None of the four BoE speakers last week made any attempts to rein in these expectations.

Pound Yen D1

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As the oil market continues to focus on supply and demand fundamentals, these are a few key updates that we need to keep our eyes on:

U.S. oil rig count: The US is continuing to see a rise in production. According to the latest report, the production rose to a new high of 10.525 million barrels per day. Despite fewer rigs operating compared to 2014/15, the production efficiency has pushed the overall production higher.

As of latest report, the numbers of operating rigs declined from 808 to 815, the highest since March 2015. The numbers of operating rigs have increased more than 160 percent since bottoming in May 2016.

CRUDE OIL

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Technical Analysis: GBP/JPY testing near term support.

Price is testing immediate support at 151.13. Price exhausted after making a high of 152.23 and retraced to the current level. This pullback offers us more favourable long-entries with our broader focus higher.

GBPJPY - Pound Yen Chart

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Free Forex Signals

Free Forex Signal Results can be seen below ranging from April 1-10 2018 – Booked +720 Pips in 10 Days.

Oil
BUY on 62.16
TP 63.01 = +75 Pips
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DailyFXPRO.Com Link

 

EURUSD Trade Running in +45 pips
Buy 1.2280
TP 1.2350
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DailyFXPRO.Com Link

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Ripple Has Tried to Buy Its Way Onto Major Exchanges for Cryptocurrency

The startup controls the world’s third-largest cryptocurrency, XRP. Banks have signed onto its network and bought equity stakes in its business. They want to rewire how money moves around the world. And yet when it comes to obtaining a coveted listing for XRP on two of the top U.S. cryptocurrency exchanges. Ripple hasn’t been able to close the deal.

It isn’t for lack of trying. Last year, the San Francisco-based company suggested paying financial incentives to the venues, Gemini and Coinbase. According to four people with direct knowledge of the matter, who asked not to be identified discussing private information.

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AUDUSD rebounds to 0.7716 and eyes 0.7768 resistance.

AUDUSD gained and rallied on upbeat retail sales data, AUDUSD extends gains and made a high of 0.7716 after falling back a little 0.7700 as seen now.

AUDUSD D1

Australian Retail Sales printed at 0.6%, beating expectations at 0.3% and compared to the previous figure of 0.2% in January.

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USDCAD and GBPCAD breaks major support.

Talk of a NAFTA deal is giving a major boost to the Canadian dollar today.

Fundamentally, the pair has gotten a push from comments that Trump wants to complete the NAFTA broad discussions in the next week or so.  Whether that is doable or not is up in the air. It could just be a way for Trump to deflect attention from China/Amazon fight, to something more positive.

USDCAD Sell @ 1.2793
SL – 1.2853
TP – 1.2720
Trail SL to breakeven after trade is in 20+ pips.

GBPCAD Sell @ 1.7998
SL – 1.8058
TP – 1.7855
Trail SL to breakeven after trade is in 20+ pips.

GBPJPY Forecast: The pair has formed a very good support around 148.43 and shown a small recovery from that level.

This recovery was due to slight jump in Pound against other majors. But yen recovered a bit due to tariff introduction by China up to 25% on 128 U.S products including pork and wine. GBPJPY recovered till 149.67 and is currently trading around 149.45.

GBPJPY H4 Chart

The major resistance is around 151.16 and a break above will open doors for 152.84 and 153.88 respectively. The near term resistance is around 149.48 and a break above this immediate resistance confirms minor uptend in GBPJPY.
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