FOREX INSIGHTS 29-DEC-2018
EUR/USD is poised to close nearly 5% lower year-to-date with the pair trading just 1.5% off the 2018 lows.
For months now, we’ve been tracking a key support pivot in Euro and the focus remains on a breakout of the consolidation range which has governed price since October.
Price holding critical support confluence at 1.13
Sterling is facing resistance and rallied a bit during the week, reaching towards the 1.27 level.
The British pound has broken through a significant support a couple of candlesticks ago, and it now looks as if it is offering resistance yet again.
GBP will continue to struggle, and the breakdown from a couple of candlesticks ago suggests that we are trying to make the next leg lower.
Traders have remained net-long since Dec 18 when USDJPY traded near 112.517; price has moved 1.9% lower since then.
The percentage of traders net-long is now its highest since Mar 11 when USDJPY traded near 106.9.
The number of traders net-long is 8.7% higher than yesterday and 2.7% higher from last week, while the number of traders net-short is 14.5% lower than yesterday and 17.2% lower from last week.
U.S. oil futures finished higher Friday after government inventory data showed a smaller-than-expected fall in crude inventories, but contrasted with unofficial figures that had showed a massive supply build, sparking a relief rally.
West Texas Intermediate(WTI) crude for February delivery rose 72 cents, or 1.6%, to end at $45.33 a barrel.
Oil booked a weekly decline of 0.6% based on last Friday's settlement.
Gold prices pressed higher on Thursday as a record surge in stocks showed signs of fading and political uncertainties supported demand for the safe haven metal.
Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose $5.70, or 0.45%, to $1,275.45 a troy ounce.
Gold surged 4% so far in December as investors rotated out of stocks and into the safe haven asset.
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