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Stronger USD Sends EUR/USD, Oil And Gold Lower

Published 11/13/2018, 03:48 AM
EUR/USD
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XAU/USD
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DX
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GC
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EUR/USD broke the horizontal support on the 1.13 and went lower. From the technical point of view, the main trigger here is the breakout of the lower line of the flag pattern (green). Currently, the price is bouncing from the long-term neckline of the giant H&S formation. That can be a good occasion for a bullish correction, which can test the 1.13 as a fresh resistance.

WTI Oil is completely out of the bullish control. The price made new mid-term lows, driven mostly by the tweet from Donald Trump. He said that OPEC should not cut the production and that the price should be much lower based only on the supply. Stronger USD is definitely not helping here either.

Gold also suffers from the stronger greenback. The price broke the support on the 23,6% and is aiming the lower line of the flag. That setup is negative and promotes the breakout of that support and a proper mid-term sell signal. Currently buyers are in a deep defense mode.

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