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Spot Silver: From consolidation to breakout

Good day traders! The consolidation period for silver right now is under threaten. Historically, you need not look further down as the last breakout happened on the 19 June 2014 (marked by the yellow ellipse), confirmed by a long white (green in this chart) candle. With more long long shadows on the candles presents, it…

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Spot Gold: High wave candles at the top

Good day traders! Looking at the above chart, technically it seems that the bulls run have running out of steam. Dojis in the form of high wave candles (rickshawman, hanging mans, spinning top) provided some clue that the gold market may have reached the top. First resistance can be found at 1330, which is the…

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Spot Gold: Challenging the upper downtrend channel

Good day traders! Technically, the yellow metal is in a short term bullish trend with the nearest resistance come in the form of down trend channel. Breaking this channel, there’ll be another resistance level at 1292 and the psycho level 1300. More resistances can be seen at 1315 and 1331. Daily RSI is pointing up…

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Forex: RBNZ cash rate at 3.25%

Good day traders! This morning at 5.00 am Malaysian time, the Reserve Bank of New Zealand had raised their cash rate, or interest rate as what they call it in the US, to 3.25% from previously 3.00%, a jump of 25 point basis. And followed after are a series of statements from the RBNZ’s Governor…

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Forex: Will GBPUSD resume its uptrend? Or will it retrace further.

Good day traders! Technically, the price need to break the support level 1.669 before any movement to the downside can be resume. The support level has been crucially tested before; both as resistance and support level, as seen in the chart above. Breaking the said level would bring more downside towards 1.6548, then 1.6464 and…

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Spot Gold: Still in a bear channel

Good day traders! The ECB’s rate cut and then Draghi’s speech managed to push the yellow metal $10 higher from the daily open price on Thursday. But on Friday, the much anticipated NFP and unemployment rate failed to move the gold price anywhere far from it’s yesterday’s close. A long legged doji was formed on…

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Forex: Canadian Dollar and the Oil

Good day traders! One fact to share with you guys this morning – Canada is the 5th largest oil producers in the world in 2014. Thus, the Canadian dollar is a perfect example of what we called commodity currency. Of course Russia is the biggest oil exporter but I never trade the Russian ruble –…

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