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  • Gold recovered from a steep sell-off this morning to finish the day just lightly lower $XAU $USD https://t.co/lkcyL8gts9
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.05% 🇨🇭CHF: 0.01% 🇯🇵JPY: -0.25% 🇳🇿NZD: -0.55% 🇦🇺AUD: -0.64% 🇨🇦CAD: -0.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UVTYrLMwRS
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.54% Gold: -0.87% Silver: -1.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3BoduI6beG
  • Earnings season is underway and key tech leaders are set to report next week. Get your #Dowjones market update from @PeterHanksFX here:https://t.co/vAesS48lgG https://t.co/es8tChHx3y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 66.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cFre7YkQsc
  • The heaviest concentration for potential market volatility in scheduled events next week seems to me to be Tuesday-Wednesday: https://t.co/DyDASx24zL
  • EUR/USD slightly stronger, still trading below ECB's "key" 1.22 level $EUR $USD https://t.co/M7vGf4BWQI
  • Next week's economic docket includes (among many things): 4Q US and European GDP figures; the FOMC rate decision and the IMF's 2021 world economic outlook. But given this market, would be surprised if Tesla earnings (Wed after the close) didn't rouse the most attention/impact
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.12% FTSE 100: 0.08% France 40: 0.08% Wall Street: 0.00% US 500: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hRkA9W16rB
  • Dollar Index slightly stronger as stocks close out a strong week in the red $DXY $USD https://t.co/hB9uOz7B8x
Near-term Setups in EURGBP, AUDUSD, NZDUSD & Gold

Near-term Setups in EURGBP, AUDUSD, NZDUSD & Gold

Michael Boutros, Strategist

EURGBP- Reversed off Fibonacci resistance early in the week with the weekly opening range taking shape just below. We’re generally looking lower near-term with a pullback into the lower parallel to offer more favorable long entries. The pair I highlighted this setup in today’s update.

AUDUSD- We’ve continued to track this Aussie rally since last month on SB Trade Desk and on the back of the RBA interest rate decision, the outlook remains constructive while above confluence support into 7400 with initial topside objectives eyed at 7489/90.Review Latest AUDUSD Scalp Update

NZDUSD- Heading into the RBNZ interest rate decision tomorrow night, the focus will be on resistance into the 70-handle with the near-term long bias at risk while below this threshold. The pair has been trading within the confines of a well-defined ascending pitchfork formation off the May lows with the upper median-line parallel converging on the figure ahead of the release. A break below 6862/66 would be needed to re-affirm the downside bias.

Gold Daily

Near-term Setups in EURGBP, AUDUSD, NZDUSD & Gold

We opened up the week looking higher in gold with the rally turning just shy of resistance 50% retracement of the May decline at 1250. The rally is at risk near-term while below this level with a near-term support confluence seen at the monthly open 1215. A breach higher from here looks for more prominent resistance at the upper median-line parallel extending off the May high- bearish invalidation level. I highlighted this setup in this week’s gold forecast.

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---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list

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