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MSCI WORLD STOCK INDEXPrices continue to test resistance at the lower boundary of the $1120.55-1131.35 congestion region. A previously broken rising trend line set from May’s swing top remains as near-term support, now at $1093.66.

US_Dollar_Stocks_Stall_But_Oil_Positioning_Hints_Risk_Rebound_to_Continue_body_081910_STK.png, US Dollar, Stocks Stall But Oil Positioning Hints Risk Rebound to Continue

US DOLLAR INDEX Prices continue to consolidate above the 23.6% Fibonacci retracement of the 6/7-8/6 downswing at 82.12. A return to bullish momentum will aim to challenge the 38.2% Fib at 83.37. Alternatively, a move below support opens the door for a re-test of the upper boundary of a falling channel set from the June high at 81.02.

US_Dollar_Stocks_Stall_But_Oil_Positioning_Hints_Risk_Rebound_to_Continue_body_081910_USD.png, US Dollar, Stocks Stall But Oil Positioning Hints Risk Rebound to Continue

CRUDE OIL Prices continue to stall at the bottom of a rising channel established since late May, now at $75.20. A rebound sees initial resistance at $79.38, with a break beyond that exposing $82.64. Alternatively, a move to the downside exposes $72.07.

US_Dollar_Stocks_Stall_But_Oil_Positioning_Hints_Risk_Rebound_to_Continue_body_081910_OIL.png, US Dollar, Stocks Stall But Oil Positioning Hints Risk Rebound to Continue

GOLD The bulls appear to have reasserted themselves after pausing yesterday, with prices resuming their advance after taking out horizontal resistance at $1215.47 earlier in the week en route to challenge $1243.27. The $1215.47 level has now been re-cast as support.

US_Dollar_Stocks_Stall_But_Oil_Positioning_Hints_Risk_Rebound_to_Continue_body_081910_GLD.png, US Dollar, Stocks Stall But Oil Positioning Hints Risk Rebound to Continue

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