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Thread: WaslanW's trading journal

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    WaslanW's trading journal

    Hello, dear forum members!
    I gonna make some forecasts in this thread. Let's start))

    It seems there is minor resistance now at around 0.9560 that has been holding, and perhaps a level above that at 0.9585 or so. This suggests that in the absence of a major trend in sentiment it is going to be difficult to get long of this pair and make any significant pips.



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    This pair rose very strongly yesterday with real momentum, before falling quite sharply at about 1.3050, not far from the anticipated resistance at 1.3064.



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    A bullish reversal here could provide a nice opportunity for a profitable long trade. There are also a couple of support levels not far below that where possible bullish reversals may occur if the price does continue to fall.



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    The XAU/USD is currently trading at 1166, slightly higher than the opening price but as you can see we are stuck in a relatively narrow range of around $20. Technically, trading above the Ichimoku clouds (on both the daily and 4-hourly charts) gives the bulls an advantage.



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    Brent crude for December delivery had fallen 14 cents to $48.57 a barrel while U.S. crude for December delivery dropped 27 cents at $46.02 a barrel. The November contract, which expired on Tuesday, finished down 34 cents at $45.55 per barrel. A slightly weaker dollar provided some support but not enough to make a significant difference in the price.



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    The XAU/USD pair traded as low as $1085.42 an ounce after the government report showed that the U.S. economy added 271K jobs in October, far surpassing consensus estimates of 181000, and average hourly wages jumped 0.4%.


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    The area around 0.7150 remains important, in fact the price level at 0.7155 appears now to be acting as resistance but I am cautious of using that level.



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    However it is notable that the strong move up in the USD received one of its strongest pull backs against the CHF. Nevertheless this morning there has been minor support at the key 1.0000 round number, although I see the real support a little below there at 0.9976.



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    The WTI Crude Oil market initially tried to break above the $48 level, but turned back around to a relatively negative candle. However, we are still well within the consolidation area that we have been stuck in for some time.



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    The initial resistance level now stands at 1096, followed by 1100. I think a break above this level would give the bulls the extra power they need to visit 1105.



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